It is understood Nikko Asset Management NZ knocked out incumbent Fisher Funds in its recent $100 million plus mandate win from health insurer, nib. The nib mandate took Nikko NZ’s total asset under management over $4.6 billion, compared to $3.9 billion as at the end of last year, the firm said in a statement. Australian-headquartered… [Read More…]
Outsourcing moves to front office with dealing services
Having made its way from the backoffice and, increasingly, through the middle office, the outsourcing phenomenon is starting to take hold in the front office. Due to a combination of new regulations and increasing complexity in trading, outsourced dealing services are beginning to replace many inhouse capabilities. According to Philippe Boulenguiez, global head of dealing… [Read More…]
How funds and managers fail women
Women have different investment wants and needs than men, make their choices differently and, increasingly, are the more important influencer of choice in the household. But the industry is failing them. Super products such as fee holidays when there are no contributions – during child bearing and rearing – could be very attractive. This is… [Read More…]
Alternatives head quits AMP Capital after 17-year stint
AMP Capital NZ executive, Nick Dobson, has resigned after almost 20 years with the business. Grant Hassell, recently-appointed AMP Capital NZ managing director, said Dobson’s imminent departure had been well-signaled. “Nick has been in charge of AMP’s alternative assets – including private equity – which we’ve been selling down since the GFC,” Hassell said. “That… [Read More…]
Volatile week sees NZ managers shopping for quality
New Zealand’s fund managers were buying at the margins last week as the biggest wave of volatility for years hit the markets. Andrew Bascand, head of Harbour Asset Management, said the sharp downturn in Australasian shares early last week on the back of global uncertainty opened up the market for bargain-hunters. Bascand said Harbour added… [Read More…]
Fund fee GST decision due soon
Details about potential changes to the GST treatment of funds management fees should be known shortly, according to Matthew Hanley, tax partner with consultancy firm EY (formerly known as Ernst and Young). Hanley said the Inland Revenue Department (IRD) was expected to let the industry know its preferred approach to GST on fund fees “in… [Read More…]
Select sales manager resigns as JMIS switch nears
Aaron Bowkett, Sovereign investment development manager, has resigned to take up a position at passive-flavoured financial planning support firm, Consilium. Bowkett spearheaded sales for Sovereign’s $600 million Select Wealth Management discretionary investment management service (DIMS), which Auckland-based consulting and investment firm, JMIS, bought in May. Along with a number of other Sovereign staff, Bowkett was… [Read More…]
FMA to put itself in harms way as governance, culture and conflict take precedence
New Zealand’s financial cop has flagged “governance, culture and conflicted conduct” as top policing priorities in its just-released annual review of enforcement activities. In the ‘Investigations and enforcement’ report for the 12 months to end of June this year, the Financial Markets Authority (FMA) highlights poor governance, inadequate policies, sloppy implementation and “lack of awareness… [Read More…]
Government scores own goal by dropkicking KiwiSaver incentives, NZIER study finds
KiwiSaver subsidies would end up paying for themselves in future tax revenue, according to a new report published last week. In a sharp critique of recent moves to scale back state support for KiwiSaver, the New Zealand Institute of Economic Research (NZIER) study says the government relied on a short-term historical report rather than a… [Read More…]
IIS trumps Klum as FMA hands out 10th licence
The number of licensed New Zealand fund managers hit double digits last week with Implemented Investment Solutions (IIS) joining the official list. IIS, which markets a range of Russell Investments-managed funds, is the 10th firm to be licensed by the Financial Markets Authority (FMA) since December last year. Anthony Edmonds, IIS managing director, said in… [Read More…]