Search Results for: kiwisaver

Back by popular demand for its 13th edition, the Investment News NZ (IN NZ) annual KiwiSaver report is now available free to download. Landing slightly later than in previous years, due to COVID-related scheme reporting delays, the IN NZ ‘KiwiSaver the 13th’ study captures the market at one of its lowest historical points. All annual… [Read More…]

KiwiSaver schemes may ultimately have to hold 15 per cent or more of their portfolios in illiquid assets, according to Simon O’Grady, Kiwi Invest chief investment officer. O’Grady said with an increasing number of companies globally leaving, or never joining, listed exchanges long-term investors will need to access the “large and growing pool of private… [Read More…]

Mercer has set the tone for the imminent KiwiSaver default scheme beauty parade, slimming down fees and embarking on an ambitious sustainable investment makeover. Following the changes implemented last week, Mercer KiwiSaver default fund fees fell almost 20 per cent along while the manager also laid out plans to bolster the product’s responsible investment (RI)… [Read More…]

As Australian institutions limp away from the wealth management battlefield, Scott Alman*, Consilium head, explains why KiwiSaver investors remain exposed to the vertically integrated weak point highlighted across the Tasman – lack of independent advice…   It was with great interest that I read the Australian Financial Review August 30 headline “IOOF to buy NAB’s… [Read More…]

Maybe it’s not breaking news but a Mercer NZ survey has found women tend to be more responsible than men, in their KiwiSaver preferences at least. According to the new Mercer KiwiSaver sentiment study, almost 80 per cent of women rated access to responsible investment as important when selecting a scheme compared to 69 per… [Read More…]

More regulatory guidance and a stern talking-to for a few KiwiSaver providers are in the offing as the Financial Markets Authority (FMA) digests the findings of its just-published ‘value for money’ report on the sector. Liam Mason, FMA director regulation, said the new report – ostensibly a review of active and passive investment among KiwiSaver… [Read More…]

AMP Wealth Management NZ has put its circa $9 billion investment portfolio up for review with a shift to passive strategies one option on the table. An AMP spokesperson confirmed the underlying investments of both its KiwiSaver and superannuation master trust were under the spotlight. “To ensure the investments we offer through our AMP KiwiSaver… [Read More…]

KiwiSaver providers are likely to face further pressure on fees following a new Financial Markets Authority (FMA) report due for publication in the next few weeks, including the potential for default schemes to publish profit-and-loss figures. It is understood that the FMA ‘value for money’ study, carried out by consultancy firm MyFiduciary, concludes KiwiSaver fees… [Read More…]

The KiwiSaver market took a $4.6 billion hit in the March quarter as net inflows of about $1.1 billion were more than offset by investment losses of $5.7 billion, according to new figures from Australian research house Plan for Life (PFL). KiwiSaver kingpin, ANZ, booked the biggest loss in nominal terms (down more than $1.2… [Read More…]

Milford Asset Management has joined the robo-revolution becoming the eighth NZ provider to earn a digital financial advice licence. Murray Harris, Milford head of KiwiSaver and distribution, said the $8 billion plus boutique fund manager was on track to launch its new home-built digital advice system by mid-year. “We want to complement the human advice… [Read More…]

KiwiSaver hardship releases spiked about 50 per cent in March in a likely preview of more serious drawdowns ahead. According to the latest Inland Revenue Department (IRD) KiwiSaver statistics, almost 2,000 members siphoned off a collective $12.7 million of hardship withdrawals in March – up from the annual low of about $8.4 million and 1,500… [Read More…]

Consilium has slated a spring launch for its new open architecture KiwiSaver scheme with a September 1 go-live date. Dubbed KiwiWRAP KiwiSaver, the new scheme will be a “first of its kind” in NZ, according to Consilium managing director, Scott Alman. To be accessible only through financial advisers, the Consilium KiwiSaver platform would allow advisers… [Read More…]

The Financial Markets Authority (FMA) has extended reporting dates again for entities under its aegis after providing an initial two-month relief period in March. In a release late on Friday, the FMA said: “… all Financial Markets Conduct Act reporting entities with balance dates up to and including 31 July will also have a further… [Read More…]

KiwiSaver members switched a net $1 billion plus from higher risk funds to conservative options as record volatility shook markets in March, new estimates from Morningstar reveal. Greg Bunkall, Morningstar data director Asia-Pacific, said sneak preview figures from the researcher’s database show never-before-seen net outflows from growth-oriented KiwiSaver funds (aggressive, growth and balanced) of just… [Read More…]

As KiwiSaver providers brace for some horror March quarter statistics they can, at least, reminisce about a solid end to 2019 that saw a few schemes break through milestones. According to figures released by Australian research house Plan for Life (PFL) last week, Smartshares, Booster, Milford Asset Management and ANZ all clicked higher on the… [Read More…]

A raft of new KiwiSaver measures are now in place after parliament passed an omnibus tax law last week. As reported here, the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act includes reforms that empower the Inland Revenue Department (IRD) to change the prescribed investor rate (PIR) of scheme members. The rule change allows the… [Read More…]

Local fund managers were buying but not panic shopping as chaos hit the NZ and global markets last week. In a week that saw record falls (and recoveries) in share markets, by all accounts NZ managers were on the look-out for heavily discounted quality items rather than bulk survival purchases. Milford Asset Management, for instance,… [Read More…]