New Zealand’s sometime single-largest taxpayer would become exempt under proposals handed down by the Sir Michael Cullen-led Tax Working Group (TWG) last week. The TWG recommends removing the tax requirement for NZ Superannuation Fund (NZS) – also known colloquially as the ‘Cullen Fund’ – that has seen the now the $40 billion government-owned entity pay… [Read More…]
Archives for 2019
Pie hands $1bn admin job to MMC
MMC has picked up the administration duties for the full range of the almost $1 billion Pie Funds business. Last year MMC was appointed administrator of the newly-launched Pie-run JUNO KiwiSaver scheme while Trustees Executors (TE) continued to supply services to the boutique manager’s suite of 10 unit trusts. However, under a deal inked this… [Read More…]
NZ fintech pioneer plants flag in Manilla
Auckland-headquartered pioneer financial software firm, Chelmer, has established its first offshore beachhead to stage growth in Asia-Pacific (APAC) and Australia. Chelmer opened an office in the Philippines capital of Manilla last week with two staff, which could expand to about six within the next year, according to the group’s chief innovation officer, Andy Robertson. Robertson… [Read More…]
New broom to spruce up Kiwi Wealth advice brand
Kiwi Wealth has hired a new head of advice as the government-owned group refreshes its retail investment offer. Glen Macann, who made a brief appearance as head of the Pie Funds-owned Juno KiwiSaver scheme late in 2018, joined Kiwi Wealth last week to boost its presence in the advice market. According to Kiwi Wealth head… [Read More…]
Margins, mergers and millennials: five-year fears for funds
Funds management margins are set to fall by 11 per cent over the next few years, according to a new global survey, as modest asset growth, rising costs and competitive pressures keep a lid on profits. However, the Bloomberg Intelligence study – produced in association with UK-headquartered legal firm Simmons & Simmons – says asset… [Read More…]
US regulator questions index power
A member of the US Securities and Exchange Commission (SEC) oversight committee has called for tighter controls over index providers. In a New York Times (NYT) opinion piece published last week, Robert Jackson, one of the four current SEC Commissioners, argues the growing power of index providers needs to be reined in. Jackson, who co-authored… [Read More…]
Four reasons why emerging markets could be bond winners
Fixed income specialist Brandywine Global has highlighted emerging markets (EM) as the sweet spot – or the least sour spot – for bond investors. In a presentation to NZ investors last week, Brandywine Global portfolio manager, Jack MacIntyre, said for emerging markets bonds to outperform “things don’t have to get better, just less bad”. However,… [Read More…]
Russell preps infrastructure fund for NZ investors as alternatives demand builds
Russell Investments is rolling out a NZ dollar version of its long-established Global Listed Infrastructure Fund with more ‘exotic’ product launches planned for the local market. Alister van der Maas, Russell NZ chief, said the while the group’s international listed infrastructure fund already had some local institutional support, the Kiwi-hedged version would open up the… [Read More…]
SuperLife to reboot products as NZX flags platform hopes, FundSource write-down
The NZX plans to restructure SuperLife to offer an unlisted product range that mirrors the group’s Smartshares exchange-traded fund (ETF) suite. Hugh Stevens, Smartshares chief, said the move would enable the $3 billion plus NZX-owned funds business to distribute the unlisted funds through multiple channels. “It’s similar to how Vanguard offers both ETFs and unlisted… [Read More…]
WTW to run ruler over NZ Super
Global consultancy firm Willis Towers Watson (WTW) has won the job of reviewing the NZ Superannuation Fund (NZS) following a short tender process last December. WTW was appointed last week to run the latest statutory five-yearly review – the fourth for NZS – with a final report due by the middle or this year. Treasury… [Read More…]