The second stand-alone NZ Responsible Investment Association Australasia (RIAA) report heralds a “coming of age” for the sector, Matthew Mimms, The Investment Store principal, told a capacity crowd in Auckland last week. Mimms, who also acts as the RIAA local representative, told the 70-strong audience gathered at the NZ Superannuation Fund Queen Street headquarters that… [Read More…]
KiwiSaver transfers ease, new scheme launches
The KiwiSaver transfer market has cooled slightly in the 12 months to June 30, new figures from the Inland Revenue Department (IRD) reveal. According to the latest IRD data, more than 140,000 KiwiSaver members switched schemes over the year to the end of June 2016 compared to almost 158,000 during the previous 12-month period. While… [Read More…]
Why regulators need to develop ODD habits
Regulators need to get out more, according to Stephen Hunt, Russell Investments head of operational due diligence (ODD). The Sydney-based Hunt, in Auckland last week for the annual Russell conference, said regulators, like all parties in the financial services business, have a ‘know your client’ obligation. He said, for example, regulators couldn’t police the funds… [Read More…]
NZ retirement returns to fall short in risk-off world
The average KiwiSaver asset allocation would fail to deliver an adequate return for most members, Erik Ristuben, Russell Investments chief investment strategist, told a New Zealand audience last week. Ristuben, speaking a the Auckland Russell Investments conference, said with KiwiSaver assets split roughly 50/50 between income and growth assets, the expected long-term return would barely… [Read More…]
Calastone almost wraps up NZ market with Aegis deal
UK-based fund transaction automation service, Calastone, has secured its second major NZ platform client with the ASB-owned Aegis going live last week. With the addition of Aegis, which joins major rival FNZ on the client list, Calastone has captured the majority of the NZ investment platform business. Collectively, FNZ and Aegis have more than $20… [Read More…]
Cuffe joins Antipodes board for $100m global LIC
Antipodes Partners, the boutique launched by multi-affiliate manager Pinnacle Investments Management in March last year, is joining the listed investment company trend by looking to raise at least $100 million for a global equity LIC. Pinnacle backed Antipodes, led by Jacob Mitchell, a former deputy CIO at Platinum Asset Management, with about $200 million to… [Read More…]
Product range, illiquidity holding back NZ investors from private real estate
New Zealand wholesale investors lag the world in exposure to private real estate, according to a new analysis by Fidato Advisory, with less than $2 billion currently invested in the asset class. The study, commissioned by real estate investment manager Vinta Funds Management, cites MSCI figures showing that of the $13 billion of NZ properties… [Read More…]
Waking up to Brexit: UK contemplates new reality
In the third of his Brexit-in-London series, Dynamique chief, Guy Dobson, finds the UK in generally chipper spirits despite the uncertainty… Post-Brexit politics in the UK have made for exciting viewing. The quickly-installed replacement Prime Minister, Theresa May, is already earning plaudits for sticking to her guns on Europe while refurbishing the Cabinet (including… [Read More…]
Adviser code tipped to get consumer grunt
The Code Committee would inevitably include more consumer advocates as well as industry representatives under the proposed shake-up to the financial advisory regime, according to David Boyle, Commission for Financial Capability (CFFC) head of investor education. Boyle said with the Code Committee’s ambit set to expand under the Financial Advisers Act (FAA) reform proposals released… [Read More…]
Aussie funds fees cheap as cheeps, Morningstar finds
Australian investment management fees have plunged by up to 50 per cent for equity funds over the last five years, new research from Morningstar shows. The Morningstar overview of the A$2.6 trillion Australian managed funds market published last week says the indirect cost ratio (ICR), which “includes management and performance fees as well as legal,… [Read More…]