Investment News

Buried deep on page 20 of the 22-page ultra soft-focus annual report (titled ‘Help’), AMP Wealth Management NZ finally gets to the point. AMP Group, the report says, ”is exploring divestment of AMP Wealth Management New Zealand (our business), including our majority owned subsidiary AdviceFirst”. “This would enable our business to pursue … [Read More...] about ‘Help’ is on its way: AMP NZ sale edges closer

BNZ wealth management has lost two senior staff to Fisher Funds and the NZ Superannuation Fund (NZS), respectively. Long-time BNZ head of wealth strategy and product, Sharon Mackay, moves to Fisher next month, replacing Michael Raynes as head of third-party distribution. Raynes resigned from Fisher in January to take up a financial adviser role … [Read More...] about Fisher fills COO, distribution holes as gaps open at BNZ wealth

Milford Asset Management leapt above Fisher Funds into the top five retail NZ fund managers ranking following a stellar September quarter. The latest NZ retail market share figures from Australian research house Plan For Life (PFL) show Milford grew almost 11 per cent in the September 2019 quarter, pushing funds under management (FUM) to just … [Read More...] about September sprint sees Milford enter top 5, AMP limps on

The government’s latest foray into financial services regulation looks set for a rough ride through parliament as opposition parties line up against the proposed ‘conduct’ legislation. Despite passing its first reading last week on the back of a coalition majority vote, opposition National Party members slammed the Financial Markets (Conduct of … [Read More...] about Fair and loathing: conduct road trip begins

Over 200 financial advice providers (FAPs) have been cleared for take-off ahead of the June 29 advisory regime change with a long queue forming behind, according to Financial Markets Authority principal consultant, Derek Grantham. Grantham told a packed-to-capacity Financial Services Council (FSC) advice summit at the Sky Stadium in Wellington … [Read More...] about FAPs soar above 200 as advice industry taxis to FSLAA runway

Direct-to-consumer fund platform InvestNow is closing in on $500 million under management after inking a deal to take on AMP Capital NZ’s retail clients. Under the arrangement revealed last week, AMP Capital will transfer administration duties for its small direct retail book of about 500 clients and $30 plus million to InvestNow as of April 1 … [Read More...] about Bulk transfer deal brings $500m in sight for direct platform

When blockchain burst into being more than 10 years ago it was heralded as the ultimate digital safe house for financial services (and everything else). But as a new report from global financial back-office giant Depository Trust & Clearing Corporation (DTCC) reveals, blockchain – now sanitised as ‘distributed ledger technology’ (DLT) – is … [Read More...] about DTCC calls security: why blockchain needs a back-up plan

An often-expressed criticism of the ESG investing space, mainly by institutional investors, is the lack of robust benchmarks and/or ratings from independent bodies. ESG investing is complex. A new study by Research Affiliates indicates just how much work the industry needs to do to improve accountability. The study by Dr Feifi Li and fellow … [Read More...] about How ESG ratings providers let the side down