New Zealand investment forecasts have been consistently off the mark over the last 20 years, according to a new analysis by Aon Hewitt NZ, particularly in picking short-term equity returns. The Aon report – based on 20 years of data compiling market forecasts by NZ fund managers, brokers and banks – found a large mismatch… [Read More…]
Ex Westpac leader adds governance clout to Milford board
Former Westpac NZ general manager, Mariette van Ryn, has joined the board of Milford Asset Management. Mark Cross, Milford chair, said van Ryn’s “considerable governance experience” would bolster the board as the $3.3 billion funds management firm moved under the new Financial Markets Conduct Act (FMC) regime. Cross said van Ryn’s appointment would increase the… [Read More…]
Miller gets Aussie consulting merry-go-round spinning
Asset consulting seems to be unusually volatile at the moment, with three of Australia’s leading firms – Willis Towers Watson, Frontier Advisors and Mercer – suffering senior staff losses in the past week. The big surprise was the resignation of Graeme Miller, director of investment services at Willis Towers Watson, to take up the position… [Read More…]
Harbour wins over IIS graduate
Harbour Asset Management has netted a new investment operations analyst with the appointment of Declan McKeefry. Currently serving as client services manager for Wellington-based Implemented Investment Solutions (IIS), McKeefry takes up his new position on April 18. IIS chief, Anthony Edmonds, said the Harbour role offered McKeefry the opportunity to build on the skills and… [Read More…]
Gareth Morgan hires Verhaart
The Kiwibank-owned Gareth Morgan Investments has hired ex AMP Capital multi-asset chief, Peter Verhaart, as head of implemented investment. Verhaart, currently enjoying a month’s gardening leave after parting ways with AMP Capital just prior to Easter, would look after the Kiwibank wealth division’s “market-leading implemented investment service”, according to GMI investment chief, Simon O’Grady. The… [Read More…]
Buyers tipped for Maori-owned KiwiSaver
The tiny IwiInvestor KiwiSaver scheme could be up for sale, according to industry sources. Investment News NZ (IN NZ) understands the IwiInvestor scheme has been shopped around various parties including to a group of associated with a stockbroking firm. Since its launch in 2011, the IwiInvestor scheme – the only 100 per cent Maori-owned KiwiSaver… [Read More…]
SuperLife founders on track for $10m bonus, Apteryx rated 50/50 to hit target
SuperLife’s former owners appear almost certain to earn a final $10 million bonus payment, figures from the NZX 2015 annual report show. According to the NZX report, the group has set aside 90 per cent of the SuperLife earnout bonus “based on the expected probabilities” of the business hitting its December 2017 target of at… [Read More…]
Researcher puts AMP KiwiSaver scheme on watch
Morningstar has placed the AMP KiwiSaver funds ‘under review’ following the exit of AMP Capital’s multi-asset chief, Peter Verhaart, just over a week ago. In a report issued last Thursday, Morningstar says the move introduces some uncertainty about the direction of the AMP KiwiSaver fund investments, which are managed by AMP Capital. “Verhaart has been… [Read More…]
Managers face long wait for GST answer
The Inland Revenue Department (IRD) is in no hurry to resolve the question of how GST applies to funds management fees with the consultation process expected to drag on for months. According to an IRD spokesperson, the tax department would probably issue its final determination “sometime this year” following a public consultation. “Exactly when is… [Read More…]
Union schemes make it official
The two unions behind the newly-created Maritime Retirement Scheme (MRS) formalised the relationship last week, filing legal documents confirming the amalgamation and transition to the Financial Markets Conduct Act (FMC) regime. Under the novel arrangement first reported here in February, the Waterfront Industry Superannuation Fund (WISF) and the Seafarers Retirement Fund (SRF) – plus their… [Read More…]