FNZ has splashed out on its second major purchase in less than a year after acquiring the UK-headquartered platform technology firm JHC last week. In a statement, Adrian Durham, said the deal would “not only consolidate our combined position in the UK market, but to take JHC technology propositions into new strategic territories – such… [Read More…]
Archives for 2019
God, dog, nudes and KiwiSaver: best finance ad complaints
A string of financial firms have featured in the latest batch of complaints lodged with the Advertising Standards Authority (ASA) in the wake of a successful action against AMP in April. In April this year, the ASA upheld a complaint – by Hayley Robertson and financial adviser John Cliffe – that AMP breached advertising standards… [Read More…]
BC Gateways looks to expand on blockchain’s promise
Andy Hutchings Broso, the founder of the APIR Systems fund-coding business, and Gordon Little, a securities services executive at RBC, have launched a blockchain-driven company which allows participants to share all sorts of additional information to the transactional data on which this nascent sector has so far been concentrated. Hutchings started the pioneering APIR Systems,… [Read More…]
End-of-cycle fears prompt sovereign investor asset rethink
Global government-owned institutional investors are shifting into defensive mode amid mounting concerns about an economic slowdown, according to a new Invesco report. The 2019 ‘Invesco global sovereign asset management study’ found survey respondents – representing over US$20 trillion across almost 140 government wealth funds and central banks – were easing off equities in favour of… [Read More…]
New KiwiSaver scheme targets ESG investors
Another KiwiSaver provider is set to launch with sustainability-focused Auckland boutique manager Pathfinder throwing its hat in the ring. According to its recently-released statement of investment policy and objectives (SIPO), the ‘CareSaver’ scheme features three risk-weighted portfolios that invest into directly-held stocks that score highly on environmental, social and governance (ESG) measures. The new scheme… [Read More…]
Sale off the table for Pie
Pie Funds has abandoned plans to sell off part of the business after failing to secure a suitable buyer in a deal that reportedly valued the $1billion boutique at about $100 million. In a statement issued late on Friday, Pie founder, Mike Taylor, said the board decided to pursue “an internal management proposal” after more… [Read More…]
SFO tipped to supply Kloogh news; FMA closes Ross case
The Serious Fraud Office (SFO) is expected to release further details this week on its ongoing investigation into Dunedin financial adviser, Barry Kloogh. Kloogh’s Breath Financial business was raided by the SFO in May following a tip-off to the Financial Markets Authority (FMA). It is not clear whether the SFO has found evidence of a… [Read More…]
NZ Super plans for 30% staff increase; GSF adjusts equity expectations down
The NZ Superannuation Fund (NZS) has forecast an almost 30 per cent jump in employee numbers over the current financial year and total staff costs of more than $48 million. In its recently-published ‘statement of performance expectations’, the NZS says the staff cost estimates are based on an assumption that the headcount “will increase from… [Read More…]
No closure on disclosure as FSLAA last leg limps on
The government has missed its June 30 target for finalising draft adviser disclosure regulations, taking the last leg of the Financial Services Legislation Amendment Act (FSLAA) implementation down to the wire. Under its initial guidelines, the Ministry of Business, Innovation and Employment (MBIE) said the final draft disclosure regulations were expected to be ready for… [Read More…]
The BIG squeeze
It may be difficult for investors to display much empathy in this regard, but fund managers are doing it tough. Fees are falling, but expenses are still rising – not a happy combination. New research by Casey Quirk paints a gloomy picture for managers. Casey Quirk, a specialist advisory division within Deloitte which focuses on… [Read More…]