Search Results for: kiwisaver

Government will forcibly transfer auto-enrolled KiwiSaver members from any existing provider cut from the next default fund appointment round, a release confirmed today. The transfer threat was among a raft of proposed radical changes to the KiwiSaver rules that will also see all default funds exclude fossil fuel investments and switch to a balanced asset… [Read More…]

Direct-to-consumer fund platform, InvestNow, plans to roll out a KiwiSaver scheme in the next financial year joining a slew of new providers on the scene. The platform, owned by Wellington-based Implemented Investment Solutions (IIS), would offer members access to a range of fund managers – with some bundled into risk-weighted portfolios à la the standard conservative, balanced… [Read More…]

Home-grown investment boutiques Milford Asset Management and Booster are both rapidly closing in on Mercer in the KiwiSaver funds under management (FUM) race, according to the latest data from Australian research house Plan for Life (PFL). The PFL figures show Booster and Milford neck-and-neck with FUM of more than $1.9 billion apiece as at September… [Read More…]

KiwiSaver officially breached the 3 million-member mark in November, Inland Revenue Department (IRD) figures confirm. The IRD statistics show KiwiSaver membership grew by a net 7,040 in November, tipping the quasi-compulsory savings regime just above the 3 million level. Following the latest burst of growth, KiwiSaver has captured about 60 per cent of the total… [Read More…]

KiwiSaver membership is on track to top the 3 million mark this month after falling just 1,500 shy of the watershed figure as at the end of October, according to the latest Inland Revenue Department (IRD) statistics. Over the last year, KiwiSaver has been grinding out regular monthly net member gains of about 7,000 to… [Read More…]

NZ Funds has cut-and-pasted its KiwiSaver offering to create a new unlocked product suite. The NZ Funds WealthBuilder range is an exact replica of the Auckland boutique’s KiwiSaver products “down to the last basis point of fees”, according to chief executive, Michael Lang. Lang said the new set of funds, which officially launch on November… [Read More…]

NZ has nudged up slightly in the latest Melbourne Mercer Global Pension Index (MGPI) released today but the country’s retirement system remains hamstrung by “sustainability” issues, according local chief, Martin Lewington. The 11th edition of the MGPI (summarised here) sees the NZ total score rising from 68.5 in 2018 to 70.1 in the latest study… [Read More…]

Start-up KiwiSaver firm Kōura Wealth has taken aim at a recent Kiwi Invest paper extolling the virtues of active management. In an ‘open letter to NZ’s active fund managers’, Kōura founder, Rupert Carlyon, disputes the Kiwi Invest findings that passive fund investors “are going to be disappointed in the long run”. The letter says “the… [Read More…]

The Financial Markets Authority (FMA) has no plans to set KiwiSaver fee levels or dig in the margins as it embarks on a sector-wide value-for-money investigation, according to regulation director, Liam Mason. Instead, the FMA has expects to hold a series of “sharper conversations” with KiwiSaver schemes – particularly fee ‘outliers’ – in the wake… [Read More…]

ASB has entered the impact investing game with a new fund available via its KiwiSaver and retail product suite. The ASB Positive Impact Fund (PIF), which officially launched in July, invests in international equities and global fixed income through vehicles managed by Mercer and Vanguard, respectively. According to ASB disclosure documents, the PIF has a… [Read More…]

Milford Asset Management has made further tweaks to its fast-growing KiwiSaver scheme, dropping the annual administration fee for members at opposite ends of the age range and launching a new high-growth investment option. Murray Harris, who moved from head of wealth management to a new KiwiSaver-focused role at Milford in April, said the scheme had… [Read More…]

Another new KiwiSaver provider is poised to enter the market in a joint venture between Hobson Wealth and former KPMG consultant, Rupert Carlyon. It is understood that the Kōura Wealth scheme, once launched, would have a robo-advice-like front-end that feeds into portfolios managed by Hobson. Carlyon owns about half of Kōura while stock broking house… [Read More…]

All KiwiSaver providers will have to cut transfer times by more than two-thirds under new legislation just referred to select committee. Among other items, the Taxation (KiwiSaver, Student Loans and Remedial Matters) Bill would require all schemes to shift members to rival providers within 10 working days after receiving a transfer request compared to the… [Read More…]

A string of financial firms have featured in the latest batch of complaints lodged with the Advertising Standards Authority (ASA) in the wake of a successful action against AMP in April. In April this year, the ASA upheld a complaint – by Hayley Robertson and financial adviser John Cliffe – that AMP breached advertising standards… [Read More…]

Another KiwiSaver provider is set to launch with sustainability-focused Auckland boutique manager Pathfinder throwing its hat in the ring. According to its recently-released statement of investment policy and objectives (SIPO), the ‘CareSaver’ scheme features three risk-weighted portfolios that invest into directly-held stocks that score highly on environmental, social and governance (ESG) measures. The new scheme… [Read More…]

Fund administrators are poised for a huge influx of form-filling in the wake of last week’s prescribed investor rate (PIR) sweep by the Inland Revenue Department (IRD). Ryan Bessemer, Trustees Executors (TE) chief, said the IRD PIR shock, which found approximately 450,000 portfolio investment entity (PIE) fund investors with faulty tax settings, would inevitably flow… [Read More…]