The US dollar looks set to rally further against most currencies, according to the latest quarterly Russell Investments Global Market Outlook. Based on metrics covering value, carry and trend, recently-appointed Russell currency strategist, Van Luu, concludes while the US dollar looks expensive, further monetary easing in Japan and Europe could see it rise further. “The… [Read More…]
China crisis: what crisis?
The good news is that BNP Paribas Investment Partners, a big global and multi-affiliate manager, has provided clients in the Asia Pacific region with a reassuring view on the Chinese economic outlook. The bad news is that this is not necessarily a house view. Chi Lo, the senior economist covering Greater China at BNP Paribas… [Read More…]
Global survey finds investors keen for multi-asset outcomes
Both retail and institutional investors globally are increasingly turning to multi-asset class funds to combat low yields and rising volatility, according to a new analysis by UK-based Create Research. The Create study, which distils the findings of its annual global investor reports over 2013-15, says all of the four investor groups (retail, high net worth,… [Read More…]
Russell finally offloaded for $1.15bn
After months of speculation and false starts, the London Stock Exchange Group (LSEG) has hived off Russell Investments for US1.15 billion to two US-based firms. In a press release, LSEG said it would sell Russell Investments to Reverence Capital Partners – founded by ex Goldman Sachs and General Atlantic executives in 2013 – and TA… [Read More…]
Military parades new savings, advice weapons
The New Zealand Defence Force (NZDF) wheeled out its updated financial services armoury last week, promoting a new Mercer-backed KiwiSaver scheme to the troops. In addition to the KiwiSaver scheme – first flagged on Investment News NZ (IN NZ) this March – the NZDF will offer staff access to third-party financial advice through Milestone Direct…. [Read More…]
Tauranga trust picks three for $150m growth mandate
After a more than five-month due diligence process the Tauranga Energy Consumer Trust (TECT) has farmed out almost $150 million among three fund managers. Wayne Werder, TECT general manager, said the trust – which raised the money after selling down about 20 per cent of its shareholding in Trustpower this April – had gone for… [Read More…]
Now sovereign wealth funds unite in more fee pressure
Sovereign wealth funds must begin exerting collective pressure on the financial industry over costs, the seventh annual meeting of the International Forum of Sovereign Wealth Funds was told last week. The 29-member body represents 70 per cent of the world’s sovereign wealth fund assets. Adrian Orr, the IFSWF’s chair – and chief executive of New… [Read More…]
Thematic ETF products hit the NZ stage…
Grosvenor has officially launched its new range of exchange-traded fund (ETF) products, first flagged this August, naming five underlying managers. The BlackRock-owned iShares, Vanguard, State Street (via its SPDR range), PowerShares, and Van Eck Global’s ETF unit Market Vectors, all feed at least one product each into the Grosvenor ‘Specialist Series’ range of four portfolio… [Read More…]
… as smart funds answer passive demand, Morningstar study finds
Listed ‘smart beta’ products are on the rise globally, according to a new report by research house Morningstar. Morningstar says the over the 12 months to June 30, 2015, the listed smart beta fund market has grown faster than the traditional cap-weighted exchange-traded product (ETP) business “as well as the asset-management industry as a whole”…. [Read More…]
FMA fees up but under budget as regulator reports deficit
The Financial Markets Authority (FMA) more than doubled the licensing fees collected from the industry over the latest annual reporting period. According to the just-published FMA annual report for the 12 months to June 30 this year, the regulator collected $770,000 in licence fees from the industry, compared to $341,000 over the 2014 period. While… [Read More…]