With just days to go before the crucial vote on the US$18 billion merger of global asset consultant Towers Watson and big insurance broker Willis, doubt has been cast over the result. The two largest proxy voting firms and at least one fund manager are urging a ‘no’ vote. The vote, on November 18 (US… [Read More…]
Millionaires factory rolls out robot
Macquarie Bank is the latest big brand Australian financial institution to join the robo-advice revolution, according to a report in the Sydney Morning Herald (SMH) last week. The SMH report says Macquarie would launch the ‘OwnersAdvisory’ investment advice system next month, featuring access to 30,000 underlying products and a flat fee-for-advice structure. A Macquarie spokesperson… [Read More…]
Regulator to tidy fund fees mess
New Zealand’s fund managers will have to adopt a more consistent approach to fund fee and returns calculations as well as how they are disclosed under new regulatory guidelines currently up for consultation. In its recently-published proposals, the Financial Markets Authority (FMA) notes NZ fund managers have taken often-divergent approaches to calculating and disclosing fees,… [Read More…]
Staples Rodway cans PIEs
Staples Rodway has exited the funds management game, winding up its two portfolio investment entity (PIE) products. Wayne Powell, Staples Rodway senior investment adviser, said investors in the PIEs – launched in May 2013 under the SRIM label – would be transitioned into similar “non discretionary portfolios” administered by FNZ. “We wanted to utilise the… [Read More…]
Savings pool floats above $30bn mark
KiwiSaver funds under management (FUM) topped $30 billion for the first time in the September quarter, according to the latest figures from Australian-based research house, Plan for Life. As at September 30 this year total KiwiSaver FUM exceeded $30.7 billion, the Plan for Life report says, up almost 4 per cent or $1.4 billion over… [Read More…]
Boring local LPT sector looks for some action
New Zealand’s listed property trusts (LPTs) have become more active in managing their portfolios, according to Shane Solly, Harbour Asset Management director. Solly said there had been a noticeable uptick in LPT activity in “acquiring and disposing of properties and in development or redevelopment projects”. “Depending on the proportion [of the LPT] assets involved in… [Read More…]
Ethical investing conference draws a full house
This week’s Responsible Investment Association Australasia (RIAA) New Zealand conference is a ‘sold-out’ affair, according to the organisation’s local rep and head of third-party fund marketing firm The Investment Store, Matthew Mimms. Mimms, who has helped pull together the Kiwi leg of the RIAA conference since its inception, said the 2015 conference would be the… [Read More…]
Another resignation as FSC insurance report upsets insurer
Growing dissent in Financial Services Council (FSC) ranks has seen another high-profile resignation this week with insurer Partners Life making its way to the exit. As originally reported on Investment News NZ (IN NZ) on November 2, AMP resigned the insurance and investment industry body earlier this year, with the 12-month notice period due to… [Read More…]
Regulator snaffles NZ Super portfolio point man
New Zealand Super Fund (NZS) head of portfolio intelligence, Paul Gregory, has resigned to take up the last remaining top executive spot at the recently-restructured financial regulator. After a six-year career at NZS, Gregory will begin life as director of external communications and investor resources for the Financial Markets Authority (FMA) on November 23. He… [Read More…]
IIS makes billion-dollar breakthrough
Less than five years after inception the Wellington-based Implemented Investment Solutions (IIS) has raced to more than $1 billion in funds under management, according to managing director, Anthony Edmonds. Breaching the billion-dollar barrier – or achieving ‘full bar status’ in industry parlance – is a significant step for any NZ-based firm. “Despite committing considerable resources… [Read More…]