Kiwi Wealth is on the hunt for a head of trading to consolidate and modernise the manager’s portfolio implementation systems. Simon O’Grady, Kiwi Wealth chief investment officer, said the newly-created head of trading role has been created to centralise the various securities dealing functions currently scattered across different portfolio management systems. “The aim is to… [Read More…]
Archives for 2019
No ban but trails could take a hike
Trail commissions could soon be at the end of the road in NZ despite the government shying away from an outright ban, according to Nikko Asset Management NZ chief, George Carter. Carter said while the incoming financial adviser law and mooted conduct regulations fall short of banning commissions, NZ would ultimately follow global trends toward… [Read More…]
Against the curve: why a US rate rise could surprise
Gerard Fitzpatrick, Russell Investments global head of fixed income, isn’t worried about the yield curve. Not yet. But Fitzpatrick has a clear vision for when investors should take note of any ‘yield curve inversion’ – the infamous warp in normality where long-term US interest rates dip below short-term yields. “If we see a yield curve… [Read More…]
Securitisation soldiers on despite tough climate
The outlook for the Australian securitisation market is healthy, with the majority of issuers expecting to maintain or increase issuance in the next two years. This is despite slowing demand for consumer and mortgage credit and tough macro-economic conditions, according to a report by Perpetual and the Australian Securitisation Forum (ASF). The 2019 Australian Securitisation… [Read More…]
Industry bodies tie the knot, at last
Following a very long engagement, the Financial Services Council (FSC) and Workplace Savings NZ (WSNZ) formalised their union last week in a deal that will house about 80 corporate members. As at July 1 this year the two industry bodies – which have shared a secretariat since 2016 – will operate under the FSC brand… [Read More…]
Acadian’s journey: standing the test of time
Acadian Asset Management was one of the first overseas managers to plant a flag in Australia during the rush of the 1990s. Australia was hot, or so they thought. It was not actually their flag, though. Acadian, then a deep-value quant manager, chose to be represented by Sheridan Lee and Tony Tuohey. As a lot… [Read More…]
Russell, JANA lose FUM as BNP Paribas wins custody in BNZ benchmark move
BNZ will shift almost $1.2 billion in total from incumbent global asset multi-managers – Russell Investments and JANA – to Vanguard following the fee-changing revamp of its KiwiSaver and retail YouWealth schemes this month. The move to index-settings for offshore assets coincides with a restructure of the BNZ scheme under direct mandates with BNP Paribas… [Read More…]
Code read: new advice rules not the last word
The just-approved financial advice code remains a work-in-progress, according to key player in its creation, Angus Dale-Jones. Dale-Jones, chair of the Code Working Group (CWG), said the trimmed-down document approved by Commerce Minister Kris Faafoi last week would likely face further rewrites. “There will probably be subsequent consultations as different things go into the mixing… [Read More…]
Stars align for independent advice, study finds
Demand for independent financial advice is set to skyrocket over the next few years, a new survey by global consultancy firm EY found. The EY ‘2019 global wealth management research report’ says the sector is primed to “rise rapidly” with the survey indicating an almost 20 per cent increase in clients seeking independent financial advice… [Read More…]
Ex JP Morgan NZ chief wins new custody role; Consilium expands as $4bn looms
Former JP Morgan NZ chief, Mark Lawrence, has scored a permanent role at Public Trust in the newly-created head of custody position. Lawrence left JP Morgan last May following an eight-year career with the US banking conglomerate, where he managed relationships with the group’s custody clients in NZ including the $40 billion ACC fund and… [Read More…]