A newly-formed NZ government-backed research consortium will review Pacific Island sovereign wealth funds (SWF) as part of an in-depth study of the region. The SWF review is one of five initial projects targeted by the NZ Institute for Pacific Research (NZIPR), which launched late last month under the auspices of the Ministry of Foreign Affairs… [Read More…]
CIFR study boosts after-tax management movement
The Centre for International Finance and Regulation (CIFR) has thrown its support behind the after-tax management movement, with new research showing the detrimental impact tax can have on active manager alpha. The study also reveals some surprising results. Broad-market equities funds tend to suffer the most from tax losses, according to the study, with value… [Read More…]
Equities reach sell-by heights, Russell
Investors should favour selling the upswings rather than buying the lows in equity markets, according to the latest Russell Investments analysis. The Russell Quarterly Global Outlook for the June 2016 quarter says with share market sentiment turning negative since late last year, investors need to review their strategies. “For example, the S&P500 had a strong… [Read More…]
How politics can make EM debt turn on a dime
From Lazard Asset Management’s Rockefeller Center office overlooking Central Park and much of Manhattan, Arif Joshi calls the shots, with partner Denise Simon, on investing in the 70-odd emerging countries which issue bonds. Joshi, Lazard managing director and portfolio manager, thinks of investing in EM debt as the intersection of finance and political science. While… [Read More…]
Multi-asset head rolls as AMP simplifies
AMP Capital NZ has further thinned-down its executive ranks with head of multi-asset group, Peter Verhaart, leaving the $19 billion fund manager last week. Verhaart, who joined AMP Capital in 2011 following its takeover of Axa, will serve out a period of gardening leave until the end of April. In a note to clients sent… [Read More…]
Fisher confirms Mercer change, foreshadows licence
Fisher Funds will transfer administration for the former Tower assets from Mercer to Trustees Executors (TE) before the end of the year, newly-released documents show. According to the Fisher Funds Two KiwiSaver prospectus amendment published last week, “a decision had been made to transfer the administrative functions of the scheme from Mercer (NZ Limited to… [Read More…]
Aussie regulator inserts robo-probe
Australian robo-advice companies will need at least one responsible manager to comply with training and competence standards and they will need to show that they are regularly monitoring and testing their systems. The Australian Securities and Investments Commission (ASIC) has issued a consultation paper setting out its approach to the regulation of digital financial advice,… [Read More…]
Milford to search world for new MD
Milford Asset Management has embarked on a global search to replace departing head, Anthony Quirk. After nine years in the role, Quirk, quit as Milford managing director last week pending the appointment of a replacement. In a statement, Quirk said he would remain as non-executive director with Milford as well as retaining a large equity… [Read More…]
High response rate delays NZX corporate governance report
The NZX has pushed out the date for publication of its corporate governance consultation paper. While the consultation document was initially slated for release before June this year, the NZX said in a release last week it would delay publication until the September quarter. “Due to the significant interest in this review and the timeframe… [Read More…]
Risk is off for global asset consultant
Willis Towers Watson (WTW) remains downbeat about the prospects for most asset classes over the next three years with the global consultant taking overweight positions in only US inflation-linked bonds and first-world cash. According to the WTW ‘Global Markets Monthly’ March 2016 report, the firm has rated most assets – excluding 10-15 year US TIPS… [Read More…]