Milford Asset Management marked the end of an era today as co-founder, Brian Gaynor, relinquished his remaining executive duties. In a client update issued this afternoon, Milford revealed Gaynor has stepped down as head of investments – a position he assumed in 2017 after handing over day-to-day portfolio management responsibilities. However, Gaynor would stay on… [Read More…]
Archives for 2019
Morningstar to free up index market for NZ managers
Morningstar is poised to shake-up the NZ fund benchmark business this year with a range of in-house indices, many of which are free. Jamie Wickham, head of Morningstar Australasia, said the NZ fund index market was ripe for disruption given the high costs of product benchmarking faced by fund managers. “There’s a lot of discontent… [Read More…]
Final adviser code due to drop this week
It is understood the final financial adviser code will be handed to Commerce Minister Kris Faafoi next week as the industry reform process enters endgame. The code of conduct will be the first complete leg of the triple-header advice industry reform agenda with both regulations (covering disclosure and licensing) and parliamentary sign-off on the empowering… [Read More…]
Capital reforms could see Australian withdrawal
Local investment funds may help fill the lending gap if Australian institutions back off NZ in the wake of substantially higher capital ratio requirements, according to Harbour Asset Management chief, Andrew Bascand. In a paper published last week, Bascand says the Reserve Bank of NZ (RBNZ) plan to increase bank capital ratios by 40 per… [Read More…]
Nikko expands sin sector ban, names new legal head
Nikko Asset Management NZ has excluded a new swag of ‘sin’ sectors from its ‘high conviction’ global equities fund. In a just-released statement of investment policies and objectives (SIPO), Nikko details exclusion rules for the group’s Global Shares Fund covering companies involved in pornography, alcohol, fossil fuels and gambling. The fund, managed by the Edinburgh-based… [Read More…]
AMP Capital BDM crosses to QuayStreet
The Craigs Investment Partners-owned QuayStreet Asset Management has lured David Buell from AMP Capital to a new distribution role. Buell joined AMP Capital as associate director retail in 2016. His move to QuayStreet follows a slew of similar distribution appointments at boutique funds businesses including the NZX-owned Smartshares, Milford Asset Management and Salt Funds Management…. [Read More…]
US target for FNZ
FNZ is making a bid to break into the US investment platform market with global asset management giant, State Street, tipped as a potential partner, UK press reported last week. According to the New Model Adviser (NMA) publication, the NZ-originated platform provider was in talks with several parties ahead of a planned US expansion. “The… [Read More…]
Why 20 years is the right horizon for emerging markets
Institutional investors and their fund managers have been talking about the importance of taking a long-term view for a long time. But other things, such as the performance surveys and peer pressure, tend to get in the way. Now, Edinburgh-based Martin Currie Investments has drawn a line in the sand. Martin Currie’s emerging markets team… [Read More…]
Index move could send $125bn to China
Chinese stock markets received a huge boost last week following the call by index provider MSCI to up its China A shares inclusion factor from the current 5 per cent to 20 per cent by the end of this year. The MSCI move could see up to US$125 billion flow into Chinese shares as funds… [Read More…]
Devon rebrands (minus the management)
The Auckland-headquartered Devon Funds Management has rolled out a new look and shortened name as part of a brand refresh. Launched in 2010 by Brook Asset Management co-founder, Paul Glass, the $2 billion plus boutique firm switched to the ‘Devon Funds’ name at the end of February. Slade Robertson, Devon Funds managing director, said the… [Read More…]