Phillip King has sold his Tauranga-based financial advisory business Ellerlie Cornwall to the NZX-listed Investment Research Group (IRG) for an undisclosed cash and scrip settlement.

Insurance-based advisory group The National Partnership (TNP) has bought the back-office systems of financial planning firm Advice Financial.

Clients are already starting to trickle into a new online KiwiSaver advice service, according to Conor Sligo, one of the firm's directors.

Employers are increasingly unwilling to provide one-on-one professional financial assistance to their employees in superannuation plans, according to a survey released last week by the Retirement Policy and Research Centre (RPPC).

Grosvenor has split its Enhanced Income Fund (EIF) in two, shunting off about 80% of the liquid underlying investments to the new PIE-compliant Income Securities Portfolio.

The Office of the Banking Ombudsman's workload jumped almost 40% jump as at the end of June this year, largely due to complaints about ING's two frozen collateralised debt obligation (CDO) funds.

An independent review of the Insurance and Savings Ombudsman (ISO) scheme has criticised it for ignoring previous recommendations and for not tackling "systemic issues" in the industries it polices.

Ahead of the formal launch of its Camelot advisory group next week, Tranzact Financial Services - the ASX-listed entity majority-owned by Grosvenor - has shelled out for a 20% shareholding in the Rutherford Rede Christchurch (RRC) practice.

New Zealand's fund management industry could be in for a $5 billion bonanza if a planned deal to repatriate "lost" superannuation money from Australia comes off.

AMP Capital has frozen redemptions from its $420 million New Zealand Property Fund. The AMP Capital Fund invests in an underlying direct commercial property portfolio as well as some listed property trusts.

AMP Capital has frozen redemptions from its $420 million New Zealand Property Fund. The AMP Capital Fund invests in an underlying direct commercial property portfolio as well as some listed property trusts.

Christchurch-based investment firm Gould Holdings finalised its purchase of the brand-damaged advisory firm Vestar from the ASX-listed Octavier on July 21, securing the agreement of over 1,600 clients representing above $400 million in funds under management.

Cash-strapped investors looking to offset losses from failed finance companies could have been a factor in the "unprecedented level" of redemptions that forced Canterbury Mortgage Trust (CMT) into suspending withdrawals yesterday, according to one of the group's directors, Don McBeath.

Cash-strapped investors looking to offset losses from failed finance companies could have been a factor in the "unprecedented level" of redemptions that forced Canterbury Mortgage Trust (CMT) into suspending withdrawals yesterday, according to one of the group's directors, Don McBeath.

UPDATED: Changes at AMP Financial Services continue with another senior manager leaving and a shift to Auckland.

As flagged in Good Returns and ASSET magazine earlier this year Grosvenor will launch a new financial advisory group in August under the Camelot brand.