Quantitative investment specialist, Research Affiliates (RAFI), has found benchmark-binned stocks tend to deliver outsized returns post eviction. Conversely, the study, which spawned a new RAFI strategy, shows freshly promoted stocks typically underperform after promotion to an index. “Additions modestly underperform their index over the subsequent year on average, with S&P 500 additions lagging the market… [Read More…]
As systemic risk grows, what you don’t know can hurt you
If you ask investors right now what the biggest threat to markets is, you’ll get a wide range of responses. It might be private credit, algorithmic trading, or some liability-driven investment blowup shooting back from the future to wreak havoc on the present like Arnold’s Terminator. Models of the world upon which new investments are… [Read More…]
A Leap Forward in Helping BNZ’s KiwiSaver Scheme Customers
In 2019, BNZ launched BNZ KiwiSaver Scheme Navigator (Navigator), a tool for their bankers to use to help customers see what a difference small tweaks could make to their BNZ KiwiSaver Scheme investment. BNZ embarked on a journey to upgrade Navigator in 2023. Spearheaded by General Manager, Wealth and Insurance Partnerships – Ryan Wilson alongside… [Read More…]
Fixed income head quits Fisher, management reset completed
Fisher Funds long-standing head of fixed income, David McLeish, has left the business amid a wider management shake-up at the $26 billion firm. McLeish touted an “exciting new opportunity” on LinkedIn was in the offing after an almost 14-year career at Fisher that spanned dramatic, acquisition-led growth in the funds management operation. He is listed… [Read More…]
Fisher (not Funds) casts about for NZ advisers; NZ Super confirms risk chief; Insight replaces veteran Australasian head
US-headquartered funds management firm, Fisher Investments, is looking to open a high net-worth advisory office in NZ with plans afoot to hire five advisers ahead of a launch at the back-end of 2024. According to a Fisher spokesperson, the business plans to “start operations with our private client business in New Zealand later this year”…. [Read More…]
Vertical disintegration: AMP spins off Aussie advice arm, holds steady in NZ
AMP remains in the advice game in NZ despite engineering an exit strategy from its long-held and troublesome Australian financial advisory networks last week. In an historic deal inked with a recently formed Australian financial planning conglomerate, Entireti, and AZ Next Generation Advisory (AZ NGA), AMP will offload its multiple advice businesses for a combined… [Read More…]
NZ retail funds close in on $200bn as Simplicity, Milford, Booster top 20% annual growth
The NZ retail funds sector nudged $200 billion in the March quarter amid strong investment performance and solid flows, according to the latest Plan for Life (PFL) market data. Overall, retail funds under management (FUM) surged 5.4 per cent during the three months to March 31, equating to about $10.9 billion, and 14.6 per cent… [Read More…]
Growth returns to KiwiSaver but Morningstar finds mixed bag in June quarter
KiwiSaver exposure to growth assets continued to climb back over the 12 months to June 30 to fall just short of 59 per cent, new Morningstar data shows, up 2.6 per cent year-on-year. The result is still shy of the almost 64 per cent growth allocation recorded in the June 2022 report – a figure… [Read More…]
UK regulator to rate pension funds, regulate ESG-raters
The UK government is set to follow the Australian example by pressuring default pension funds to perform or fold under a new draft ‘framework’ released last week. Certain default defined contribution UK pension schemes will face scrutiny across a range of ‘value-for-money’ measures in the proposed regime with persistent under-performers forced to transfer members. “Schemes… [Read More…]
Mercer Australia slapped with A$11.3 million fine in greenwash first
Mercer Australia has copped an A$11.3 million fine in a “landmark” greenwashing court action set to shake-up product-labelling practices on both sides of the Tasman. While Mercer admitted to the charges laid last year relating to environmental, social and governance (ESG) claims in its ‘Sustainable Plus’ fund range, the Australian High Court opted to impose… [Read More…]