Over $100 million will exit New Zealand’s institutional investment market following the closure of the Fonterra Staff Superannuation Scheme. The Fonterra shut-down is the biggest scheme closure since the $230 million ANZ staff super fund wound up last year. According to Fonterra scheme chair, Tim McGuinness, the trustees opted to wind down the super fund… [Read More…]
Mercer or TE set to lose major registry client as Fisher mulls unification
Fisher Funds is looking to consolidate its registry functions with dual incumbents Mercer and Trustees Executors (TE) vying for the honour. Fisher general manager, Glenn Ashwell, said the firm is in the early stages of a due diligence process to select a single registry provider. “At the moment we’re only looking to consolidate the registry… [Read More…]
Aon sale speeds up Staples Rodway scheme review, UK tax office slows Smartkiwi shutdown
The sale of Aon’s super administration business to Link Market Services has fast-tracked the review of the Staples Rodway KiwiSaver scheme, according to Graham Duston, head of Funds Administration NZ (FANZ). FANZ, the investment and advisory arm of SBS Bank, took over the management of the $55 million Staples Rodway scheme in March this year…. [Read More…]
Russell Chinese deal hits the wall, media reports
London Stock Exchange (LSE) is reopening negotiations with previous bidders for Russell Investments as a mooted deal with Citic Securities looks set to collapse, Bloomberg reported last week. According to the Bloomberg report, an almost 60 per cent slump in the value of Shanghai-listed Citic shares this year and a high-profile Chinese investigation into the… [Read More…]
At capacity: why rules of FUM don’t work
Comparing funds under management (FUM) to total market size is a “crude and misleading” way to measure manager capacity, according to New Zealand Superannuation Fund (NZS) head of asset allocation, David Iverson. “What’s so special about 1 per cent or 2 per cent [of total market size],” Iverson said. “These rules of thumb are more… [Read More…]
Lynn cherry-picked by Nikko for global job
Nikko Asset Management NZ boss, Peter Lynn, will head to Singapore in November to take up a senior global role with the Japan-headquartered firm. Lynn told Investment News NZ (IN NZ) he would assume the position as Nikko head of product promotion in mid-November. “It’s a new business unit within Nikko,” he said. “I’m looking… [Read More…]
Australian consultant named fourth-best in world, picks NZ Super as dream client
Fiona Trafford-Walker has maintained her position as one of the top 10 asset consultants in the world, according to a US investment media outlet, but she is now the only Australian on the list, which is compiled annually by Asset International. Trafford-Walker, the long-time head of investments for Frontier Advisors, is ranked number four in… [Read More…]
Encouraging early stats for KiwiSaver investment risk business
About 60 people have already signed up to a new KiwiSaver investment research service, according to Peter Urbani, founder of KnowRisk Consulting. Urbani said KnowRisk, which currently offers two KiwiSaver research tools, would initially target the Authorised Financial Adviser (AFA) market but could eventually attract a wider retail client base. “But given the sophisticated nature… [Read More…]
Lower for a little longer: what the Fed rates hold means for NZ investors
At the closely watched September meeting of the U.S. Federal Open Market Committee, Chair Janet Yellen and the Committee kept interest rates on hold. Russell Investments’ strategists delve into what this record run of near-zero U.S. official interest rates means for New Zealand investors. What does the announcement signal? OK, so we’ll wait a… [Read More…]
NZ Super takes infrastructure in-house…
Australian-based infrastructure manager CP2 (formerly known as Capital Partners) has been dropped from the New Zealand Superannuation Fund (NZS) roster. NZS would now manage in-house the approximately $370 million previously held by CP2 in two separate mandates in-house, a spokesperson for the fund said. According to the NZS spokesperson, the move came after CP2 sold… [Read More…]