A new study by Australian asset consultant, Frontier Advisors, found global equity active managers turned in their worst index-relative performance in more than 20 years as a handful of stocks dominated markets. Only 36 per cent of active international share managers in the Frontier sample beat the benchmark MSCI All Country World Index (MSCI ACWI)… [Read More…]
Mapua wins Auckland Future Fund advisory role, new RFP due soon
The Auckland Future Fund (AFF) has hired Mapua Wealth as an independent investment adviser as the $1.3 billion council-owned vehicle rolls out a new search for underlying managers. In a statement, AFF chair, Christopher Swasbrook, said the embryonic perpetual fund has contracted Mapua – formerly known as MyFiduciary – for one year while it allocates… [Read More…]
SIPO ‘refresh’ sees ANZ adopt flexible philosophy, drop active wording
ANZ has revamped its investment philosophy with a new emphasis on ‘flexibility’ over active management while establishing a stand-alone emerging markets equity allocation. In a revised KiwiSaver statement of investment policy and objectives (SIPO) published last week, the country’s largest retail fund manager dropped an explicit reference to an active management style preference. “There are… [Read More…]
Hunter set new prey in Harbour private credit push
Harbour Asset Management has rolled out a second portfolio investment entity (PIE) fund under the Hunter banner in a strategy plying the Australasian private credit markets. The launch of the Hunter Private Credit Fund comes amid growing demand – and competition – in the asset class both globally and in NZ. In a statement, Harbour… [Read More…]
JP Morgan debuts NZ product range with global bond PIE
A new global bond fund has hit the shelves after JP Morgan Asset Management (JPMAM) opened its first product structured for NZ investors. Built as a portfolio investment entity (PIE), the FundRock NZ-fronted JPMAM Global Bond Fund feeds into a 1988-vintage Luxembourg-domiciled vehicle managing some US$17.4 billion as at the end of last year. The… [Read More…]
Funds, platform underpin NZX profit growth
Funds management and platform services increased their collective contribution to the NZX bottom-line in 2024 as Smart and Wealth Technologies outperformed traditional exchange activities year-on-year. According to the 2024 annual report released last week, the combined funds and platform divisions delivered almost 56 per cent of NZX operating profits during the calendar year compared to… [Read More…]
Consilium eyes generational advice shift, accumulates $9bn
Financial advisers are taking on more younger “accumulator” clients amid a generational change in the market led by KiwiSaver, according to Consilium chief, Scott Alman. Alman said the “penny is dropping” among many advisers that relying on older, if wealthier, retiree clients could impact the long-term sustainability – and value – of their businesses. “We’re… [Read More…]
Deflated: how real assets failed the inflation test
Real assets proved useless as an inflation defence during the recent flare-up, a new study published by the CFA Institute has found. According to the analysis of proxy indices during the 2021 to 2023 inflationary surge, real-asset benchmarks failed to provide any hedging qualities. In fact, real assets “moved in the wrong direction, on average,… [Read More…]
Vanguard comes out tops in battle of the 500s
State Street Global Advisors has lost its more than three-decade crown as king of the biggest exchange-traded fund (ETF) in the world after being usurped by a rival Vanguard US S&P 500 product this month. According to newly released ETF market data, the Vanguard S&P 500 ETF (VOO) edged about US$1.5 billion ahead of the… [Read More…]
New funds, high-end KiwiSaver member loyalty, on AMP annual wish-list
AMP NZ has flagged the launch of new funds and retention strategies targeting “higher value” KiwiSaver members as part of its growth strategy this year. According to investor information released with the AMP 2024 annual results last week, the NZ arm plans to increase “personal contact” with its higher-balance KiwiSaver members in 2025 “to reduce… [Read More…]