The field of data and analytics has become one of the top priorities for both fund managers and asset owners, according to a major survey by State Street. And diversification into new asset classes, coupled with the rise of multi-asset investing is a key driver, especially for the asset owners. The State Street survey of… [Read More…]
NZDMO to streamline back-office with single tech provider
The New Zealand Debt Management Office (NZDMO) is looking to reboot its back-office with a “robust ‘industry leading’ technology platform”. Tenders for the NZDMO job closed last Friday (March 6) with a number of local and global financial technology players understood to be interested. “This will be the first stage towards selecting a single external… [Read More…]
FNZ loses money, heads
Wrap provider FNZ (NZ) booked an operating loss of more than $21 million in its latest published accounts after it marked down an expected earn-out payment for the 2012 sale of its UK business by over $20 million. Last week the company also confirmed its UK CEO, Martin Jennings, would depart before the end of… [Read More…]
New study finds ANZ winning KiwiSaver battle of the banks
ANZ has emerged as the most successful bank player in the KiwiSaver market as measured across several variables in a new study published by actuarial and consulting firm, Melville Jessup Weaver (MJW). The MJW analysis, based on Financial Markets Authority (FMA) KiwiSaver quarterly disclosure data over September 2013 to December this year, measured bank schemes… [Read More…]
Elevation drops global fund-of-funds product
Elevation Capital has closed its ‘Global Value Fund of Funds’ after the exit of one major investor made the product unviable. Christopher Swasbrook, Elevation managing director, said while it was “disappointing” to close the four-year old fund, “on the flipside we’re doing a lot more direct investing in our separate account business”. Swasbrook said the… [Read More…]
More AML warnings likely in wake of JP Morgan breach
The official warning issued to JP Morgan NZ (JPMNZ) for breaching anti-money laundering rules last week could be the first of many to hit the industry as regulators move into enforcement mode, according to consultancy firm AML Solutions. Martin Dilly, AML Solutions director, said while regulators have allowed industry participants a period of adjustment since… [Read More…]
Rotorua trust closes door on in-house model; TIML takes heat on Tasmanian exposure
The $150 million Rotorua Energy Charitable Trust (RECT) is beginning the transition from in-house investment management to a Mercer implemented consulting solution this month. Grahame Hall, RECT chairman, said the decision to swap its in-house funds management for a Mercer offering was “difficult … but definitely the right one”. “We wanted a wider spread of… [Read More…]
NZX indices set for reweighting as S&P methodology takes over
Different calculation methods could see a rejig in company weightings when the new S&P/NZX equity indices are implemented in June. According to NZX spokesperson, Kate McLaughlin, following a deal inked last month with S&P, the new co-branded indices will differ slightly from the previous versions published by the stock exchange. “The only material methodology change… [Read More…]
Thomas Murray shuts NZ, opens in Australia
Thomas Murray IDS, the specialist international custody consultant, has re-established a Melbourne office with the recruitment of two experienced executives formerly from NAB and will part company with Peter Katz, who has represented the firm for the past five years from his base in Wellington, New Zealand. Brian Keogh and Adam Zani will staff the… [Read More…]
Magellan blazes a new path for ASX-traded funds
Magellan Asset Management seeded its new-style Exchange Traded Product (ETP), a listed-but-open-ended active global equities fund, with $50 million and enjoyed a net inflow of $13 million from investors on day one. Judging by the response, the fund is set to be emulated by many others. Magellan started work on the product about 18 months… [Read More…]