The world’s biggest funds management firm, BlackRock, last week bought rising San Francisco-based auto-advice business, FutureAdvisor for a reported US$150 million plus. In a statement, BlackRock said it would offer the FutureAdvisor technology to other financial institutions rather than target individual investors directly. “The acquisition of FutureAdvisor helps meet the needs of a range of… [Read More…]
Touch of class action for Australasia
Institutional Protection Services (IPS), an international shareholder class actions administrator, has expanded its reach in the region with the appointment of an Australian representative and the completion of its first roadshow. Caroline Goodman, London-based IPS founder and managing director, spent last week in Sydney and Melbourne speaking to super funds and fund manager clients and… [Read More…]
Listing not a priority for Complectus as new CEO due to take the reins
Listing is still off the agenda for the fast-growing trust company roll-up Complectus, according to founder and managing director, Andrew Barnes. Barnes said, contrary to market speculation, incoming Complectus CEO, Grant Kemble, was not hired to prepare the company for an IPO. “Although we are a statutory supervisor and have all the accoutrements of a… [Read More…]
NZX offshore ETFs get $350m leg-up, SuperLife adds to bottom line
Almost $350 million poured into the NZX-listed global equity exchange-traded funds (ETFs) on launch late in July, according to figures on the Smartshares website. The NZX-owed subsidiary, Smartshares, reported total funds under management (FUM) across its nine Vanguard-backed global ETFs at about $346.5 million on July 31, just two days after the official listing date… [Read More…]
Listed property, equities, keep investors dry in July, survey finds
While world markets took a dive early in August – including across the board falls of about 3 per cent in most major bourses last Friday – the previous month held mainly good news for New Zealand institutional investors, according to the latest Aon Hewitt Investment Consulting Report. The July Aon Investment Update found all… [Read More…]
Insourcing and other ‘disruptions’ challenge managers
Fund managers are facing the most challenging environment for many years with both uncertain markets and uncertain client demands. Still, most are optimistic, according to the annual fund managers survey by State Street, to be published this week. The survey revealed four key ‘value drivers’ for managers. The trend to inhouse management by big pension… [Read More…]
Grosvenor simplifies fund recipe, puts exotic ETFs on menu
Wellington-based multi-manager firm Grosvenor Financial Services is pitching for the fee-conscious, passively-inclined crowd with a swag of new products. On top of the four multi-sector growth funds released last week under the brand Focus Series – essentially, simplified products carved out of the group’s Investment Series – Grosvenor will shortly launch four, niche exchange-traded fund… [Read More…]
Low-cost, philanthropic LIC attracts institutional money too
The Future Generation Global Investment Company, Geoff Wilson’s latest listed investment vehicle which has a strong philanthropic bent and attracted enormous industry interest, last week tied up a major institutional investor. The fund’s offer closes this Friday (August 28). The Australian arm of insurance giant QBE has invested $30 million into the LIC, which is,… [Read More…]
Aging, healthcare pop out as Nikko themes
A few “enduring themes” have emerged from an analysis of the current Nikko Asset Management NZ portfolio, according to head of equities, Stuart Williams. Williams told the Workplace Savings NZ (WSNZ) conference in Wellington earlier this month, that the intertwined themes of an aging demographic and healthcare would likely be long-term drivers of returns. In… [Read More…]
Retail trust coincides with Auckland car-yard expansion
Automotive Holdings Group (AHG), the largest owner of car sale franchises in Australasia, plans to expand its Auckland footprint following the launch last week of a retail property trust, through Charter Hall Direct Property Management, which will acquire three of its biggest Australian properties. Bronte Howson, executive director of AHG, said at the Sydney launch… [Read More…]