PIMCO, the world’s largest fixed income manager with about US$1.6 trillion under management, has closed down two of its equity funds, which it has been nurturing since 2009, and lost its global head of equities. While the closures amount to less than US$1.5 billion of its US$50 billion in equities, it is a setback in… [Read More…]
Cyber security threat doubles – DTCC survey
According to more than 250 of the world’s largest participants in financial markets – the owners and clients of DTCC, such as big custodian banks – cyber security is the number-one risk to financial markets. In its latest six-monthly survey of clients, DTCC (the industry-owned Depository Trust & Clearing Corporation) reports that almost half (46… [Read More…]
INFINZ picks Devon, AMP in funds management finals
Devon Funds Management and AMP Capital have come out winners in the latest INFINZ Awards. Headed by Paul Glass, Devon was named equities fund manager of the year while AMP topped the bond manager category in the INFINZ Awards announced last Thursday. According to INFINZ, the fund manager awards are decided “through an initial quantitative… [Read More…]
Aussie researcher could fill NZ qual hole
A new Australian firm is contemplating a move into New Zealand to plug the gap left by the exit of FundSource from the retail funds qualitative research market. It is understood mfund Research, founded by former Lonsec research manager, Darren Howlin, is in talks with local fund managers to supply qualitative reports in New Zealand…. [Read More…]
It’s complicated: BNP survey foreshadows complex future for NZ investors
The growing complexity of risk management is the biggest challenge facing institutional investors globally, a new survey has found – a trend the New Zealand market is following closely. According to the BNP Paribas survey of 177 global asset owners (including two in NZ), close to 60 per cent of respondents rated the increasingly complex… [Read More…]
ASB Trust changes managers, and name
The entity formerly known as the ASB Community Trust has rejigged its underlying managers, according to a spokesperson for the organisation. “Following a formal review, we changed arrangements with two global equity managers earlier this year, appointed a new global equity manager, and reallocated some funds across our existing manager line-up,” the spokesperson said. However, Sue… [Read More…]
Parliament votes for increased NZ Super investment powers, independence and secrecy
The New Zealand Superannuation Fund (NZS) has won important concessions in soon-to-be-passed legislation that allows it to assume majority control of some investment entities, loosens government control and fences certain underlying assets from public scrutiny. Under the New Zealand Superannuation and Retirement Income Bill, now divided into two separate pieces of legislation, the NZS will… [Read More…]
Westpac keeps default global shares active, for now
The Westpac KiwiSaver default fund will hold off transitioning its international shares portfolio to a Vanguard index strategy despite reaching the threshold for such a move. According to Matthew Goldsack, BT Funds Management head of investment solutions, the Westpac KiwiSaver default option – the Defensive Fund – will remain invested in active global share managers… [Read More…]
Passive investors are go-getters on governance, report finds
A just-published US study has found institutional index investors are using their powers wisely to influence corporate governance behaviour. The University of Pennsylvania paper, titled ‘Passive investors, not passive owners’, says its research overturns the common perception that index investing is a hands-off exercise. “Many worry that passive investors lack both the motives and mechanisms… [Read More…]
FTSE hire to drive Australian and NZ index business
FTSE has lured a top executive from rival global index firm, MSCI, as director for its Australia and NZ operations. In a statement, FTSE said ex MSCI executive director, Justin Walsh, has joined its Australian office “to help expand the business, as well as maintaining the high level of service already provided to clients”. “The… [Read More…]