Investment News

After 47 years at the helm of the hedge fund he founded, Ray Dalio is giving up day-to-day investment management. But perhaps more surprising is his newfound appreciation for cash. The times they are a-changing. Bridgewater Associates announced last Tuesday that Dalio would step back from day-to-day management of the firm and had transferred his… [Read More…]

Ana-Marie Lockyer has shifted from chair to chief of Pie Funds as founder of the boutique funds management and KiwiSaver firm, Mike Taylor, steps back into full-time investment mode. Lockyer joined the Pie board in 2019 soon after taking up the position as inaugural head of AA Money, the-then new partnership between AA and Suncorp…. [Read More…]

Devon Funds Management has revamped performance fees and benchmarks for three key products, dropping absolute return targets for two strategies in favour of index hurdle rates. The changes, which came into force in September, have seen the Devon Australian and Trans-Tasman funds adopt respective performance fee benchmarks of the S&P ASX200 and a blended Australia/NZ… [Read More…]

Long-time BNP Paribas Securities Services NZ chief, Doug Cameron, is about to go on the ride of his life. Cameron formally wrapped up an eight-year stint as NZ head of location for BNP last week with just another month smoothing the transition to successor, Iain Martin, before signing off on 20 years work for the… [Read More…]

Government has moved closer to implementing a volume- and target-based financial product sales incentive ban after unveiling new draft regulations last week. The proposed regulations built to support the Financial Markets (Conduct of Institutions) Amendment Act – or COFI – will introduce wide-sweeping changes to how banks and insurance companies push products both internally and… [Read More…]

Investment platforms, financial advisers, custodians and other ‘client money or property service’ providers will have to more clearly disclose interest margins and ensure clients receive relevant reporting under updated guidelines released for consultation late in September. The Financial Markets Authority (FMA) has clarified a range of obligations for various entities captured under the money-holding rules… [Read More…]

The $45 billion Accident Compensation Corporation (ACC) fund has followed the NZ Superannuation Fund (NZS) in aligning its global shares portfolio against a low-carbon index – albeit a different one. In a benchmark revamp due to roll out over the next month, the ACC underlying global and Australian equities managers will report against new carbon-lite… [Read More…]

Russell Investments opened up a new global unlisted infrastructure fund for wholesale market last week, sounding out interest from the NZ market. Michael Steingold, Russell private markets director, told a NZ webinar that the new fund was designed to tackle some of the key challenges facing investors looking to access unlisted infrastructure opportunities. Steingold said… [Read More…]

The NZ asset ‘stewardship code’ inked last week by seven foundation signatories goes beyond global counterparts to include broader stakeholder representation, according to the group’s website. “Most international codes focus on stewardship only as between an asset owner or fund manager and an issuer, whereas this Code includes consideration also of clients, beneficiaries, and policy… [Read More…]

Trustees Executors chief risk officer and general counsel, Robert Sloan, explains why the just-released NZ investment stewardship code is a step into a better future…   A new stewardship code for New Zealand’s investment industry was launched this week at the Responsible Investment Aotearoa New Zealand 2022 conference. Developed by an industry-led committee, the new… [Read More…]