Archives for 2019

Some time, maybe later this year the Financial Markets Authority (FMA) will release the findings of a long-awaited review of the NZ custody sector. The review – understood to have been outsourced to consultancy firm PwC – has been a long time coming after the issue was flagged by the International Monetary Fund (IMF) in… [Read More…]

The government could enforce bulk transfers of default KiwiSaver scheme members under proposals tabled last week. According to the Ministry of Business, Innovation and Employment (MOBIE) default KiwiSaver discussion paper, the government could radically reshuffle auto-allocated members following a formal review slated for next year. The MOBIE paper says the statutory seven-year KiwiSaver review could… [Read More…]

The new Australian owner of Auckland-based Heritage Trustee has cleaned out the firm’s senior sales staff as it moves to a “technology-enabled” model. Following the restructure initiated in June, senior supervisory manager, Lloyd Wong, has left the business along with a swag of Heritage client relationship managers. Former Public Trust senior manager client services, Wong… [Read More…]

Clarity Funds Management is set to launch a new global equities product managed by the US$1.9 trillion US-based Capital Group. Josh Wilson, Clarity chief investment officer, said the new fund could be open for business as early as next month. “We’re very excited about the opportunity to work with one of the world’s foremost fund… [Read More…]

Twenty years ago, when Chris Cuffe was head of Colonial First State, he wanted Money Management magazine to name, at its annual awards dinner, a ‘fund manager of the decade’. This would have been a departure from the influential magazine’s usual ‘fund manager of the year’ centrepiece. Cuffe assumed Colonial First State would get the… [Read More…]

Mellon Investments Corporation has built up its quantitative risk premia and risk parity capabilities and offerings with the recruitment of a specialist team. Roberto (Rob) Croce, the new managing director and senior portfolio manager, made his first visit to Australia last week. Mellon is a US$525 billion ($A770.8 billion) investment firm – one of eight… [Read More…]

With an ever-so-slight recent change of ownership control, the Chicago-based Ariel Investments, well-known globally for its ESG-sensitive strategies, has come up with a new acronym of sorts to compete with the ubiquitous ‘FANG’. The new word is: ‘MANG’. Micky Jagirdar, Ariel senior vape and head of the investment group for international and global equities, said… [Read More…]

Fisher Funds has hauled in a net income of more than $100 million over the 2018/19 financial year as the group’s total assets under management jumped above $9 billion for the first time. According to the latest Fisher accounts published last week, the Takapuna-based manager booked a net profit after tax of some $48 million… [Read More…]

Westpac NZ has hired Auckland-based boutique consultancy firm MyFiduciary to provide investment research and governance training to its financial planning arm. It is understood that the freshly-inked deal will see MyFiduciary help select investment products – among other services – offered through the Westpac advice network. Under the agreement, the firm will also supply investment… [Read More…]

NZ licensed fund managers will have to show how they plan to handle a liquidity squeeze under a proposed ‘stress test’ outlined by the Financial Markets Authority (FMA) last month. “The review is likely to focus on how [managed investment scheme] MIS managers would respond to such an event, their decision-making processes, the tools they… [Read More…]