The KiwiSaver market is set to welcome another player to the competition after a long dry period with a second Consilium offer due to go live mid-April. Launched under the Consilium in-house investment banner, Evidential, the new KiwiSaver offer targets mid-market advised members via a mix of three diversified funds as opposed to the group’s… [Read More…]
Investment News
Rātā buys, invests into Pathfinder in private equity first
The $700 million Rātā Foundation has taken a 25 per cent stake in Alvarium Wealth/Pathfinder while also awarding Pathfinder a $10 million mandate amid a clean-out of its Australasian equities managers. Under the deal revealed today, Rātā will own a quarter of Alvarium Wealth Management Holdings – the parent entity of the NZ Alvarium wealth… [Read More…]
Foundation North chief resigns; Mapua on consultant hunt; Apex looks to fill custody gap; COFI opens head of banking job at FMA; Mosaic adds principal to the picture
Foundation North chief, Peter Tynan, has resigned According to a statement from the Foundation North board, Tynan will end his six-year tenure at charitable trust “at the end of August this year”. “Trustees and staff respect his decision to move on and warmly thank him for his significant contributions,” the statement says. “Through the disruptive… [Read More…]
ANZ turns to bond expert for global shares, replaces Aus equities manager
The $35 billion ANZ funds house has rejigged its investment line-up, appointing the world’s largest active bond manager to an equities mandate while dropping Tyndall from an Australian shares gig. In an update released last week, ANZ named global fixed income giant, PIMCO, as the fifth option in an international shares multi-manager roster that also… [Read More…]
Australian manager opens seeded, screened global shares PIE
Another Australia-based manager has jumped on the PIE-wagon with the launch of a global equities product built for the NZ market. The sustainability-focused Pella Global Generations Fund was released in portfolio investment entity (PIE) format last week by local fund-hosting market leader, FundRock. It is understood that the Pella PIE has been seeded by a… [Read More…]
Budget pressure to see FMA slash 20 staff
The Financial Markets Authority (FMA) has confirmed about 20 jobs are on the line as the regulator seeks to rein-in spiraling expenses. As reported here, the FMA told parliament earlier this year it had embarked on a range of cost-cutting measures on government instructions to reduce spending. In replies to wide-ranging parliamentary questions, the regulator… [Read More…]
Active greenwash warning as Australian court dishes A$10.5m fine
The Australian Securities and Investments Commission (ASIC) wrapped up its greenwashing trilogy earlier this month with Active Super copping a A$10.5 million fine and a shellacking from the High Court judge for a defence based on “a host of contrived arguments”. Active Super, previously known as Local Government Super (LGSS), was found in breach of… [Read More…]
AML meets AI at compliance firm; tech firms unite to open banking portal for advisers
Auckland-based Compliance Refinery has switched on a new anti money-laundering (AML) service to bring one of the most-hated regulatory tasks into the artificial intelligence age for NZ financial advisers. The AI-powered Compliance Refinery AML audit system “significantly cuts down the time and expense involved in conducting reviews”, the group says in a release, in an… [Read More…]
State Street takes over ASB $1.6bn+ cash mandate from First Sentier
ASB has swapped out First Sentier Investors for State Street Global Advisors as underlying cash manager for its KiwiSaver and retail funds in a mandate worth in excess of $1.6 billion. New scheme documents name State Street as cash manager in an actively managed portfolio for the ASB KiwiSaver and other investment funds, replacing long-time… [Read More…]
Outcomes, incomes in focus as FMA ventures beyond the border
The Financial Markets Authority (FMA) has earmarked wholesale, crypto, funds administration and custody for closer attention under its re-stated ‘outcomes-focused’ agenda unveiled last week. Among a brief five pages of generously white-spaced text, the post-consultation FMA outcomes-focused paper highlights the regulatory ‘perimeter’ as a “particular area of focus”. “This includes wholesale products and services, custody,… [Read More…]