The New Zealand Superannuation Fund (NZS) has joined a group of five other large global institutional investors in backing the launch of a long-term investment index announced last week at the World Economic Forum in Davos. In a statement, Adrian Orr, NZS chief, said the almost $30 billion fund was considering how to utilise the… [Read More…]
Average beats benchmark in Aon report
The average fund manager outperformed their respective benchmarks in all bar one asset class over 2015, according to the latest Aon Hewitt NZ investment survey. Global fixed income managers were the only group covered in the Aon survey that underperformed the index during the 2015 calendar year with the median fund returning 3.8 per cent… [Read More…]
ASX prepares for life after CHESS with blockchain deal
The ASX has selected US-based firm Digital Asset Holdings,(Digital Asset) to develop solutions for the Australian market using ‘distributed ledger technology, joining 12 other financial services companies in taking a small shareholding in the company too. ASX has paid A$14.9 million to acquire a 5 per cent equity interest in Digital Asset, fund an initial… [Read More…]
Morningstar tips KiwiSaver fund factories to fire up in 2016
After a regulatory-induced hiatus, KiwiSaver providers should start a new round of product innovation in 2016, according to the latest Morningstar report on the sector. The Morningstar KiwiSaver December 2015 quarterly survey, authored by analyst Elliot Smith, says with managers focused on compliance with the Financial Markets Conduct Act (FMC), new products were thin on… [Read More…]
Global industry downturn for first time since GFC
Muted net flows into investment strategies were insufficient to overcome negative market performance worldwide in 2015, resulting in lower global assets under management, revenue, and operating margins for the first time since the financial crisis of 2008-2009. According to preliminary data from Casey Quirk & Associates, a specialist management consultant to asset managers around the… [Read More…]
Australian ethical manager loses head; NZ Super gets more responsible
David Deverall, head of the A$1 billion ASX-listed Australian funds management firm Hunter Hall, resigned last week to take the top role at the New South Wales government debt authority. Deverall will assume his new position as chief of the NSW Treasury Corporation (TCorp) on February 8. TCorp manages about A$80 billion for a range… [Read More…]
UK star economist to tell NZ industry why finance needs to come back to earth
Celebrated UK economist and author, John Kay, will air his harsh critique of the financial services industry next month in New Zealand as guest of the local CFA Society. Kay is booked for a two-hour CFA luncheon at Auckland’s elite hangout, The Northern Club, on February 11 to expound on his argument that the global… [Read More…]
NZ likely target for Mercer bot plot
Mercer could adapt its recently-launched Australian ‘robo-advice’ service for the New Zealand market, according to a spokesperson for the group. The Mercer spokesperson said the Marsh & McLennan-owned firm has yet to formally review the potential application of its new auto-advice service in NZ but launching across the Tasman would be feasible. “We’ve established the… [Read More…]
Treasury explains KiwiSaver auto-off position (and how to turn on members)
KiwiSaver membership would only increase by about 5-7 per cent under a one-off auto-enrolment process, according to Treasury papers released under the Official Information Act. The Treasury analysis – prepared for the office of Finance Minister Bill English last August and published last week – predicts auto-enrolment would likely result in 168,000 (out of a… [Read More…]
Kerr takes Workplace wheel for one last spin
Workplace Savings NZ chief, Bruce Kerr, has put his resignation on hold for up to three months as the industry organisation continues the search for his successor. Kerr, who announced his departure last August at the Workplace Savings conference, was originally due to wrap up his 12-year stint in charge on December 19 last year…. [Read More…]