The NZ retail funds sector ticked over $100 billion for the first time after a bumper September quarter, according to the latest market data from Australian research house, Strategic Insight (SI). Boosted by the seasonal flush of KiwiSaver member tax credits, regular investment inflows and friendly markets over the quarter, total retail funds under management… [Read More…]
Archives for 2019
Kiwi ex-pat scores senior role in AMP Capital global direct growth
Notwithstanding the financial setback suffered by its corporate parent, AMP Capital is continuing to push its global capabilities up the food chain, setting up a separate infrastructure equity unit to cater for large pension funds which seek sophisticated structures, such as co-investments, specialist investment management support. AMP Capital announced last week that the new global… [Read More…]
US exceptionalism showcased in Fidelity insto survey
It’s USA v the rest of the world in institutional investment management, research from Fidelity Investments has found. A new take on the 11th annual Fidelity Institutional Asset Management global investor survey published last year reveals a large gap between US and other regions across almost all canvassed issues including technological threats, cryptocurrencies, socially responsible… [Read More…]
All Black legend to front up for NZ manager tour
Former All Black captain, David Kirk, is booked to make a guest appearance on his home turf this March to pitch an ASX-listed technology fund to NZ investors. Kirk joins the Heathcote Investment Partners ‘Meet the Manager’ (MTM) roadshow in March to profile the technology fund he co-founded in 2014, Bailador Technology Investments (BTI). Structured… [Read More…]
Cullen report to trigger complex debate
The final Tax Working Group (TWG) report should be with the government well ahead of the late February deadline, chair Sir Michael Cullen has confirmed. Cullen said the TWG has wrapped up its meetings with the final report expected to be handed to Finance Minister Grant Robertson within “a couple of weeks”. “Whether the government… [Read More…]
Listing, acquisitions off the table for Milford
Milford Asset Management has yet to formally launch a search for a new CEO following the surprise exit of incumbent Troy Swann last December. But whoever eventually fills Swann’s shoes would be charged with maintaining Milford’s “organic growth” model rather than embarking on a shopping spree or prepping the now $6.3 billion boutique for an… [Read More…]
KiwiSaver, tax reforms loom as committee signs off
Employers won’t be compelled to make KiwiSaver contributions for over-65s under a proposed tax omnibus bill, the final select committee report on the legislation confirmed last week. The wide-sweeping Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Bill makes a number of minor changes to the KiwiSaver regime including allowing those aged… [Read More…]
Custody system upgrade pending for Public Trust
Public Trust has set a June 30 target for switching on its new Microsoft-friendly custody system. Part of a drawn-out technological upgrade dating back to 2012, the Public Trust custody revamp comes courtesy of the NavOne software – built by the UK-headquartered Touchstone Group on a Microsoft platform. The government-owned trustee and financial services business… [Read More…]
Jack Bogle: the heart of passive investing
The great Jack Bogle died last week, on January 15, aged 89. He was the founder of Vanguard, in 1974, inventor of index funds and champion supporter of the interests of individual investors. Vanguard remains the largest mutual organisation in the world, owned by its investors. Famous for his passion about the importance of keeping… [Read More…]
Aussie upstart tries again to crack NZ trustee, fund admin market
Just before Christmas last year Australian back-office ‘disruptor’ firm, Sargon Capital, took another bite of NZ. Sargon, embroiled in a failed – and ultimately litigious – $200 million plus bid for Perpetual Guardian parent firm Complectus in 2017, bought Auckland-based Heritage Trustees for an undisclosed sum late in December. The Australian group also bought a… [Read More…]