Archives for February 2018

Several US robo-advisers downed tools earlier this month as the mini market meltdown over-stretched their digital abilities, reports have revealed. According to the US Financial Planning website, a clutch of well-known robo-advice platforms – including Fidelity, TD Ameritrade, T Rowe Price, Vanguard, Charles Schwab, Betterment and Wealthfront – “went dark” after plunging equity markets early… [Read More…]

Financial advisers will likely enjoy more flexible disclosure requirements under proposals currently being drafted by the Ministry of Business, Innovation and Employment (MBIE). Sharon Corbett, MBIE principal policy adviser, said there was broad agreement that disclosure under the in-progress Financial Services Legislation Amendment Bill (FSLAB) should be a more fit-for-purpose model than the current law… [Read More…]

Most local financial services players would oppose any merger of the NZX with an offshore exchange, according to a new study published last week. The NZ Institute of Economic Research (NZIER) report – commissioned by the NZX – found all of the market participants interviewed for the study favoured a “local exchange presence”. Despite the… [Read More…]

Listed infrastructure kept its historical defensive record intact during the recent bout of market volatility, according to Russell Investments’ Adam Babson. In NZ last week, Babson, portfolio manager for the Russell Global Listed Infrastructure Fund, said the sector “held up well” as wider equity markets stumbled heavily early in February. “In a market downturn [listed… [Read More…]

The apparent anomaly of rising US interest rates and a falling dollar should not come as a surprise, Brandywine Global managing partner, Adam Spector, told NZ investors last week. Spector, on tour last week in NZ with Brandywine Global head of business development Tad Fetter, said while investors traditionally associate interest rate hikes with higher… [Read More…]

Vontobel Asset Management Australia has launched a new unit trust for Australian and New Zealand wholesale investors, providing ESG principles to its emerging markets capabilities. The new fund, which has an initial investor minimum of A$10 million, is called the ‘Vontobel mtx Sustainable Emerging Markets Leaders Fund’. It consists of a concentrated portfolio of “highly… [Read More…]

Recently-launched joint venture business Maxima has seen steady growth as a widening array of firms seek relief from anti-money laundering (AML) compliance headaches. Guy Dobson, founder of financial education provider firm Dynamique, which partnered last year with fellow Wellington business Compliance Plus to form Maxima, said the widening AML net has been a “big driver”… [Read More…]

While most areas of private equity have performed well for both managers (general partners) and their investors (limited partners), there has been a standout sector in the past 12 months according to a study by McKinsey & Company. This was “the surge of megafunds”. The report, ‘The Rise and Rise of Private Equity’, says the… [Read More…]

More than $800 million could transfer to a new NZ-domiciled Legg Mason product in a deal that also opens up the popular institutional Brandywine fixed income fund to retail investors for the first time. Andy Sowerby, Australian head of the US-headquartered ‘multi-affiliate’ firm Legg Mason, said the portfolio investment entity (PIE) version of the group’s… [Read More…]

Following the still-mysterious departure last June of long-standing chief executive, John Prendergast, his permanent replacement has landed at the approximately $220 million Community Trust of Southland (CTOS). According to a CTOS spokesperson, Jackie Flutey, formally took over the reins last week from interim manager, Denis Woods. Flutey previously managed the Invercargill-based ILT Foundation, which distributes… [Read More…]