Continuous disclosure: BNZ shake-up on cards after top exec departs, Fisher Funds' fee fiasco wake-up call

BNZ's parent company National Australia Bank has already committed to a plan to shed thousands of staff.

Continuous Disclosure is a market news column, including analysis and opinion. Edited by Duncan Bridgeman, Tamsyn Parker and Jamie Gray.

BNZ shake-up looms
The Bank of New Zealand looks set for a major shake-up on the back of a departure by one of its top executives amid speculation the bank will merge its partners or business banking division with its retail divison.
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Capital markets under spotlight
Fund managers are welcoming a fresh look at how to inject some life back into a share market that has struggled to attract new listings in recent years. But finding a circuit breaker won't be easy.
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Fisher Funds' fee fiasco wake-up call
Fisher Funds has been under fire this week for charging high fees on some of the legacy funds its acquired as part of its Tower funds management buy-up. The situation raises a number of questions. Why keep running funds if they are no longer competitive with the market and not open to new money?
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New gig for MediaWorks' CFO
MediaWorks' chief financial officer Ciara McGuigan has jumped ship, moving to TVNZ just one month after the TV3 owner inked a A$35m merger deal with ASX-listed QMS Media. The timing of her departure is interesting given recent comments from MediaWorks chief executive Michael Anderson describing the QMS deal as an "exciting opportunity" for the company.
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Tip Top broker drums up interest
The sale process for Tip Top is moving forward with more information due to be released to potential bidders, according to an information memorandum in the market. Investment Bank FNZC has listed six investmnet highlights as it invites expressions of interest from interested parties.
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Saputo interested in Westland Milk
Canada's Suputo, which last year bought Australian co-op Murray Goulburn, is said to be eyeing up Westland Milk. Westland would offer Saputo a stronger foothold in the New Zealand market to take on industry giant Fonterra, according to The Australian newspaper.
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UDC to return investor funds
UDC which remains owned by the ANZ bank after a takeover bid by Chinese company HNA was blocked by the Overseas Investment Office, plans to repay all its secured debenture investments by the end of this year.
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Change at the top for Goodman Fielder
Goodman Fielder New Zealand managing director Tim Deane has resigned.
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Fund managers' tussle over talent
It seems it is not only on the investment front that fund managers are battling it out but also for talent. Key personnel changes are underway at three major investment firms.
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Who could be next on private equity's shopping list?
Cashed up private equity investors were very active buying up New Zealand companies last year and are expected to remain on the hunt this year. There is plenty of talk around the markets on which company could be the next potential target.
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UBS weighs in on proposed RBNZ rules
UBS has added its voice to the growing number of finance firms to oppose the Reserve Bank's proposals for banks to lift their capital ratios.
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Investment banks line up for Napier Port float
Local investment banks are clambering to get a slice of the Napier Port IPO action amid a lengthy lull in new equity offers. Which firms get the nod may come down to local presence given the port's location in a region that boasts plenty of wealthy investors.
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