Towers Watson, a keen promoter of smart-beta strategies for its big fiduciary clients, has come up with a term for us to categorise the old-style beta: “bulk beta”. More importantly, the consulting firm has produced a paper describing the implications of smart-beta trends for what we used to know as “alpha”. The paper, ‘Into a… [Read More…]
Au steps back at BNP Paribas
Lawrence Au has stepped down as head of Asia Pacific for BNP Paribas Securities Services and will become an advisor for the bank on key client relationships as he transitions to retirement. He has been replaced by Philippe Benoit who will also based in Hong Kong. Au has had a career in investor services for… [Read More…]
Saturn to see ex van Eyk adviser in court
The Saturn Portfolio Group is planning legal action to enforce “contractual property rights” in the wake of its purchase of the troubled van Eyk Advice NZ group late last year. Craig Stobo, Saturn chair, confirmed the group would pursue at least one of the former van Eyk advisers – understood to be a current Forsyth… [Read More…]
Westpac ships local fixed mandate to Harbour
Harbour Asset Management has won a $180 million fixed income mandate replacing AMP Capital in a range of Westpac-distributed funds. According to the respective prospectuses for the BT Private Selection and Westpac Active Series funds, Harbour was due to replace AMP Capital as NZ fixed income manager for the products within six months of the… [Read More…]
Fundsource partner kicks off qual reviews; Morningstar prospects for ideas
Research IP, the NZX-owned FundSource’s qualitative research partner, has completed reviews of about half-a-dozen managers, according to Darren Howlin, head of the Brisbane-based firm. Howlin said Research IP, which trades as mfund Research in Australia, has embarked on a busy schedule of NZ manager reviews with a handful – including Salt Funds Management, Devon Funds… [Read More…]
Hastings advisory group snares NZIER Auckland boss as CIO
Aaron Drew, head of the Auckland New Zealand Institute of Economic Research (NZIER) business, has joined the Hastings financial advisory firm, Stewart Group, as chief investment officer. Drew, who will continue to act as an NZIER associate, takes up the newly-created position in January 2016 in a role that includes advising on Stewart Group’s $265… [Read More…]
Xero stars for Australasia in global fintech report
Wellington-based accounting software firm, Xero, was the highest-ranked Australasian company in the 2015 KPMG/H2 Ventures ‘Fintech 100’ list published last week. Xero, the only NZ company on the list, came in at number 15 of the top 50 global fintech elite named in the second annual KPMG/H2 Ventures report on the sector. However, the result… [Read More…]
NZ Super nudges $30bn as government delays contributions, Treasury hoses down expectations
The New Zealand Superannuation Fund (NZS) has climbed to just under $30 billion after returning more than 1 per cent in November. According to the latest NZS figures, the fund sits just $35 million shy of its $31.15 billion peak hit this July. However, the NZS will have to eke out further gains under its… [Read More…]
DIMS list to top 50
The number of licensed discretionary investment management service (DIMS) providers will exceed 50, according to the Financial Markets Authority (FMA). While 50 entities were already licensed as DIMS operators a further two applications were “in the pipeline” post the November 30 deadline, an FMA spokesman said. In June the regulator said it had received only… [Read More…]
Australian Insto Report closure a sign of the times
Specialist publishers, such as those of us in the funds industry ‘trades’, have thought that we may well be the last people standing as the digital revolution rolled over generalist magazines and newspapers first. That may still be true, but it doesn’t mean that it’s not a difficult market segment. Last week was the last… [Read More…]