The 33 per cent increase in the speed of Australasian capital markets scheduled for next March will have positive spin-offs for the industry, according to BNP Paribas Securities Services. In a release, BNP Paribas said experience from European and other global markets has shown the move to a two-day settlement cycle from the ‘T+3’ standard… [Read More…]
Fund fee GST options primed for public feedback
Proposed changes to how fund managers charge GST on fees could be up for public consultation by December, according to Matthew Hanley, EY tax partner. Hanley said after extended behind-the-scenes talks with industry players, the Inland Revenue Department (IRD) would probably publish proposals for official comment in December. “It’s taken longer than expected to get… [Read More…]
AMP tilts to inflation-linked protection
AMP Capital NZ is buying into local inflation-linked bonds as part of its portfolio protection strategy, the group’s managing director and head of fixed income, Grant Hassell, said last week. Hassell said NZ inflation-linked government bonds look cheap relative to nominal bonds with investors “complacent” about inflation prospects. He said based on current pricing NZ… [Read More…]
Retirement income wins support from Aussie government as most Murray reforms greenlighted
The Australian government has backed the development of retirement income products in its official response to the Financial System Inquiry (FSI) published last week. Among the 44 recommendations put forward by the FSI – also known as the Murray Inquiry after its chair, ex Commonwealth Bank chief, David Murray – was the requirement for superannuation… [Read More…]
Index composition making it harder in emerging markets
“Nobody likes their index but ours is getting less meaningful,” says Kim Catechis, the head of global emerging markets for Martin Currie Investment Management. The common indices are no longer “fit for purpose” and they are about to be swamped by the inclusion of China, no matter how gradual the process. Catechis and co-manager Andrew… [Read More…]
TSB takes a bigger slice of Fisher
TSB Bank has upped its stake in Fisher Funds to 49 per cent. Maria Ramsay, chief executive of the TSB Community Trust, confirmed today that TSB Group Investments had raised its holdings in Fisher purchasing the shares “off a variety of shareholders”. Previously, TSB owned just over 26 per cent of the Fisher business after… [Read More…]
Court sets date for Warminger showdown
Milford Asset Management portfolio manager, Mark Warminger, will face court on market manipulation charges next September, the Financial Markets Authority (FMA) revealed last week. According to the FMA website, Warminger, who was singled out by the regulator for legal action in June after an almost year-long investigation into Milford, will begin proceedings on September 26,… [Read More…]
Hildyard to go as PIMCO re-houses distribution
PIMCO’s man in New Zealand, Tony Hildyard, will leave the business by year’s end as the global fixed income firm ditches third-party distribution in Australasia. Adrian Stewart, head of PIMCO Australia and New Zealand, said Sydney-based, Matthew McLenaghan, would assume Hildyard’s NZ client responsibilities over the coming months. “Over the past year PIMCO Australia and… [Read More…]
New target in Grosvenor sights as rights issue mooted
Grosvenor Financial Services is mulling over a potential acquisition to be funded by a mixture of rights issue and debt, according to the group’s joint CEO, Allan Yeo. Yeo said – if it goes ahead – the purchase should be completed before this Christmas “but it could spill over into early next year”. He said… [Read More…]
FundSource qual deal looms
The NZX-owned FundSource should announce a deal with Australian firm mfund Research this week to provide qualitative reports on New Zealand fund managers and products. “We expect to write to FundSource clients on this matter in coming days,” an NZX spokesperson told Investment News NZ (IN NZ). First reported by IN NZ in May, the… [Read More…]