David Chaplin

Despite analysis suggesting it would be “most efficient” to close the almost-drained Earthquake Commission (EQC) investment fund, the government has backed its continued existence in a discussion document published last week. However, on current settings it will be a long recovery for the EQC’s National Disaster Fund (NDF), which by the end of the year… [Read More…]

JP Morgan is understood to be in the box seat to take out the unified custodian role at the $37 billion Accident Compensation Commission (ACC) fund. While an ACC spokesperson said “nothing’s been finalised regarding the custody appointment”, industry sources said JP Morgan has emerged as the likely winner as tipped earlier this year. JP… [Read More…]

Mercer is about to appoint a new securities servicing partner for its $25 billion under management in investment and super trusts – Northern Trust – following a review. The news, expected to be announced this month, is another blow for incumbent NAB Asset Servicing. The review commenced last year and by earlier this year it… [Read More…]

Chinese firm CITIC Group has overtaken Towers Watson as lead bidder for Russell Investments, according to a Reuters report published last week. Reuters says CITIC could pay about US$1.8 billion for the Russell investment and consulting business, which current owner the London Stock Exchange (LSE) officially put on the market this February. “The negotiations are… [Read More…]

Portfolio investment entity (PIE) funds have delivered about $135 million more tax than expected, or about a third of the above-forecast revenue reported in the latest government 11-month accounts. “PIE revenue for the 11 months to 31 May 2015 was approximately $600 million compared to our forecast of $465 million,” a Treasury spokesperson told Investment… [Read More…]

EBS BrokerTec, the electronic foreign exchange (FX) and fixed income trading firm, has lifted its marketing effort for FX in Australia and New Zealand with the recruitment of Sara Gilbert as head of buy-side sales for the APAC region. Gilbert, an experienced financial systems marketer, was most recently a managing director of the big software… [Read More…]

Following its $150 million NZ equities mandate win from the New Zealand Superannuation Fund (NZS) earlier this month, Auckland-based boutique Mint Asset Management has named Brett Sutton as independent director. Sutton, who ended a three-and-a-half-year stint as head of NZS direct investments in 2012, will take the second independent director spot alongside recently-appointed Mint chairman,… [Read More…]

Mercer has stripped Milford Asset Management of an estimated $120 million wholesale NZ equities mandate as fallout from the Financial Markets Authority (FMA) investigation continues. The change was noted in a slew of substantial shareholder notices lodged on the NZX this afternoon, including Wynard Group and Tourism Holdings. Anthony Quirk said while the loss of… [Read More…]