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MJW finds KiwiSaver manager choice matters more at riskier end…

Return dispersion among KiwiSaver funds has increased in line with risk exposure over the last 10 years, the latest Melville Jessup Weaver (MJW) investment survey found. According to the MJW December 2020 quarter survey, investment returns for conservative-to-moderate funds remained “tightly clustered” for the 10-year period with a much wider performance spread for those further… [Read More…]

FMA ticks off Consilium KiwiSaver

The Consilium KiwiSaver scheme has squeaked into the 2020 launch zone after gaining formal approval from the regulator in December. In documents lodged with Disclose last week, a letter from the Financial Markets Authority says that regulator “certifies that it is satisfied that the KiwiWRAP KiwiSaver Scheme, as constituted by the trust deed dated 4… [Read More…]

Ark boards Nikko KiwiSaver as standalone fund; US manager faces ownership disruption onshore

Nikko Asset Management has added the high-flying Ark Disruptive Innovation Fund as a standalone option in its KiwiSaver scheme. George Carter, Nikko NZ chief, said the move provided more flexibility for KiwiSaver investors looking to build portfolios beyond the standard vanilla approach. Carter said the Ark fund was now the most popular offering on Nikko’s… [Read More…]

Select go: new adviser-focused KiwiSaver set for lift-off

Another KiwiSaver provider is poised to enter the fray this week, bringing the population up to 35 schemes. To be offered via the Select Wealth brand, part of the Investment Services Group (ISG) family, the new scheme, however, will be issued under the NZX-owned Smartshares managed investment scheme (MIS) licence – a first-of-its-kind ‘hosting’ arrangement… [Read More…]

Kiwi Wealth head of KiwiSaver settles in; FMA joins fintech, ESG trends with new roles; another Sargon NZ director exits

Kiwi Wealth has hired Gordon Pfeiffer as head of KiwiSaver. Pfeiffer took up the newly created role in July, joining the Wellington-based operation from the Todd Family Office, where he was head of product and service support for three years. Pfeiffer fills the spot at Kiwi Wealth that previously fell under the head of product… [Read More…]

FMA goes hard on KiwiSaver fees in draft guidelines

The Financial Markets Authority (FMA) has highlighted its right to issue ‘stop orders’ to KiwiSaver schemes that breach fee standards in a new consultation document released this morning. In a follow-up to its ‘value for money’ report published earlier this year, the regulator says stop orders could, for example, “prevent schemes with unreasonable fees from… [Read More…]

Fisher zeroes in on fourth spot in KiwiSaver table

Fisher Funds has moved significantly closer to claiming the title of fourth-largest KiwiSaver provider from AMP during the nine months to September 30 – just by staying still. According to the latest Morningstar report on the sector, Fisher saw its KiwiSaver market share dip just 0.1 per cent over the nine-month period ending September at… [Read More…]

Mayday call set for KiwiSaver defaults

The final shape of the new default KiwiSaver universe will emerge by May next year under a government timetable released last week. In a KiwiSaver provider briefing panel held last Friday, the Ministry of Business, Innovation and Employment (MBIE) team running the default appointment process penciled in a final decision for late April 2021. With… [Read More…]

AMP fires AMP Capital to go passive with KiwiSaver, NZRT

AMP has swallowed the passive pill, appointing BlackRock to manage its KiwiSaver and superannuation master trust schemes under index conditions. In a release this morning, AMP says it would replace its main incumbent manager – sister firm AMP Capital – “once preparatory activities have been completed”. “The transition to the new investment model is expected… [Read More…]

Provider games begin as KiwiSaver default rules go live

KiwiSaver default fund tenders are now go after the government released the ‘request for proposal’ (RFP) documents this afternoon. The just-published RFP documents confirm both the fossil fuel exclusion rules and balanced fund asset allocation settings required when the new default regime kicks off next December. It appears the government has opted for the tougher… [Read More…]

Solving the KiwiSaver private asset puzzle: Kiwi Wealth puts first piece in place

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…]

Fees and fossils cut as Mercer begins KiwiSaver default dance

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…]

KiwiSaver’s Achilles’ heel (and why advice is the cure)

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…]