Australian-listed exchange-traded funds (ETFs) are on course to hit A$500 billion within the next five years as net flows continue to outpace unlisted counterparts, according to the latest Betashares half-yearly update. The Australian ETF funds under management (FUM) surpassed A$200 billion for the first time, finishing the first half of 2024 at more than A$205… [Read More…]
Feel the pain and diversify anyway
Active investors following the ancient way of diversification are hurting. With just a handful of US stocks driving recent market returns on the back of artificial intelligence (AI) dreams, traditional risk management strategies have been a drag on performance. But Greg Fleming, Salt Funds head of global diversified funds, says patient investors can stand the… [Read More…]
FMA spells out climate-reporting expectations for PDS, SIPO, OMI
Fund managers will have to find space in already tightly constrained disclosure documents for climate-reporting information under proposed guidelines released by the Financial Markets Authority (FMA) last week. The draft FMA ‘information sheet’ says climate disclosures “are likely to be material information that may influence an investor’s decision making” and should be referenced in product… [Read More…]
Flint closes shop as back-office provider withdraws
Fund platform Flint Wealth is to shut down with clients facing a July 25 deadline to redeem holdings. The sudden closure of the platform follows the recently announced sale of the Trustees Executors (TE) fund accounting and custody business to Apex Group. In an email sent to clients today, Flint says it had been notified… [Read More…]
BlackRock factor kicks in as ANZ fires MFS
ANZ Investments has hired BlackRock as an underlying manager to replace long-time incumbent, MFS. According to documents released today, ANZ has swapped out MFS with a BlackRock active multi-factor vehicle. MFS comprised just under half – or more than $4.6 billion, according to the March quarter Melville Jessup Weaver investment survey – of the total… [Read More…]
Devon parent in play
Investment Services Group (ISG) has embarked on a “strategic review” of its business with a range of outcomes, including a sale, on the table. Christchurch-headquartered investment bank, Murray & Co, has been appointed to run the review for ISG – the $6 billion plus diversified financial services business incorporating fund managers Devon, Clarity and Tahito… [Read More…]
Apex, TE back-office deal highlights admin alternatives
Investment administration provider, Appello Services, has fielded a flurry of queries from local managers in the wake the recent sale of the Trustees Executors (TE) fund accounting and custody divisions to rival, Apex Group. Craig Nodder, Appello chief, said the firm had seen a marked pick-up in interest from NZ fund managers following the deal,… [Read More…]
Losses mount as FNZ eyes break-even by 2025
FNZ has reported a more than US$555 million loss across its global operations despite top-line revenue increasing about 50 per cent year-on-year as the company absorbed acquisition costs and higher operating expenses. The recently released 2023 accounts for the now NZ-domiciled wealth technology group show losses blew out over 70 per cent compared to the… [Read More…]
ANZ dawdles, Generate sprints in first KiwiSaver leg of 2024
KiwiSaver mammoth, ANZ, lumbered through the March quarter at the slowest growth-rate of all providers in the multi-billion dollar herd, according to the latest Plan for Life (PFL) data. Collectively, the three ANZ schemes grew by 3.6 per cent during the three months to the end of March at almost quarter the pace of front-runner… [Read More…]
Not sorted: Retirement Commission to squeeze services as budget bites
Budget cuts at the already stretched Retirement Commission threaten to undermine some of its front-line services including the well-regarded Sorted website, according to the latest Statement of Performance Expectations (SPE) for the organisation. The SPE shows government has sliced more than $1.3 million off the Retirement Commission (or Te Ara Ahunga Ora) allocation for the… [Read More…]