Most of the $7 million in synergies arising out of Tower’s $145 million purchase of insurance group Prefsure would be found in the “non-people” areas, according to Jim Minto, Tower chief.
Praemium to list in March
Investment technology provider Praemium is aiming to raise between $15-25 million when it lists on the ASX near the end of March this year, according to Warren Gibson, group spokesperson.
Old Mutual wins final Skandia skirmish
Old Mutual closed its offer for Skandia last week after securing 72.3 per cent of the Swedish investment giant, falling just short of the 75 per cent it needs to claim tax benefits.
Xplan hits the spot as Visi meets resistance from ING planners
ING Australia’s commitment to IWL and its Visiplan software is weakening. ING-owned dealer Millennium 3 is currently looking at its front-end options, despite the ING Australia Group entering a major contract with IWL in September 2001 for all its associated dealers including RetireInvest, Tandem and Millennium 3 to use Visiplan.
Fosters makes CCS first choice for outsourcing super
Beverage company Fosters has outsourced the management and trusteeship its $270 million Fosters Group Superannuation Fund to the new entity Corporate Combined Superannuation (CCS) after a tender.
T Rowe Price targets retail market with new hire
US manager T Rowe Price will aggressively target the Australian retail space this year via platforms and has hired Louise Bradshaw as assistant vice president. Bradshaw will join group executive, Ed Brooks, from mid this year and will assist in the group’s retail push. T Rowe Price is not yet on any retail platforms.
KRA cuts to the core of advice
Despite being ensconced in Australia’s largest dealer group, the Melbourne AMP business of KRA Financial has created a boutique feel by asking its clients exactly what they expect from the financial advice process.
Emergence of the ‘professional buyer’ puts paid to shelf-space model
Retail distribution of managed funds is shifting away from the shelf-space model and towards advice-driven business as platforms take on the role as “professional buyers”, according to Cerulli Associates.
Shareholders and management big winners in AWM/Select merger
Everyone’s a winner at Australian Wealth Management (AWM) and Select Managed Funds judging by the share price hikes at both companies since their merger was announced last week.
… while Zurich exits industry fund admin
Zurich Financial Services Australia has decided to exit the member administration business for big super funds, outsourcing its only industry fund, the Accountants Superannuation Fund, to the administrator and trustee of Recruitment Super.
ASIC promises sensible attitude to policing new regs
The Australian Securities and Investments Commission (ASIC) will adopt “a reasonable and pragmatic approach” to compliance with the recently-introduced amendments to the Financial Services Reform Act it said yesterday.
Morningstar spends $83 million in institutional foray
Morningstar Inc, the recently listed US research firm, has paid $US83 million to buy asset allocation firm Ibbotson Associates – a deal that will help its Australian subsidiary expand into the fund-of-funds and superannuation markets.
