The $85 million NZ Harbours Superannuation Scheme has dropped out of tripartite talks to create a mega-maritime fund. In a letter to members, NZ Harbours scheme chairman, David Stevens, says merger talks with the Seafarers Retirement Fund (SRF) and the Waterfront Industry Superannuation Fund (WISF) foundered on governance issues. Stevens told NZ Harbours members if… [Read More…]
TSB Fisher add-on valued at more than $50m
TSB Bank would have paid over $50 million for the extra 23 per cent of Fisher Funds it acquired last week, based on a valuation published by another substantial shareholder in the funds management firm. According to the liquidators report for Woodward Capital, as at September this year its 17.76 per cent stake in Fisher… [Read More…]
Lifestages shuts one door, opens two, for mix-and-match asset access
SBS-owned KiwiSaver scheme, Lifestages, has closed its $23 million growth portfolio while opening up two new investment options for members. According to the latest Lifestages KiwiSaver prospectus, from October 1 this year the scheme began offering the new High Growth and Income funds in addition to the existing Capital Stable portfolio. “The Lifestages Growth Portfolio… [Read More…]
FundSource qual deal confirmed
The NZX last week cemented a deal with Australian-based researcher, Darren Howlin, to provide qualitative fund manager analysis. As reported on Investment News NZ (IN NZ) last week, the NZX had been negotiating with Howlin to provide qualitative manager reports after its research subsidiary FundSource abandoned that function in May. In a letter to clients… [Read More…]
Australasian markets on track to benefit from T+2 formula
The 33 per cent increase in the speed of Australasian capital markets scheduled for next March will have positive spin-offs for the industry, according to BNP Paribas Securities Services. In a release, BNP Paribas said experience from European and other global markets has shown the move to a two-day settlement cycle from the ‘T+3’ standard… [Read More…]
Fund fee GST options primed for public feedback
Proposed changes to how fund managers charge GST on fees could be up for public consultation by December, according to Matthew Hanley, EY tax partner. Hanley said after extended behind-the-scenes talks with industry players, the Inland Revenue Department (IRD) would probably publish proposals for official comment in December. “It’s taken longer than expected to get… [Read More…]
AMP tilts to inflation-linked protection
AMP Capital NZ is buying into local inflation-linked bonds as part of its portfolio protection strategy, the group’s managing director and head of fixed income, Grant Hassell, said last week. Hassell said NZ inflation-linked government bonds look cheap relative to nominal bonds with investors “complacent” about inflation prospects. He said based on current pricing NZ… [Read More…]
Retirement income wins support from Aussie government as most Murray reforms greenlighted
The Australian government has backed the development of retirement income products in its official response to the Financial System Inquiry (FSI) published last week. Among the 44 recommendations put forward by the FSI – also known as the Murray Inquiry after its chair, ex Commonwealth Bank chief, David Murray – was the requirement for superannuation… [Read More…]
Index composition making it harder in emerging markets
“Nobody likes their index but ours is getting less meaningful,” says Kim Catechis, the head of global emerging markets for Martin Currie Investment Management. The common indices are no longer “fit for purpose” and they are about to be swamped by the inclusion of China, no matter how gradual the process. Catechis and co-manager Andrew… [Read More…]
TSB takes a bigger slice of Fisher
TSB Bank has upped its stake in Fisher Funds to 49 per cent. Maria Ramsay, chief executive of the TSB Community Trust, confirmed today that TSB Group Investments had raised its holdings in Fisher purchasing the shares “off a variety of shareholders”. Previously, TSB owned just over 26 per cent of the Fisher business after… [Read More…]