ANZ will bulk up its NZ-based investment team as it prepares to take on further responsibility for managing Australian-sourced money. Graham Ansell, head of ANZ Investments NZ, said the appointment of ex New Zealand Superannuation Fund (NZS) portfolio manager, Daria Murray, as a senior equities analyst last week was just part of a broader realignment… [Read More…]
Aon admin staff to join Link following buy-out
Link Market Services confirmed last week it would buy the Aon NZ superannuation admin business in a move first mooted Investment News NZ (IN NZ) early in July. According to Link NZ head of operations, Stan Malcolm, while the final contract is yet to be inked, the private equity-owned registry business was on track to… [Read More…]
Fidelity unlocks annuity option for DB funds
Fidelity Life has reopened its annuity product to a select group of clients. Milton Jennings, Fidelity chief, confirmed the insurance firm had rebooted the lifetime annuities product – closed to new business in 2014 – after being approached by a “wholesale type client”. “We were asked to quote [for an annuities product] someone representing a… [Read More…]
Complectus poaches Russell McVeagh partner as CEO
Trust company consortium, Complectus, has hired Russell McVeagh commercial partner, Grant Kemble, as chief executive officer. After a 23-year career in commercial law at Russell McVeagh, Kemble will take up the new role in September, assuming day-to-day responsibilities for the Complectus group from current managing director, Andrew Barnes. Founded by majority shareholder Barnes in 2014,… [Read More…]
Russell sale date pushed out, price expectation revised down
Russell Investments could remain under the umbrella of the London Stock Exchange (LSE) for some time yet, according to the Financial Times (FT). In a story published last week, the FT says the sales process has “stalled, despite a months-long process to dispose of Frank Russell Investments”. “According to two people familiar with the matter,… [Read More…]
NZ Super gets real passive as reference portfolio reviewed
The almost $30 billion New Zealand Superannuation Fund’s (NZS) actual and benchmark portfolios are tracking closer than ever before, according to chief investment officer, Matt Whineray. Whineray said most assets fully-valued and “markets going sideways” the NZS pulled back from active risk compared to its ‘reference portfolio’. NZS launched the reference portfolio in 2009 to… [Read More…]
NAB bounces back with big new custody relationship
NAB Asset Servicing (NAS) is set to replace BNY Mellon with Citi as its global custodian, ending an association spanning about 20 years. The decision follows a review undertaken this year and may well involve closer involvement between the two in other aspects of their custody businesses. Matt Brown, NAS chief executive, launched his strategy… [Read More…]
Annual KiwiSaver inflows verge on $5bn
KiwiSaver inflows were up 17 per cent in the 12 months to the end of June with contributions hitting $4.8 billion compared to just over $4 billion (up 33 per cent on 2013) during the previous annual period, according to new figures released by the Inland Revenue Department (IRD). Employer and member contributions made up… [Read More…]
GSAM’s compelling case for active fixed income
Just about the only option for investors looking at their fixed income allocations at the moment is to replace beta with alpha for at least a part of their portfolio. There is not a lot else jumping off the page, according to Philip Moffitt, the head of fixed interest for Asia Pacific and partner at… [Read More…]
Milford KiwiSaver performance fees due for reset
Milford Asset Management is rejigging its KiwiSaver fund performance fees in line with changes flagged earlier for the group’s range of unit trusts. In a letter sent to Milford KiwiSaver members last week, the manager said it had “enhanced the high watermark methodology and performance losses incurred will be brought forward into subsequent performance periods”…. [Read More…]