The fast-growing FinTechNZ industry association has launched a new sub-group targeting the wealth sector, similar to the InsurTechNZ network established last year. James Brown, FinTech NZ head, said the WealthTechNZ think-tank would assemble interested parties to map out how the sector operated, how it could be improved with financial technology and develop a new “funding… [Read More…]
Archives for 2019
Colonial makes top 25 China list
First State Investments, the global manager better known in Australia and New Zealand as Colonial First State Global Asset Management, has become the first Australian fund manager to make the list of the top 25 foreign managers dealing with either inbound or outbound China investments. According to the latest annual survey by influential China funds… [Read More…]
Final call for replacement Retirement Commissioner
Applications closed this morning for the coveted role of Retirement Commissioner (RC) ahead of a slated July start date for the new leader. Current RC Dianne Maxwell was stood down last December pending a State Services Commission investigation into claims she bullied staff. While the government had yet to release details of the investigation, Commerce… [Read More…]
NZ Super sustains responsible kudos in new study
The NZ Superannuation Fund (NZS) retained its ranking among the world’s top 25 “most responsible asset allocators” in a US-curated list that also included six Australian funds as ‘leaders’ or ‘finalists’. In a follow-up to the inaugural 2017 Responsible Asset Allocator Initiative (RAAI) – a joint project of the New America think-tank and the Tufts… [Read More…]
KiwiSaver, PIE tax changes still on agenda following CGT surrender
Changes to KiwiSaver and portfolio investment entity (PIE) rules remain on the table despite the government’s rejection of a broad capital gains tax (CGT) today. In its detailed response to the 90-odd Tax Working Group (TWG) proposals released this afternoon, the government has slated the KiwiSaver and PIE reforms for further consideration. “This [KiwiSaver] work… [Read More…]
How TWG oversight could squeeze the middle KiwiSaver
Over 500,000 middle-bracket New Zealanders could be short-changed if the government adopts some of the KiwiSaver recommendations included in the Tax Working Group (TWG) final report. The TWG report recommends lowering the KiwiSaver prescribed investor rate (PIR) for the bottom two tax rates – 10.5 and 17.5 per cent – by 5 per cent to… [Read More…]
Government makeover sees 40 fresh faces on community trust boards
About a third of community trust board members have been turned over since the Labour-led government took power in September 2017, according to figures supplied by the Department of Internal Affairs (DIA). The DIA data shows 40 of the current 127 community trust trustees were newly-appointed since Labour assumed office with another round of changes… [Read More…]
Stuff partners with Pocketwise; Southern Cross boots up robo-adviser
Financial product comparison site Pocketwise has struck a major distribution deal with NZ media giant, Stuff. Under the revenue-sharing arrangement Pocketwise would split product referral fees with Stuff, which has an audience reach of more than 3 million. Launched in 2017, Pocketwise offers comparisons across a wide range of financial products including KiwiSaver, mortgages, credit… [Read More…]
TE plugs wealth gap; Public Trust up-boards; Clarity pitches to wholesale as CIO takes the field
Trustees Executors (TE) has filled a role left vacant for over a year after hiring Justin Fox as head of wealth. Fox comes to TE from retirement sector firm Summerset where he was head of villages. He replaces John Winch who left TE last April before subsequently landing a similar job at Perpetual Guardian. Ryan… [Read More…]
NZ Super loses tax argument; ACC gets benchmark upgrade advice
Parliament has dented NZ Superannuation Fund (NZS) hopes of achieving tax-free status in its latest annual review of the $40 billion plus entity. The Finance and Expenditure Committee (FEC) “expressed scepticism” about NZS arguments for removing tax obligations for the fund. According to the FEC report published last week, NZS “appeared to want both a… [Read More…]