The KiwiSaver ‘HomeStart’ legislation passed its third reading in Parliament last week, introducing just one minor amendment recommended by the Finance and Expenditure Committee (FEC). In its report published on March 13, the FEC called for transitional disclosure relief for KiwiSaver providers on the new HomeStart rules. “Providers of securities would still need to update… [Read More…]
ESG important for alternatives too: Mercer survey
There appears to be a disconnect between big investor expectations and their fund manager realities in the incorporation of ESG issues in decision-making, according to the latest Mercer survey. The survey was sponsored by a global alternatives manager, LGT Capital, and includes interesting views on ESG in alternatives. Mercer has been at the forefront of… [Read More…]
Institutional investors organise to combat short-termism
Global institutional investors are more committed than ever to implementing long-term strategies, according to New Zealand Superannuation Fund (NZS) head of asset allocation, David Iverson. Iverson said the report published last week by global think-tank Focusing Capital on the Long Term (FCTL) highlights the renewed attention institutional are devoting to the subject. He said while… [Read More…]
Energy opportunities in new global fixed income world
The big call for global fixed income managers this year is not so much the continued search for yield or even the need for more credit, but how to benefit from the restructuring in the energy sector. According to Mark Cernicky, Principal Global Investors managing director and head of global fixed income, the thing is… [Read More…]
Salt thirsty for more after record NZ equities win
Salt Funds Management could have more deals in the pipeline after scooping up $690 million of AMP Capital NZ’s leftovers in what was one of, if not the, largest New Zealand equities mandate on record. Following the deal, Salt, spun out of BT Funds Management NZ in 2013, will have funds under management of about… [Read More…]
ASB a second choice for 75 per cent of wound-up scheme members
ASB KiwiSaver picked up about 75 per cent of FirstChoice members following the scheme’s wind-up, a spokesperson for the bank said. The spokesperson said approximately 9,000 members switched to the main ASB scheme after the FirstChoice closure, which occurred in two phases. It is understood about 60 per cent of FirstChoice members were transferred in… [Read More…]
MSL anti-money laundering warning a 100:1 event…
MSL Capital Markets was the only one out of 100 firms tapped by the regulator for early anti-money laundering (AML) audits to receive a public warning. The MSL warning, issued by the Financial Markets Authority (FMA) on March 12, for failing to supply audit documents on time, followed an AML breach notice slapped on JP… [Read More…]
… as US govt rates NZ cleaner than the Vatican
New Zealand has been rated as less of an anti-money laundering (AML) risk than the Vatican by the US Department of State. In its just-published ‘International narcotics control strategy report’, the US Bureau for International Narcotics and Law Enforcement Affairs puts NZ under the ‘other jurisdictions monitored’ list – the least problematic of the three… [Read More…]
Love you long-term: global study shows when to dump managers
A new paper published by global think-tank ‘Focusing capital on the long term’ (FCLT) has laid out clear criteria for funds looking to sack underlying asset managers – with short-term performance drift well down the list. According to the just-published FCLT ‘Long term portfolio guide’ http://www.fclt.org/content/dam/fclt/en/ourthinking/FCLT_Long-Term%20Portfolio%20Guide.pdf , well-selected managers “should rarely be fired for short-term… [Read More…]
PIMCO reboots retail distribution, upsizes insto team
PIMCO will be rolling out several new fixed income strategies to the retail market, following its decision announced last week to insource retail distribution back from Equity Trustees (EQT), its long-time partner. The world’s biggest bond manager has also strengthened its institutional distribution team. Adrian Stewart, Australian country head, said that PIMCO was in the… [Read More…]