ASB has shuttered its BlackRock-managed Positive Impact Fund ahead of a full wind-up next year, citing the closure of an underlying strategy and weak demand. In a statement, Adam Boyd, ASB executive general manager personal banking, said the impending shutdown next January of the BlackRock Global Impact Fund triggered the bank’s move to axe its… [Read More…]
Black is back: MJW finds funds in double-digit form
The majority of funds in the Melville Jessup Weaver (MJW) investment survey universe across almost all asset classes posted double-digit returns over the 12 months to September 30. Upbeat bond and equity markets also translated to similar double-digitness (after fees) in the MJW KiwiSaver cohort, which covers about 95 per cent of funds under management… [Read More…]
Red letter day for postie scheme as Mercer transfer looms
NZ Post is set to wind down its long-running in-house superannuation scheme to follow the well-trod path of traditional employer-based funds to a master trust solution. After gaining approval from the Financial Markets Authority (FMA) this month, the $125 million NZ Post super scheme will start transferring member funds across to the Mercer super trust… [Read More…]
MyFiduciary rebrands; Castle Point co-founder goes to ForBar; Simplicity takes on star economist; FNZ tops up global C-suite
Investment consulting firm, MyFiduciary, has joined the rebrand-trend with the unveiling of a new name last week. The advisory firm, which entered a formal joint venture with IWIinvestor last year, is now known as Mapua Wealth. Mapua means “prolific, bearing an abundance of fruit, productive”, according to the online Māori dictionary. Tupu Angitu, the commercial… [Read More…]
Global equities see ACC underperform, over-deliver
The Accident Compensation Corporation (ACC) fund has turned in another above-budget but below-benchmark annual investment performance during the 12 months to June 30. According to the just-published 2024 ACC annual report, the now almost $50 billion fund fell short of its blended benchmark by a narrow margin for the second year in a row. The… [Read More…]
Less adequate, more sustainable: NZ a B-keeper in global pension rankings
NZ remains a B-grade retirement income system despite eking out a minor scoring boost in the latest Mercer Global Pension Index (GPI). According to the 16th annual Mercer GPI, produced in association with the CFA Institute, NZ increased its overall score by 0.4 year-on-year to reach 68.7 (out of a possible 100) – still deep… [Read More…]
Cliff Asness: Markets are getting crazier – and better
Founder of legendary US quant shop, AQR, Cliff Asness, talks to Lachlan Maddock, editor of Australian trade publication Investor Strategy News… Markets have become less efficient, and social media is to blame. Or so says Cliff Asness, founder of hedge fund AQR, who – as reported earlier this month – recently penned a paper… [Read More…]
InvestCloud fronts for FirstCape; Select tops $1bn; Booster in bank-tech gong finals
FirstCape has confirmed the US-based InvestCloud as its adviser front-end system provider with a phase one ‘digital transformation’ roll-out across Jarden Wealth. Under the arrangement, the almost 90 Jarden advisers now have access to the InvestCloud Portfolio Management and Order Capture products used, respectively, to build and implement client investments. The system would likely be… [Read More…]
Salt shifts risk down a gear as corners approach
Salt Funds Management has eased its foot off the accelerator coming into the final curve of 2024 as valuation extremes and geopolitical risks signal potential hazards ahead. According to the Salt quarterly global outlook report published last week, the “the prudent course into year-end is to trim back some portfolio risk” in diversified funds. While… [Read More…]
AI KiwiSaver advice tool targets compliance cut-through
NZ robo-advice pioneer, Clive Fernandes, has launched a new artificial intelligence (AI) venture aiming to automate 80 per cent of KiwiSaver client-servicing tasks. Dubbed Sevaka – from the Sanskrit word ‘सेवक’ translated as ‘one who serves’ – the new business is creating what “will be the first AI tool developed specifically for the KiwiSaver industry”,… [Read More…]