Investment News

NZX Wealth Technologies has rearranged some senior executive duties and hired a new sales manager as the in-play investment platform seeks to boost market share. Under the changes announced last week, Martin Cantell shifts from his previous chief product and sales officer job to the new title of chief functional architect while former senior functional… [Read More…]

The Inland Revenue Department (IRD) is having another crack at resolving the perennial issue of GST on managed fund fees post the embarrassing government reversal in 2022. In a note to industry sent late last year, the IRD says it would provide an update on the treatment of GST on unit trust fees by the… [Read More…]

Fisher Funds has officially returned to default KiwiSaver status just over a year after losing the privilege. In a note published late in 2022, Fisher chief, Bruce McLachlan, confirmed the manager would keep default credentials for its recently purchased Kiwi Wealth scheme following ministerial approval. Fisher was fired as a default KiwiSaver provider in 2021… [Read More…]

US-headquartered financial institution, Northern Trust, has passed muster once more to secure the NZ Superannuation Fund (NZS) custody gig it has held since 2007. Northern Trust was reappointed to the plum job of supplying “global custody, compliance monitoring and securities lending services” to the almost $60 billion NZ sovereign wealth fund following a review last… [Read More…]

US stock valuations based on forecast operating earnings regularly veer into ‘fantasy’ land, according to a new analysis by quantitative investment firm, Research Affiliates (RAFI), with reality set to disappoint again in 2023 as recessionary risks remain. The study found share analysts have consistently over-valued the S&P500 in aggregate when using forecast operating earnings rather… [Read More…]

Sharesies has confirmed its KiwiSaver launch line-up with a trio of local fund managers to open batting for the scheme. The just-released Sharesies KiwiSaver statement of investment policy and objectives (SIPO) names Pathfinder, Pie Funds and Smartshares as underlying managers for the investment platform’s inaugural pitch into licensed financial product territory. After gaining a managed… [Read More…]

The Financial Markets Authority (FMA) has put almost 500 advisory firms on notice to lodge full-licensing applications with just days to meet an end-of-year cut-off. All financial advice providers (FAPs) will need a full licence to operate by March 16, 2023, when the two-year transitional period concludes. A FMA spokesperson confirmed the regulator had either… [Read More…]

New climate-reporting standards due to hit many fund managers, banks, insurers and NZX-listed firms next year have passed more-or-less intact through the consultation process – bar some definitional and disclosure tweaks. Most notably, the External Reporting Board (XRB) removed the term ‘financial planning’, clarified some ‘scope 3’ greenhouse gas disclosure rules and cut an ‘enterprise… [Read More…]

Howard Marks doesn’t place much weight in macro forecasts, but has helpfully provided one of his own for the years to come. In his view, nearly everything that used to work won’t work now. Legendary investment penman (and investor) Howard Marks is being more prolific than usual, following his recent missive on what really matters… [Read More…]