Investment News

Mostly passive investment and KiwiSaver provider, Simplicity, has been hit with a Financial Markets Authority (FMA) order over advertising breaches. In a statement handed out this morning, the FMA directed Simplicity to cease its ‘All Greys’ advertising campaign that “ suggested its scheme could offer returns “up to 20% more than the average KiwiSaver plan”…. [Read More…]

Major index providers MSCI and FTSE Russell have dropped Russian stocks from all equity benchmarks citing ‘uninvestable’ conditions with decisions still pending on bond exclusions. Both MSCI and FTSE Russell announced the index changes following moves by the Russian stock exchange and central bank that effectively prevented non-resident access to markets. Russia shares exit the… [Read More…]

Australian investment boutique, Hyperion Asset Management, has launched a portfolio investment entity (PIE) version of its Global Growth Companies Fund to cater to growing demand for a tax-efficient vehicle from NZ clients. Wellington-based fund-hosting firm, Implemented Investment Solutions (IIS), provides the NZ legal wrapper for the Hyperion PIE, which went live at the end of… [Read More…]

Long-delayed financial institution conduct legislation has left the industry rudderless with some titanic decisions dead ahead, according to Dentons Kensington Swan (DKS) partner, David Ireland. Ireland said with the final details of the Financial Markets (Conduct of Institutions) Amendment Bill – or COFI to its friends – still under wraps, institutions remain unsure of how… [Read More…]

The war in Ukraine is unlikely to derail in-train inflation and interest rate trends, global fund managers MFS and T Rowe Price told investors last week. In a note to clients, Robert Almeida, MFS global investment strategist, says the Russia-led war will only add inflationary fuel to the fire as rising oil and commodities prices spill… [Read More…]

BlackRock has a message for investors trying to navigate the confusion that has sundered markets in recent weeks: get used to it. Rising inflation was enough to give markets the jitters; tack on a war – and the prospect of an even bigger one, should the situation in Ukraine devolve further – and all the… [Read More…]

Financial Services Complaints Ltd (FSCL) has almost doubled its maximum compensation limits ahead of looming regulations for the sector. Under the changes announced last week, FSCL lifted the highest payout award for complaints against its members to $350,000 from the previous $200,000. The service, one of the four authorised financial complaints bodies, now matches the… [Read More…]

Amid a market boom and a huge influx of retail investors, financial literacy levels in NZ unexpectedly dropped over the last year, a new survey has revealed. And the local financial services industry needs to help reverse the worrying trend, according to Ryan Bessemer, Trustees Executors (TE) chief. Bessemer said NZ financial services providers need… [Read More…]

Milford Asset Management has another clutch of trophies for the cabinet after picking up the top prize and the Morningstar NZ annual awards last week. Now the third-largest retail fund manager in NZ, the Auckland-based Milford has won of slew of industry gongs in recent years including the overall winner in rival ResearchIP event last… [Read More…]

HSBC has recruited a State Street custody veteran as part of a long-planned expansion of its own business. Sinclair Scholfield has been appointed head of sales and client management for HSBC’s Securities Services business in Australia and New Zealand. Scholfield spent the last 18 years at State Street, where he was most recently head of… [Read More…]