Index providers are charging premium prices for commodity products, according to Dan Lefkovitz, Morningstar strategist. And it’s not as if investment benchmarks are in short supply. The Index Industry Association (IIA) counted over 3.7 million investment indices in its second annual survey last year, representing an increase of almost 440,000 (or 12 per cent) over… [Read More…]
Archives for 2019
Mint refreshes board; Salt shakes up investment team; Milford grows in land of Oz
Former Morningstar NZ head of research, Amanda Livingstone, has joined the board of Mint Asset Management, bringing the independent director count back up to two after the exit of Mark Todd last month. Todd, who was also Mint chair since 2015, stepped down in April following his appointment as chair of the Financial Markets Authority… [Read More…]
New advice brand aims ahead of the FSLAA flock
The Hawke’s Bay-based Boutique Advisers Alliance (BAA) has rebranded under the Finzo banner ahead of the imminent new financial advice regime. Nick Stewart, Finzo chief, said the group, which currently supports four underlying financial advice firms representing about $350 million under management, would apply for a full Financial Advice Provider (FAP) licence once the process… [Read More…]
Advice beats DIY, Legg Mason finds
Advised investors across all age cohorts are more confident than their DIY peers, Legg Mason head of Australasia, Andy Sowerby, told a NZ audience last week. Sowerby said the latest annual Legg Mason global investor survey found those who used a financial adviser were more confident about the future, had better-diversified portfolios and were more… [Read More…]
A deeper shade of green: AMP Capital tests for impact
AMP Capital is scoping out the prospects for a global listed equities impact fund as demand for ‘deep green’ investment products accelerates. Emily Woodland, AMP Capital co-head of sustainable investment, said an impact global shares fund would necessarily have a sharper focus than the manager’s existing responsible investment offerings. “We’re doing a feasibility study now… [Read More…]
Hutt Mana go for broker; Foundation North names new boss
The $40 million Hutt Mana Charitable Trust (HMCT) has gone down the old-school stock broker route to find a replacement investment consultant. It is understood HMCT has appointed Forsyth Barr as investment adviser in place of incumbent, the Auckland-based MyFiduciary. HMCT was reportedly looking for a consultant with resources in the Wellington region, among other… [Read More…]
In a style-questioned world, maybe contrarian is the answer
Some people say that investment styles are dead. Certainly, ‘value’ has struggled for several years, compared with ‘growth’, ‘momentum’ and ‘quality’. If those people are right, what does that mean for how a big super fund chooses a manager? Muddying the waters is the smart-versus-dumb beta discussion. We all know that plain-vanilla beta can lead… [Read More…]
Schiltknecht ships out; Edgar gone after long iShare innings; BT bulks up
Noah Schiltknecht, Russell NZ director of institutional, is to leave the business by the end of June. It is understood Schiltknecht planned to launch an independent consulting business later in the year. Alister van der Maas, Russell NZ chief, said the firm had begun a recruitment process to replace Schiltknecht, whose duties included advising institutional clients… [Read More…]
S&P rebuffs Buffet, cuts Alphabet in ESG index
Google, Netflix and Warren Buffet’s Berkshire Hathaway are among a group of 150 plus top US companies to miss the cut in the recently-released S&P 500 ESG (environmental, social and governance) index. S&P, which built the new ESG benchmark in cahoots with Swiss fund manager RobecoSAM, excluded Netflix and Berkshire Hathaway from the index based… [Read More…]
The Act is here; now for some action
Just a couple of mooring lines remain to be cast off before the Financial Services Legislation Amendment Act (FSLAA) floats free but the boatload of reforms has already raised anchor. With FSLAA and its accompanying code now in place, the latest Ministry of Business, Innovation and Employment (MBIE) update shows a few – relatively minor… [Read More…]