Investment News

Pie Funds is to again shutter its almost $400 million Australasian Growth 2 product to new investors at the end of March, citing capacity issues. Following the call, three of the nine Pie funds will be ‘hard-closed’ to new money leaving the boutique’s global range, conservative product, Australasian dividend and ‘Chairman’s Fund’ open for investor… [Read More…]

New Commerce Minister David Clark has ushered in the Financial Services Legislation Amendment Act (FSLAA) era with an upbeat assessment of rising demand for advice. “The new regime will give consumers greater confidence to seek advice that will help with their financial goals, providing them with greater trust in the quality of that advice,” Clark said… [Read More…]

Consultancy firm Melville Jessup Weaver (MJW) has a new actuary in the house after senior analyst, William Nelson, passed the final hurdle of the grueling professional qualification. Nelson, who joined MJW in 2011, officially earned the Fellowship designation from the UK Institute and Faculty of Actuaries early this March, capping off a multi-year academic effort… [Read More…]

The “slow-moving train-wreck” of a bond market has “suddenly accelerated”, MyFiduciary principal, Aaron Drew, told an industry audience last week. And investors need to get out of the way or risk wealth-threatening injuries. Drew told the Heathcote Investment Partners ‘Meet the Managers’ March roadshow crowds that investors could no longer rely on bonds for income,… [Read More…]

FNZ has slammed the UK Competition and Markets Authority (CMA) for ignoring “robust evidence” as the regulator prepares to rule once more on the platform provider’s 2019 purchase of the-then ASX-listed software firm, GBST. As reported earlier, the CMA quashed its previous decision to reverse the GBST sale after admitting the ruling relied on faulty… [Read More…]

Global investors have poured a record amount into exchange-traded funds (ETFs) during the first two months of 2021, according to industry data. UK-based consultancy firm, ETFGI, clocked about US$222.5 billion of net flows into the sector globally over January and February, over twice the figure for the same period in 2020, the Financial Times reported…. [Read More…]

NSW Treasury Corporation, the state government’s $105 billion investment management offshoot, has commenced a restructure among its investment professionals, with 12 positions recently being advertised. The positions, which report up to previously announced heads of department, have been posted in the careers section of the TCorp website, with nine of the 12 being re-posted last… [Read More…]

NAB Asset Servicing is expected to be confirmed as the asset servicing partner of the combined LGIAsuper and Energy Super following competitive pitches between the incumbents of both funds. Thomas Murray was adviser to the new $20 billion fund. The win is a major victory for NAB Asset Servicing (NAS). It is the biggest contested… [Read More…]

A new analysis of the Australian Royal Commission (RC) into financial services has laid blame for the industry-wide scandal squarely on the victory of short-term profit-seeking over poorly designed corporate values. In a study commissioned by the Australian Actuaries Institute, author Barry Rafe says while many financial services executives grilled during the RC were “fully… [Read More…]

AMP Capital has sold its high-performing global active equities fund to a Canadian boutique investment firm for an undisclosed price in the first phase of a planned exit from listed market products. In a release this morning, AMP Capital said the Montreal-based Fiera Capital would buy its recently created US$500 million Global Companies Fund (GCF)…. [Read More…]