Despite a tough quarter for investors, most KiwiSaver funds were still in positive territory for the year, according to the latest consultant surveys. However, both the Aon Hewitt and Melville Jessup Weaver (MJW) September quarter surveys found a wide dispersion of returns among managers, particularly in the growth sector. According to the MJW survey, over… [Read More…]
Kickstart vibe-killer effect lingers on
KiwiSaver sign-ups have dipped again over September to an all-time low, falling to less than half the rate recorded in the month prior to the removal of the $1,000 ‘kickstart’ incentive. According to the latest Inland Revenue Department (IRD) statistics, total KiwiSaver membership grew by 8,087 during September compared to over 17,000 in May. The… [Read More…]
Over 40 switch on DIMS as December deadline looms
Just over 40 discretionary investment management service (DIMS) licences had been granted by the Financial Markets Authority (FMA) as of last week with only a handful left to be processed in time for the December 1 regime change date. In June the regulator said it had received only 44 DIMS licence applications by the May… [Read More…]
Managers, advisers dip into crowd-surfing share platform
Newly-launched NZ ‘crowd-sourced’ stock research platform Shareclarity has piqued the interest of some local fund managers, according to founder, Daniel Kieser. “Several of the smaller funds with limited research budgets/resources have been using it to screen stocks and take a deeper look at certain companies,” Kieser said. “Being smaller means funds can more easily build… [Read More…]
What the NAB Asset Servicing deal with Citi means
To be honest, the NAB Asset Servicing/Citi deal probably means more to those organisations, at least in the short term, than it does to their customers. But longer term, there are a range of new possibilities. Matt Brown of NAS and Martin Carpenter of Citi talk – just a little – about the deal. The… [Read More…]
Towers Watson global fund report: why it’s tough in the middle
The mid tier funds market globally is facing an unprecedented squeeze, according to the latest Towers Watson/Pension & Investments survey of the world’s top 500 asset managers. In a statement, Luba Nikulina, global head of research at Towers Watson Investment, said the 2014 ‘World 500’ study found for the first time “asset growth at the… [Read More…]
Why the cost of data has become an asset
After 20 years in the data business, Marion Leslie of Thomson Reuters says that the big change in recent times is that costs associated with data collection and management are now being turned into an asset. Thank you ‘big data’. Leslie, the managing director of Thomson Reuters’ global pricing and reference services business, said on… [Read More…]
AMP resigns FSC as rules change
AMP has resigned its membership of the Financial Services Council (FSC) in the wake of rule changes instituted by the industry body last year. It is understood at least one other marquee member has handed in its notice to the FSC. Under new rules promulgated last October, the FSC upped the notice period from three… [Read More…]
IRD favours fund fees to go GST-free
The Inland Revenue Department (IRD) has ruled fund management fees should be GST-free, according to a leaked document. As reported by Investment News NZ (IN NZ) last week, the GST on fees issue was expected to go out for public consultation in December. But in the draft proposal obtained by IN NZ, the IRD concludes… [Read More…]
NZX taps PIMCO, Nikko for new ETF mandates
PIMCO has picked up $120 million in seed money as manager for the soon-to-be-launched Smartshares new global fixed income exchange-traded funds (ETF). According to offer documents for the Smartshares Global Bond Trust, the NZX-owned ETF operator would tip in “an initial deposit of $120 million in cash” to fire up the fund, due for lift-off… [Read More…]