The Net Zero Asset Managers initiative (NZAM) is set to lose about US$11.5 trillion of financial influence after BlackRock exited the climate collective last week amid growing political pressure in the US. Founded in 2020, NZAM counts 325 fund manager signatories, representing about US$57.5 trillion of assets that will shrink by 20 per cent as… [Read More…]
Investment News
Bubbleishous: Marks on market blow-ups (25 years later)
A quarter of a century after publishing a prescient market crash think-piece, legendary US investor, Howard Marks, has revisited the theme in a new contribution to bubble literature. But while the Oaktree Capital co-founder unequivocally called out “another market bubble” in his January 2, 2000, investor note, Marks is less certain that 2025 conditions herald… [Read More…]
Ex Sharesies, Stake Australia licensee rapped by ASIC
The Australian financial services regulator has pinged the former licensee of trading platforms Sharesies and Stake across the Tasman over lax compliance protocols. Under a ‘court enforceable undertaking’ handed down at the end of December, the Australian branch of the South Africa-headquartered financial services giant, Sanlam Group, will face a review of its compliance operations… [Read More…]
Asness goes back to the future for performance predictions
While the hazy days of early January are usually a chance for investors to talk their book and speculate on what’s to come in the year ahead, AQR’s Cliff Asness has instead chosen to look back (and talk his book) from far-off 2035, adopting the guise of a fictional asset allocator mulling what did and… [Read More…]
Global government investment funds verge on US$55tn
State-owned investment (SOI) assets soared to a new record high of just under US$55 trillion last year, according to figures compiled by niche researcher, Global SWF. The Global SWF report published early in January found public pension funds weighed in at US$25 trillion by the end of 2024 with central banks (US$16.9 trillion) and sovereign… [Read More…]
Top views: best-of, end-of 2024
In the reader-takes-all online publishing market, the page-view is currency. Journalists and publishers (or even ‘content creators’ in the icky internet-age jargon) might snobbily argue that quantity is not the same as quality. But it’s quantity that counts. And the Investment News NZ (INNZ) numbers were up more than 140 per cent year-on-year in a… [Read More…]
FMA digs in for drawn-out AML legal stand-off, refocuses ‘outcomes’ comms
The Financial Markets Authority (FMA) has booked another multi-year court battle after launching civil actions against InvestNow last week over historic, previously remediated, alleged anti money-laundering (AML) breaches. InvestNow joins Booster on the FMA legal hit list. The regulator served Booster with papers in June accusing the KiwiSaver and investment manager of 75 governance failures… [Read More…]
TECT swaps Castle Point for Salt; Consilium PIE brand tops $1bn
The $1 billion ‘community-focused’ charitable trust, TECT, has dropped Castle Point from a roughly $60 million Australasian equities mandate. TECT, formerly known as the Tauranga Energy Consumer Trust, has switched the Castle Point exposure to the Salt Core NZ Shares Fund, according to chief executive, Wayne Werder. The charitable fund also uses Nikko for Australasian… [Read More…]
UK regulator reportedly restrains FNZ, makes platform precedent
FNZ faces a temporary ban from taking on certain new clients in the UK without written consent from the Financial Conduct Authority, according to press reports, signalling a step-change in regulatory oversight of platforms in the jurisdiction. The Citywire New Model Adviser report says the FCA issued a notice effective October 11 this year requiring… [Read More…]
Aussie super funds called out for poor valuation, liquidity management of private assets
The Australian superannuation regulator has uncovered widespread liquidity management failings in the sector, especially in the treatment of unlisted assets. Following a recent review of 23 regulated superannuation entities representing 80 per cent of assets under its purview, the Australian Prudential Regulation Authority (APRA) found 12 required “material improvements in either or both their valuation governance… [Read More…]