Research house Morningstar has taken the Milford Trans-Tasman Fund off review, reinstating it as a three-star, bronze-medaling product. Morningstar put the Milford product ‘under review’ late in June after the mysterious departure of portfolio manager, Mark Warminger, and his replacement in the NZ shares component of the fund by Brian Gaynor, the company’s founder and… [Read More…]
CFI Wellington: government calls in Treasury to investigate fund risks
Treasury has begun a review of the collective risk exposure of all Crown Financial Institutions (CFIs) as part of a government-wide review, according to a just-published ministerial ‘letter of expectation’ originally delivered to the New Zealand Superannuation Fund (NZS) this March. In the letter, Finance Minister Bill English, says the government is increasingly concerned at… [Read More…]
ACC hints at more fund jobs as direct, global divisions expand
The Accident Compensation Commission (ACC) will aim to boost investment staff during the current financial year, according to its recently-released ‘Service agreement’. While the ACC fund has already made two senior investment hires to newly-created positions this year, the ‘Service agreement’ – an annual document that sets out the organisation’s plans for the 12 months… [Read More…]
Mercer earns bigger slice of meat super
The Invercargill-based meat processing firm, Alliance Group, will roll its almost $60 million staff super scheme into a Mercer master trust, according to industry sources. It is understood Mercer, which replaced Forsyth Barr as the Alliance scheme investment adviser in the last year or so, battled it out with AMP for the gig. The 2014… [Read More…]
No Plan B for Aon as IOOF switch commences
The Aon Master Trust (Aon MT) will transfer IOOF NZ clients (formerly known as Plan B) to other yet-to-be-revealed options after closing a range of underlying funds this month. According to an amended prospectus published earlier in July, Aon closed the ‘Global Pre-set Investment Strategies’ to new investors as at June 24 with members to… [Read More…]
Alternatives on the up, NZ firm ranked mid-field in survey of world’s biggest
Global investments in alternative assets grew by more than 10.5 per cent over the 2014 calendar year, according to a new report. The latest ‘Global Alternatives Survey’, produced by actuarial and consulting firm Towers Watson in association with the Financial Times, found assets under management in the sector reached US$6.3 trillion in 2014, up from… [Read More…]
BNP gathers affiliates for EM small-cap action
The combination of emerging markets and small caps can deliver an enduring premium for patient investors. That is certain, or as certain as anything can be in the investment world. Some big global managers, such as BNP Paribas Investment Partners, are combining them with interesting results. According to Donald Smith, who was recruited from Turner… [Read More…]
Regulator has words on fund risk-o-meter
Fund names that insinuate a level of underlying risk will have to closely match regulator-approved volatility ranges under revised Financial Markets Authority (FMA) proposals released earlier this month. In a discussion document released on July 6, the FMA called for further industry feedback on its updated ‘risk indicator’ design first issued last December. The FMA… [Read More…]
Aussie fintech group looks to NZ for inspiration
With the endorsement of NSW Minister for Innovation and Better Regulation, Victor Dominello, Ian Dunbar’s portal-come-community for Australian and New Zealand fintech, called Afiniation, was formally launched last week. A mix of more than 50 start-up hopefuls and established players crammed into the NSW Department of Industry’s offices in Sydney’s MLC Centre to hear Dunbar,… [Read More…]
Ongoing investigations keep van Eyk creditors in suspense, KPMG report
Creditors of the now-defunct van Eyk Advice NZ could face a long wait before recouping debts, according to the firm’s second liquidator’s report published last Friday. The KPMG report identified total claims to date on van Eyk Advice NZ of about $1.6 million, excluding related party claims, but notes any repayment would hinge on the… [Read More…]