In the reader-takes-all online publishing market, the page-view is currency. Journalists and publishers (or even ‘content creators’ in the icky internet-age jargon) might snobbily argue that quantity is not the same as quality. But it’s quantity that counts. And the Investment News NZ (INNZ) numbers were up more than 140 per cent year-on-year in a… [Read More…]
FMA digs in for drawn-out AML legal stand-off, refocuses ‘outcomes’ comms
The Financial Markets Authority (FMA) has booked another multi-year court battle after launching civil actions against InvestNow last week over historic, previously remediated, alleged anti money-laundering (AML) breaches. InvestNow joins Booster on the FMA legal hit list. The regulator served Booster with papers in June accusing the KiwiSaver and investment manager of 75 governance failures… [Read More…]
TECT swaps Castle Point for Salt; Consilium PIE brand tops $1bn
The $1 billion ‘community-focused’ charitable trust, TECT, has dropped Castle Point from a roughly $60 million Australasian equities mandate. TECT, formerly known as the Tauranga Energy Consumer Trust, has switched the Castle Point exposure to the Salt Core NZ Shares Fund, according to chief executive, Wayne Werder. The charitable fund also uses Nikko for Australasian… [Read More…]
UK regulator reportedly restrains FNZ, makes platform precedent
FNZ faces a temporary ban from taking on certain new clients in the UK without written consent from the Financial Conduct Authority, according to press reports, signalling a step-change in regulatory oversight of platforms in the jurisdiction. The Citywire New Model Adviser report says the FCA issued a notice effective October 11 this year requiring… [Read More…]
Aussie super funds called out for poor valuation, liquidity management of private assets
The Australian superannuation regulator has uncovered widespread liquidity management failings in the sector, especially in the treatment of unlisted assets. Following a recent review of 23 regulated superannuation entities representing 80 per cent of assets under its purview, the Australian Prudential Regulation Authority (APRA) found 12 required “material improvements in either or both their valuation governance… [Read More…]
Craigs sells half to TA Associates
US private equity player, TA Associates, has taken a ‘strategic’ 50 per cent stake in Craigs Investment Partners in a deal announced this morning. “Under the agreement, Craigs’ existing employee and director shareholders will retain 50 percent ownership of the Firm, partnering closely with TA,” according to a release. “… The agreement remains subject to certain… [Read More…]
Coolabah wins US$1.1bn Russell bond gig
Australian fixed income manager, Coolabah Capital, has landed a US$1.1 billion global mandate with Russell Investments. In a statement, Russell said it had appointed Coolabah as a new underlying manager for its flagship Global Bond Fund as part of “an ongoing effort to ensure the Fund is exposed to the best ideas from our portfolio… [Read More…]
Unclear outcomes: industry, government refocus FMA regulatory gambit
The Financial Markets Authority (FMA) has toned-down its ‘outcomes-focused’ policies following largely negative industry feedback to draft proposals and pressure from a newly installed government. According to documents obtained under an Official Information Act (OIA) request, Commerce Minister Andrew Bayly queried the outcomes-focused regulation approach mooted in a FMA draft guide last November. Bayly was… [Read More…]
BT loses veteran senior investment manager; government green bank chair falls on sword; win-win for Scientific Beta
Francois Richeboeuf has resigned from BT Funds Management after almost 15 years at the Westpac-owned investment house to take an asset allocation role at the NZ Superannuation Fund (NZS). Currently BT senior manager investment solutions, Richeboeuf joined BT in 2010 as a portfolio manager for the group’s diversified funds. He officially exits the Westpac funds… [Read More…]
Govt moots KiwiSaver private pocket solution, fund climate-reporting threshold cuts
KiwiSaver schemes would be able hang on to some member assets well past current transfer deadlines while the number of funds captured by climate-reporting rules could halve under proposals tabled by the government last week. In draft changes first hinted at by Commerce Minister Andrew Bayly late last year, KiwiSaver schemes would have discretion to… [Read More…]