The Financial Markets Authority (FMA) has lost another senior figure with the resignation of Kirsty Campbell, head of supervision. Campbell, appointed to the role last June after joining the regulator in 2012, will leave the FMA at the end of this year as her original four-year contract expires, according to sources. A lawyer by profession,… [Read More…]
SuperRatings calls for fee realism (and robots) in KiwiSaver take two
An obsessive-compulsive focus on fees could be detrimental to the long-term health of KiwiSaver members, according to Australian research house, SuperRatings. In its second annual report on the KiwiSaver market, SuperRatings says while fees were important in rating provider competitiveness, the nominal fund costs should be put in a wider perspective. The report says SuperRatings… [Read More…]
Bank winning transfer game (mostly) fair and square, FMA finds
The long-awaited Financial Markets Authority (FMA) report into KiwiSaver sales practices found transfers account for about half of all transactions. Of the 142,003 total KiwiSaver sales the FMA uncovered in its seven-month data dig last year over 70,000 were transfers, the report says. And despite concerns about transfers (particularly bank-initiated member shifts) sparking the original… [Read More…]
Ethical investment hook-up tool set for release
The Responsible Investment Association Australasia (RIAA) will launch a new online tool next year to link investors with appropriate products and advisers. Simon O’Connor, RIAA chief, told the group’s NZ conference in Auckland last week consumers were increasingly interested in ethical investing with retail demand in Australia doubling over the last two years. O’Connor said… [Read More…]
Asia-Pacific a target as PRI expands global reach
The United Nations-backed Principles for Responsible Investment (PRI) organisation plans to open two new “regional hubs” to boost its global presence, according to chair, Martin Skancke. Skancke told the Responsible Investment Association Australasia (RIAA) conference in Auckland last week the UK-headquartered PRI had probably been “under-servicing” members in some regions. “We will be changing our… [Read More…]
Rise of the individual to transform asset management
The growing importance of the individual investor is changing the structure and growth prospects of the asset management industry in most major markets. And it is happening fast. Managers need to be aware of their new business challenges, according to a report by Casey Quirk & Associates. Organic growth in the global asset management industry… [Read More…]
Liquidnet quantifies losses due to trading inefficiencies
Fund managers and their institutional clients all know about alpha losses due to market impact and other trading-related leakages but the losses are often hard to quantify. According to a study by the global trading network Liquidnet, volatility is on average 250 per cent higher for brokers and smaller dark pools. The results of the… [Read More…]
Korea’s Mirae Asset to launch across the Tasman
Mirae Asset Global Investments, the big Korean-owned global funds management and property group, has opened an Australian office for its investment firm, recruiting a former institutional business development manager at AMP Capital, Chris Wildman, to head business development for the operation. Mirae Asset is a diversified manager across the major asset classes but is particularly… [Read More…]
Life goes on for FSC as report looms
Despite continuing dissent in its ranks the Financial Services Council NZ (FSC) was unlikely to bleed more members, according to sources familiar with the matter. The resignation of four members in the space of a few months has prompted fears the industry body representing big-end-of-town insurance and investment firms could be on the verge of… [Read More…]
Manager calls for GST justice
Moving to GST-free funds would create an expensive problem for the local industry, according to Rebecca Thomas, head of Mint Asset Management. Thomas said Inland Revenue Department (IRD) proposals to slash GST on fees to zero from the current rate – where the sales impost is levied on 10 per cent of fund fees –… [Read More…]