Financial advisers are taking on more younger “accumulator” clients amid a generational change in the market led by KiwiSaver, according to Consilium chief, Scott Alman. Alman said the “penny is dropping” among many advisers that relying on older, if wealthier, retiree clients could impact the long-term sustainability – and value – of their businesses. “We’re… [Read More…]
Investment News
Deflated: how real assets failed the inflation test
Real assets proved useless as an inflation defence during the recent flare-up, a new study published by the CFA Institute has found. According to the analysis of proxy indices during the 2021 to 2023 inflationary surge, real-asset benchmarks failed to provide any hedging qualities. In fact, real assets “moved in the wrong direction, on average,… [Read More…]
Vanguard comes out tops in battle of the 500s
State Street Global Advisors has lost its more than three-decade crown as king of the biggest exchange-traded fund (ETF) in the world after being usurped by a rival Vanguard US S&P 500 product this month. According to newly released ETF market data, the Vanguard S&P 500 ETF (VOO) edged about US$1.5 billion ahead of the… [Read More…]
New funds, high-end KiwiSaver member loyalty, on AMP annual wish-list
AMP NZ has flagged the launch of new funds and retention strategies targeting “higher value” KiwiSaver members as part of its growth strategy this year. According to investor information released with the AMP 2024 annual results last week, the NZ arm plans to increase “personal contact” with its higher-balance KiwiSaver members in 2025 “to reduce… [Read More…]
WTW confirmed as ACC fund investigator for long-flagged voluntary review
Willis Towers Watson (WTW) will carry out the first independent investment review of the circa $50 billion Accident Compensation Corporation (ACC), the government revealed last week, in a process first put in train well over a year ago. Newly appointed ACC Minister Andrew Bayly said the investment review was one of two “commissioned” by the… [Read More…]
Wholesale ‘concentrated’ PIE launch marks first host job for Adminis
Australia-based global equities manager, GCQ, has gone live with a wholesale NZ portfolio investment entity (PIE) in an inaugural fund-hosting win for Adminis. The GCQ invests into the underlying concentrated international shares strategy launched by the Australian manager in 2022. GCQ, standing for ‘global concentrated quality’ – and not to be confused with the Florida-headquartered,… [Read More…]
United tribes of advice: the FANZ connection
When it formed in 2018, Financial Advice NZ (FANZ) marked yet another attempt to unify the various tribes in an historically factional industry. And despite some scepticism at the time, the coalition of investment, insurance and mortgage advisers has held over a transformative seven-year period for the sector. FANZ chief, Nick Hakes, said the three… [Read More…]
Kernel staffs up with $2bn in sight; Salt tops up board
Kernel Wealth has bolstered its senior ranks as the digital-only index fund and KiwiSaver provider closes in on $2 billion in assets under management after almost six years in operation. The Auckland-headquartered Kernel named Andy Havill and Helen Skinner last week as respective heads of marketing and distribution/sustainability to bring its staff count up to… [Read More…]
US states harangue BlackRock et al over China ‘fiduciary’ risks
Political meddling in US fund manager decisions continued apace last week after attorneys general of 17 states signed a letter slamming BlackRock and five other firms over poor disclosure and “misrepresentations” of Chinese investments. In the letter sent to BlackRock, State Street, Invesco, JPMorgan, Goldman Sachs, and Morgan Stanley, the state legal chiefs allege the… [Read More…]
Big pension funds turn to alternatives
Global pension funds have ratcheted up exposure to alternatives while developing more nuanced strategies around the previous catch-all asset designation. According to the just-published Thinking Ahead Institute (TAI) survey of the sector, the largest global pension investors increased allocations to alternative assets from 13 per cent in 2004 to about 20 per cent by the… [Read More…]