David Chaplin

New Zealand’s financial watchdog is considering watering down ‘wholesale investor’ disclosure requirements after concerns raised by industry. In a consultation document released on April 2, the Financial Markets Authority (FMA) has sought feedback on proposals to dispense with the need to issue a warning to investors with $750,000 or more to invest in a product…. [Read More…]

Sophisticated investors aged 60 and over are among the fastest growing adopters of ‘robo’ advice globally and Australia’s self-managed superannuation fund market will be the next frontier for automated advice of various types, according to a report by financial services consultancy FinDigital and robo advice newcomer Ignition Wealth. The ‘2015 Automated Investment Advisors Global Market… [Read More…]

Banks, fund managers, KiwiSaver providers and other financial institutions could be up for further compliance upgrades under proposals put forward in the government tax reform ‘green paper’ http://taxpolicy.ird.govt.nz/sites/default/files/2015-dd-mts-1-tax-administration.pdf published last week. The wide-ranging reforms proffered in the ‘Making tax simpler’ paper aim to bring all New Zealanders’ tax-related obligations under a single, digital-age roof. As… [Read More…]

Listed fund management companies delivered an average of 33 per cent profit margin in 2014, the highest in five years, on revenue growth of 13 per cent, accord to a study by Casey Quirk & Associates. Australia’s seven listed firms outperformed all others in terms of revenue growth, with an average of 25 per cent…. [Read More…]

Findex Group, which now has A$15 billion under management and administration from the retail sector, has recruited two big names to oversee its investments, following the insourcing of advice and admin from Philo Capital. Findex, or Financial Index Wealth Accountants, bought the Australian and New Zealand arms of accountancy firm Crowe Horwath this January. Philo’s… [Read More…]

It is understood Sterling Grace has withdrawn Trustees Executors (TE) from sale after offer prices fell short of expectations. According to industry sources, TE has told New Zealand clients the firm is no longer on the market with a return to ‘business as usual’. As reported by Investment News NZ (IN NZ) earlier this month,… [Read More…]

The New Zealand Superannuation Fund (NZS) has completed its first-round cull of managers up for the biggest outstanding local equities mandate, according to Fiona Mackenzie, NZS head of investments. “We have made progress in appointing an external manager to replace AMP, with shortlisting complete,” Mackenzie said. NZS reviewed virtually all of the country’s local share… [Read More…]

New Zealand Funds Management (NZFM) has diversified its Australasian shares exposure, appointing an external locally-based manager in the asset class for the first time. Michael Lang, NZFM chief investment officer, said Devon Funds Management would pick up a $10 million Australasian equities mandate from April 1 this year. Lang said the deal was a “significant… [Read More…]

The NZX could expand its exchange-traded product menu to include an option over the index, according to Sam Stanley, head of exchange products. Last week the NZX rolled out its first tranche of exchange-traded equity options over three single stocks – Fletcher, Spark and TradeMe. Stanley said while more single-stock options were in the pipeline,… [Read More…]

New Zealand fixed income indices are scheduled for a shake-up under proposals put forward by new index manager S&P Dow Jones Indices (S&P). The mooted changes could see a significant narrowing of the local corporate bond index as well as relatively minor timing changes to the government bond indices. S&P, which signed a deal with… [Read More…]