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Daily Economic Update

Australian retail sales increased by 0.4 per cent in December, more than offsetting the 0.1 per cent fall in the previous month but is lower than market expectations for a 0.5 per cent rise. Year-on-year, retail sales increased by 4 per cent - the fastest ...

INVESCO to make waves in retail market

INVESCO hopes to use the global muscle of its parent company AMVESCAP to capture a wider share of the retail investor market and is due to launch four new funds in the first half of this year. The Melbourne-based fund manager, which currently markets ...

NAB sells BNZ Investment Management to AXA

National Australia Bank (NAB) announced it has completed the sale of BNZ Investment Management to Assure New Zealand Limited, a wholly owned subsidiary of AXA Asia Pacific Holdings Limited. The original sale was announced on 30 November 2005 and was ...

ME Bank profit surges but needs to lend more

WWW.THESHEET.COM  |  TUESDAY, 31 JAN 2006
Members Equity Bank reported a significant increase in after tax profit in 2005, but its profitability and return on equity will continue to suffer unless it can grow its personal loans and credit card book faster. Net profit after tax of $1.71 million ...

Exchange traded funds to surge

Exchange-traded funds (ETFs) are big in the US but have barely made a ripple in the local market and fund manager INVESCO wants that to change. INVESCO's UK parent AMVESCAP has just signed a deal to buy PowerShares, the fastest growing ETF provider ...

Retirees to keep working and leave nothing for the kids

Forty-eight per cent of retirees plan to live off the pension and more than two-thirds of Australians will spend their money rather than save it for their children. These are the findings emanating from two studies, one published by AXA and the other ...

Weekly economic round-up

The Australian market continued its record-breaking run last week supported by continued gains in commodity prices, good earnings news out of the United States and stronger conviction for steady domestic interest rates. Last week's rally took the S&P/ASX ...

ING software roll-out to reduce the SoA burden

ING is set to roll-out a new online limited advice solution to reduce the Statement of Advice burden for advisers. Using a customised version of XPLAN's financial planning software, ING will launch the online limited advice solution as part of its substantial ...

New AFA chief eyes under-insurance and business succession

After a six-month long search, the Association of Financial Advisers (AFA) has appointed a new CEO, Richard Klipin, who hopes to increase the group's membership by addressing key issues including the nation's chronic under-insurance and business succession ...

DeAM appoint to boost alternative investments sales

Deutsche Asset Management (DeAM) has appointed a new head of alternative investments distribution, selling products including hedge funds and private equity products. DeAM CEO Australia and CIO Asia Pacific, Andrew Fay, said the appointment will help ...