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…]
NZ Super surprise exit leaves in-house shares team short-staffed
Recent UK import, Daria Murray, has quit the New Zealand Super Fund (NZS) after less than half a year in a portfolio management role with the country’s second-largest institutional investor. An NZS spokesperson confirmed an NBR report last Friday that Murray had “resigned to pursue other career opportunities” – with industry sources tipping ANZ Investments… [Read More…]
Boutique investment service kicks off with $235m
A new back-office investment service for “independent minded” financial advisers has attracted about $235 million of initial commitments, according to Nick Stewart, head of Hastings-based Stewart Financial Group (SFG). Stewart, who helped set up the new Boutique Advisers Alliance (BAA), said five upper North Island advisory groups have begun using the service, which administers a… [Read More…]
Dent ends three-decade shift at FireSuper
Legendary FireSuper secretary, Barry Dent, retired last Friday after almost 30 years’ involvement with the scheme. Dent, a stalwart on New Zealand’s employer superannuation scene, joined the Christchurch-based FireSuper as a trustee in 1987 before taking on the scheme secretary responsibilities in September 1994. “I’ve watched the scheme grow from zero to $373 million,” he… [Read More…]
Insto investors to pool $10 billion thoughts, not votes, on NZ listed company behaviour
A new corporate governance alliance between New Zealand’s largest institutional investors was not an exercise in proxy-power pooling, according to the group’s chair, Anne-Maree O’Connor. Last week the New Zealand Corporate Governance Forum (CGF) launched with 16 of New Zealand institutional investors as members, representing over 15 per cent of the local share market. The… [Read More…]
BNY Mellon paints a rosy picture instead of gloom
“Our scenario is ambitious but I don’t think it’s crazy,” says Simon Cox, the investment strategist for BNY Mellon Investment Management in Asia Pacific. He made an interesting case for global optimism, last week, in a series of presentations for advisors. “We thought it was at least worth exploring more optimistic scenarios for the world,”… [Read More…]
FSC backs QFE model, sales/advice division, rules for robots
Qualifying financial entities (QFE) shouldn’t have to disclose more detail about their operations, according to the Financial Services Council (FSC). In its submission on the review of the Financial Advisers Act (FAA), the FSC, which represents large funds managers and insurers, said there “would be no great benefit in increasing the transparency of the QFE… [Read More…]
New Australasian sales chief for Mercer, AMP Capital finds Dunne replacement
Mercer NZ sales chiefs have an extra trans-Tasman reporting line after the investment consulting and multi-management firm established a new Australian-based “leadership position” last week. According to a Mercer spokesperson, current “investments and financial services sales leaders in Australia and New Zealand” will report to Brian Zanker, who takes on the new head of sales… [Read More…]
Mark to market: how to stay ship-shape through multi cycles
The financial equivalent of a ship safe-load mark could help keep retirement plans afloat across market peaks and troughs, according to Tim Noonan, Russell Investments head of Capital Market Insights. Addressing the Russell Investments NZ annual conference last week, the Seattle-based Noonan said while the number one fear of pre-retirees is running out of money… [Read More…]