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Interesting the name change from the old ING financial services company to OnePath Ltd has come under the radar of most:
Australia & New Zealand Banking Group, the country's biggest lender, rose 0.2% to $30.55 after it said it was bringing the old ING New Zealand Ltd unit in-house a year after the Australian parent bank bought the remaining 51% of the trans-Tasman funds manager it didn't own.
OnePath Ltd, the new name for the ING unit, has been rolled into the bank's ANZ Wealth group, centralising the lender's insurance, funds management, private banking and investment arms under one umbrella.
As part of the deal, Helen Troup, who headed up the former ING units will leave the business after two years at the top. ANZ's John Body will take charge of the merged unit from next week.
TVNZ, Nov 9 2010
The name change happened back in August and I was reminded of it again yesterday when I saw their glossy new TV ad.
We must be reminded though that ING/ANZ investors were duped into buying into highly risky funds after being told by their teller at ANZ, their investment advisers or ING directly that they were getting low risk investments, and many investors in funds of the formerly named ING have lost millions as a result of that poor investment advice.
Changing its name from ING to OnePath Ltd doesn't change anything material. The same people - bar a bit of surface shuffling of management - are still there and their financial services training, if they have had any at all, is still sadly wanting. By implication you will get the same sort of poor advice from OnePath that you have been getting from ING.
All the glossy TV advertising and media PR will not hide the fact that 10s of millions of dollars of investor money has been lost and ANZ/ING/OnePath still refuse to admit fault and recompense customers for their incompetence.
Restitution should be made before "moving on" by changing its name and hoping the public is going to forget the past.
Unfortunately I think many will be sucked in, again.
Let this be a reminder.
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c Share Investor 2010
Unfortunately this is about financial skulduggery again.
This time regarding ING and ANZ fund's products that have been frozen had investors put in financial limbo until they can decide whether to accept ING's latest offer of 60 or 62 cents in the dollar and five years in an ANZ call account at 8.3% , take matters into their own hands and take legal action or continue to hold units in their respective funds.
This is because it seems the Commerce Commission/Securities Commission doesn't have the balls/motivation to do anything about it in a sufficiently expedient manner.
Depending on the level of duplicity or what most would consider fraud, that your advisor/ING or ANZ sold you these higher risk products in the first place, if any, will motivate you to take your own action.
Most will probably opt to take the money and run but not me.
If you have been falsely sold a product and you have documentation then you have a case, you don't have to wait for various lobby groups or any Commission to do anything on your behalf.
Depending on your level of investment you can take a case to the disputes tribunal up to $7500 with scope to increase that figure if agreed upon between the two parties. It will cost you 50 bucks.
A breech of the Fair Trading Act is where you should start but consult a lawyer and if you cant afford one go to your free community lawyer through the Citizens Advice Bureau
If your investment is a large one you have a case against the defendant but it will cost you to go to court.
If you got your advice from ANZ your beef is with them NOT ING and if it is an "independent" financial adviser, you go after them. Straight from ING, you go after those bastards.
Too many of these pricks have got away with shoddy and corrupt financial practices in the past and it is time someone took a stand and made an example of these ***ts.
Timetable for ING/ANZ investors
* Investors have until Monday, July 13 to decide on ING's proposal.
* Investors who went through the ANZ Bank have until July 31 to make a formal complaint.
* Investors who accept the offer should gain access to their money by August 28.
* Those who don't accept the offer will continue to own units in the funds.
* Investigations by the Commerce Commission are ongoing but won't be completed by the decision deadline.
* Complaints have also been made to the Securities Commission asking it to delay the offer until the Commerce Commission has ruled but the commission said yesterday it had no ability to stop the offer going ahead because the offer is not misleading or deceptive.
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c Share Investor 2009
It is that time of the year to pick stocks for 2009.
In the face of a global recession, an uncertain economic future and dwindling values, even for good assets, it is going to be hard to pick winners.
Please keep in mind dear readers that the picks are my own and they reflect my investment philosophy and not necessarily anyone else's.
My picks are based on a long-term view, regardless of the current short to medium term market turmoil and economic uncertainty.
Fisher & Paykel Healthcare
[FPH:NZ]
With that in mind I will kick off my picks with a company that I consider will be one of the big successes of the next 5-10 years, Fisher and Paykel Healthcare, the health care products provider.
I had it as a pick for 2008 and it has been one of the better performers this year, even though it is still well off its highs share price wise.
Company profit forecasts to March 31 2009 have been estimated at NZ$84 million and revenue is also set to grow as it has done for the past.
Fisher profits are largely immune from the current market turmoil as buyers simply have to have the products that the health care company makes regardless of a global recession.
This invincibility from outside economic influences makes the pick for my next stock a relative no-brainer.
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Ryman Healthcare
[RYM:NZ]
Ryman Healthcare, the retirement home operator, carer and developer, has been increasing revenue and profit for many years and the most current profit result shows that there has been no let up in this trend with a rise of 10% to NZ$25.9 million.
Development of new villages has increased apace over the last year and there are at least half a dozen new ones ready to go at beginning 2009, including two massive villages at Orewa and Whangerei.
The long-term prospects for this company are excellent as New Zealands elderly are set to grow markedly in the future.
Metlifecare [MET:NZ], Rymans major listed competitor is also worth a look at for the same reasons as Ryman.
I have Metlifecare on my watchlist.
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Mainfreight Ltd
[MFT:NZ]
Mainfreight Ltd, the New Zealand global logistics operator, have a goal of NZ$1 billion in revenue before 2010 and are only a gnats whisker short of that figure.
It is on my pick list again for 2009 as it is New Zealands best managed company and if management is good then results generally follow-this has been the history of the company thus far.
Currently business is experiencing a slow down, although profit was up nearly 10% in the last reporting period.
Management are going to approach the global market downturn with a "prudent, cautious approach to costs"-the status quo for the business since its inception.
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Pumpkin Patch Ltd
[PPL.NZ]
N/A
One of the worst performing stocks of 2008 if you consider a 60% odd drop in share price this year and a drop of nearly 30% in full-year after tax profit to July 31 2008.
All is not lost though!
The company has great long-term potential, with excellent product a strong brand and very loyal customers and with the share price at just over a buck it is a relative bargain when one considers it was trading at nearly 5 dollars just over a year ago.
One to stock up on during price dips and it probably will when pre-Christmas sales figures come through during the beginning of 2009.
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Telecom NZ [TEL:NZ] for its dividend. Buy around $2.
Contact Energy [CEN:NZ], Trustpower [TPW:NZ] and Vector[VCT:NZ] Any infrastructure company, especially these electricity companies are a good buy at any time but battered share prices are a good opportunity to stock up on more or make a first buy.
Auckland International Airport[AIA:NZ] A near monopoly with a beaten down stock price, buy on further weakness.
Westpac [WBC:NZ] and ANZ Bank [ANZ:NZ]. Good opportunities exist to buy at low stock prices.
If you have the nerve, any good company is going cheap in 2009 so there are plenty of companies worth buying.
Pick wisely!
Disclosure: I own RYM, FPH, PPL, AIA, and MFT shares
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c Share Investor 2008
Interesting the name change from the old ING financial services company to OnePath Ltd has come under the radar of most:
