Bank of China NZ (BOC) head of asset management, Mark Ford, departed abruptly last week after a more than six-year stint running the group’s special immigration ‘investor visa’ fund. Ford was made redundant, leaving the now $200 million wholesale fund bereft of asset management expertise, he said. “My removal followed an internal audit report I… [Read More…]
Select KiwiSaver renamed; Premium Asia funds shift to Antipodes; Janus Henderson retunes hedge fund for NZ
Investment Services Group (ISG) has rebranded its Select KiwiSaver scheme under the banner of sister firm, JMI Wealth. Launched in 2020 with the NZX-owned Smartshares as host, the Select KiwiSaver targeted distribution via associated financial advisers. However, the scheme has struggled to gain much traction, reporting just $10 million or so under management at the… [Read More…]
Nothing ventured: NZ Super on why Elevate could deflate
The NZ Superannuation Fund (NZS) has called into question the viability of the government-owned venture investment outfit unless it receives more state capital. In written post-hearing replies to queries raised in the regular parliamentary grilling of the sovereign wealth fund, the NZS noted that its 2023 ‘conviction review’ of NZ Growth Capital Partners (NZGCP) raised… [Read More…]
NZ impact manager loads up on solar, eyes brighter, bigger future
Purpose Capital edged closer to completing phase one of its impact investing goals in NZ last week after a further allocation to local solar electricity farmer, Lodestone Energy. A syndicate led by Purpose, along with a group of other investors including Fisher Funds (via Jarden Principal Investments), Pathfinder and the Accident Compensation Corporation (ACC) fund,… [Read More…]
ETF: the ‘best wrapper in the world’ records another hit
State Street is tipping the global exchange-traded fund (ETF) market will expand by up to a quarter this year “and into the future” with Asia-Pacific a key growth region. In its latest annual outlook for the sector, State Street says global ETF assets under management hit a record US$11.6 trillion at the end of last… [Read More…]
The ‘moral hazard machines’ that (could) make the market more volatile
UK fund manager, Ruffer, expects a sudden reversal in the smooth conditions that investors have enjoyed. The ubiquity of multi-strategy hedge funds, algorithmic market making and 0DTE options might make it much worse. The “benign free-for-all” in markets can’t continue, writes Ruffer co-CIO Henry Maxey in the 2024 Ruffer Review, and when the factors that… [Read More…]
IMF puts private debt on regulatory watch-list
The International Monetary Fund (IMF) has urged regulators to keep a watching brief on private debt as the once obscure asset class enters the investment mainstream. Included in its 2024 Global Financial Stability Report released this month, the IMF says budding risks in the now US$2.1 trillion plus market require closer scrutiny from regulators. “Authorities… [Read More…]
Back-office call sees Fisher registry move from TE to Apex
The $24 billion Fisher Funds is set to consolidate registry under Apex Investment Administration in a blow for long-time incumbent, Trustees Executors (TE). According to a Fisher statement issued last week, the administration change “was a logical move, particularly considering [the Apex] association with the registry responsible for managing the former Kiwi Wealth business”. Nilesh… [Read More…]
Evidential global share fund blasts off in $420m flurry
The Consilium-run funds management brand, Evidential, has pulled in well over $400 million soon after launch for its new value-tilted global small-to-mid cap equities vehicle. Officially live early in April, the Evidential Sustainable Targeted Factor Fund will end this week with $420 million under management, largely reallocated by financial advisers from similar international share strategies… [Read More…]
Nikko to join Mercer-Macquarie on Resolution NZ $5.5bn manager panel as Asteron sells out
Resolution Life will retain Nikko as an underlying fund manager following its $410 million purchase of the Asteron Life NZ business from Suncorp last week. After the deal closes “Nikko will… become one of Resolution Life’s external managers and be subject to Resolution Life’s usual multi manager monitoring and review framework”, a spokesperson for the… [Read More…]