Consultation kicks off next month for the first tranche of regulatory measures to support the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill set to place new compliance obligations on a raft of institutions including most licensed fund managers. April Mackenzie, head of the External Reporting Board (XRB), said the standard-setting government body would… [Read More…]
Investment News
Australia product regs offer bitter pre-taste of COFI
On October 5 a new wave of regulation is set to wash over the Australian financial industry as the product ‘Design and Distribution Obligations’ (DDO) regime goes live. As reported last year, the DDO rules will likely cause a splash this side of the Tasman, too, with many Australian firms issuing financial products into the… [Read More…]
JMI Wealth recruits two ANZ advisers; NZX platform hires COO from Craigs; Mackenzie to head ANZ Funds; Vanguard, BT heads change in Australia
Investment Services Group (ISG) subsidiary, JMI Wealth, has hired two senior advisers from the ANZ private bank bringing the group’s total advisory force to almost 20. In a release last week, JMI Wealth named Neville Giles and Bruce Ross as new recruits, adding to the 15 advisers currently listed under the firm’s financial advice provider… [Read More…]
New forest fund set to seed
The Wairarapa-based Forest Enterprises (FE) has embarked on a new capital-raise aiming to attract up to $3.4 million for a fund investing in long-term forestry projects in its home region. In a product disclosure statement lodged last week, the FE Pukekōwhai Forest Investment fund – structured as a limited partnership – will issue up to… [Read More…]
T Rowe Price recruits in Australasian expansion
T Rowe Price has hired Craig Hurt, an experienced fund professional who most recently headed up AXA Investment Managers in Australia, as its new head of institutional business for Australia and New Zealand. His recruitment is part of an expansion of business capabilities for the firm, which includes the relocation of the firm’s APAC head… [Read More…]
IRD clarifies tax status of Daintree fund
NZ investors in the local dollar-hedged version of the Daintree Core Income Trust have received some tax clarity following an Inland Revenue Department (IRD) determination last week. In the ruling, the IRD confirm investors in the NZ-dollar hedged version of the Australian-based Daintree fund would not be subject to the fair dividend rate (FDR) tax… [Read More…]
BNP Paribas study finds surge in ESG beliefs, data doubts
Environmental, social and governance (ESG) integration has seen a “staggering upsurge in commitment” from institutional investors over the last couple of years, according to a new global survey commissioned by the Paris-headquartered BNP Paribas. The BNP Paribas study of over 356 institutional investors, including two in NZ, found almost a quarter (22 per cent) integrated… [Read More…]
Settle down: DTCC clears blockchain for T+0 take-off
Global securities trading back-office behemoth Depository Trust & Clearing Corporation (DTCC) has scheduled a live launch of a new blockchain-based settlement system for early next year. The DTCC blockchain – or distributed ledger technology (DLT) – service will enable a “netted T+0 settlement cycle” for US equities, the largest and most-liquid share market in the… [Read More…]
New FMA chief rocks in
The Financial Markets Authority (FMA) has named ex-pat Kiwi Samantha Barrass to replace the outgoing chief executive, Rob Everett. Barrass, head of the Gibraltar financial regulator over 2014-19, will take up the role next January with FMA general counsel, Liam Mason, stepping in as interim chief from October when Everett officially departs. Most recently, the… [Read More…]
Derivatives firm hit with $770,000 AML fine
In another in 2021-vintage anti-money laundering (AML) decision last week, Auckland-based derivatives trader CLSA Premium (CLASP) copped a $770,000 fine with the punishment falling about 35 per cent shy of the figure sought by the regulator. The Auckland High Court ruling concludes the Financial Markets Authority (FMA) case brought against CLSAP NZ – formerly known… [Read More…]