News Round Up

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RSA brand to disappear
Once the Promina IPO is completed the group is planning to rebrand its financial services businesses in Australia and New Zealand.

"Promina will transition the Royal & SunAlliance brands in Australia and New Zealand to a new brand in the near future," the Promina prospectus says.

It is expected that Royal & SunAlliance will be branded under a new name (not Promina) and that Guardian Trust and Guardian Trust Funds Management will keep their current names.

Property Pack sale?
Good Returns understands that the Property Pack business is about to change hands. Stay tuned for more details!

Sterling sale done
Listed finance company Dorchester Pacific has announced that the sale of Sterling Portfolio Management to AXA subsidiary Spicers Portfolio Management has been settled.

Dorchester managing director Brent King says that that all the minor conditions attached to the sale and purchase agreement had been satisfied.

Sterling (formerly Harts and Reeves Moses) has offices in Auckland, Tauranga, Taupo and Wellington. Total staff, including advisers is 22 and it has funds under management of $130 million.

King says that Dorchester will continue to operate in similar fields but will not operate in the portfolio management sector.

He says Equity Investment Advisers, an advice-only business, continues to be very popular advice and Direct Broking operates in the discount and online broking businesses and more latterly has become known for its strength in the fixed interest markets.

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