Harbour Asset Management will cut fees on a third of its funds as of July 1 including a 30 per cent reduction for the group’s long-short product. The Wellington-headquartered boutique says investor costs on four of its 12 portfolio investment entity (PIE) products will fall as the second half of 2020 kicks off. As well… [Read More…]
Investment News
IIS lands ANZ tech leader for board; AMP Life sorts investment roles
Former ANZ NZ head of digital and transformation, Liz Maguire, has joined the Implemented Investment Solutions (IIS) group of companies as director. IIS founder, Anthony Edmonds, said Maguire would serve as an independent director on the boards of both IIS and subsidiary firm InvestNow. Edmonds said securing Maguire on the dual boards was a “real… [Read More…]
With China, going direct looks a better bet: bfinance study
While an estimated four out of five big international investors, including Australian super funds, gain their China equities exposures through emerging markets (EM) strategies and funds, a new study by bfinance, the global research and mandates search firm, says that a single-country exposure to China is likely to deliver the best results. More big investors… [Read More…]
Universal transformers: how big funds can change portfolios and planet…
A new Mercer study has identified an almost US$6.3 trillion annual “transformational investment” hole across six major global systemic trends. According to the Mercer report, produced on behalf of the World Economic Forum (WEF), “universal shareholders” such as sovereign wealth funds are well-placed to fill the transformational-investing void – earning higher returns and saving the… [Read More…]
… as Amazon chucks $2bn at climate
The world’s fourth-largest company run by the richest person on the planet has seeded a US$2 billion fund to help turn back the tide of climate change. In a release last week, Amazon said the new Climate Pledge fund would back “visionary companies whose products and services will facilitate the transition to a zero carbon… [Read More…]
Index provider set to banish Argentina and Turkey to the frontier
Once among the world’s richest countries, Argentina’s ignominious slide down the global rankings has continued with a looming downgrade from index provider, MSCI. In a release last week, MSCI warned Argentina – a star economy in the early 20th century – could be ejected from its emerging markets index along with Turkey. Dimitris Melas, MSCI… [Read More…]
It’s who you know: why CDD should be automated
Financial services education and compliance firm, Strategi, has produced a new guide for NZ entities caught under anti-money laundering (AML) regulations. Authored by Strategi head of risk and compliance, Selvan Naidoo, the paper argues for a widespread adoption of automated ‘customer due diligence’ (CDD) processes. Naidoo said many AML reporting entities still rely on manual… [Read More…]
Bagnall fund waits on due diligence report as ACC cleans up its carbon act
The Accident Compensation Corporation (ACC) is awaiting the findings of a due diligence report before formally handing over a $1.5 billion global equities portfolio to former chief investment officer, Nicholas Bagall. Bagnall said the Mercer Sentinel review of Te Ahumairangi Investment Management (TAIM), the wholesale fund management shop he opened last year, was probably six… [Read More…]
Naming wrongs: how ABC could spell trouble for FAPs
The Financial Markets Authority (FMA) has wrapped a surprisingly great idea in faulty packaging, according to a leading industry lawyer. David Ireland, Kensington Swan partner, said the FMA plan, released in a new consultation paper last week, to split full financial advice licensing into three streams spoilt only by the naming conventions. Under the FMA… [Read More…]
Four to the core: Smartshares to expand, rearrange and reprice ETFs
Smartshares is to roll-out four new low-cost exchange-traded funds (ETFs) next month while reorganising its entire product suite. Thom Bentley, head of institutional sales for the NZX-owned fund business, said the four new ETFs – due for launch on July 15 – would join four existing products in a group of ‘core’ funds. The remaining… [Read More…]
Dravitzki departs Devon; Morrall boost for Pathfinder; AMP Capital chief goes; Sargon restocks, renames; Juno finds new home
Auckland-based boutique manager, Devon Funds, has shaken up its investment team following the exit of long-time portfolio manager, Nick Dravitzki, last week. Devon managing director, Slade Robertson, said the firm’s chief investment officer, Mark Brown, had assumed Dravitzki’s portfolio management duties on the Dividend Yield Fund. Robertson took over from Brown as portfolio manager of… [Read More…]
Westpac ends an era, and Pendal starts a new one
Westpac Bank has sold its final 9.5 per cent holding in Pendal Group, after the market closed on June 18, sweeping clean its stake in the business. It will continue to withdraw from the $14 billion in assets that Pendal currently manages for Westpac. The Pendal story would make a good book – and, in… [Read More…]
Funds reverse forward in April (but quarterly rear-view remains red)
All but five of the 150-plus funds in the Aon NZ monthly survey universe were back in black during April following an extraordinary market bounce. In a spring tide that lifted most boats, April monthly returns ranged from -3 per cent for the Nikko Options strategy to 14.6 per cent for the Mercer Small Companies… [Read More…]
Russell sees value wake from the dead
Value investors are finally seeing “green shoots” in a style that has lain fallow for over a decade, Russell Investments chief investment officer, Peter Gunning, told a NZ audience last week. In the first of a webinar series replacing the annual Russell NZ conference this year, Gunning said the value factor had flickered into life… [Read More…]
Emission control: why the new ETS could fire up carbon investment options
Carbon-offset investments could see a boost under the new NZ emission trading scheme (ETS) regime that passed into law last week. Paul Harrison, Salt Funds managing director, said the new ETS legislation – currently awaiting Royal Assent – goes further in setting a more realistic market price for carbon lifting the current cap of $25… [Read More…]
AXA IM doubles down on impact – it’s the new black
AXA Investment Managers, which has been in the sustainable investment space for many years, is ramping up its impact investing – the pointy end of ‘sustainable’ – which aims to make a difference to society while still turning a good profit. AXA IM is about to put together a new $500 million impact fund. The… [Read More…]
Supervisor set to lose licence, liquidation looms
Sargon NZ is on track to lose its supervisor licence as it prepares for liquidation. Just-released annual accounts for the NZ company, part of the troubled Australian Sargon enterprise sold to former directors last month, show the firm had breached minimum capital requirements for holding its supervisor licence this March. The Financial Markets Authority (FMA)… [Read More…]
Fertiliser flies as NZ Super gets phosphate friend for legal stoush
A fertiliser industry body has won the right to butt into a looming legal action between the NZ Superannuation Fund (NZS) and a Western Sahara political activist. In a ruling handed down in the Auckland High Court last Friday, Justice Palmer agreed the Fertiliser Association of NZ could ‘intervene’ in case brought by Fadel Mohamed… [Read More…]
Cheap thrills fund investors
The correlation between low fees and high flows continues to strengthen in the US fund market, a new Morningstar study found, where rock-bottom pricing is pulling more crowds than ever. “Of the $581 billion that flowed into the cheapest 20% of funds and share classes in 2019, most of it went into the cheapest of… [Read More…]
Finding super: new tax bill to ease Kiwi access to missing money
In-limbo Australian superannuation money should flow more freely to its NZ owners under a proposal tabled by the Labour-led government last week. The tweak to trans-Tasman superannuation portability rules, contained in NZ government omnibus tax legislation, opens a direct route for KiwiSaver members to any so-called ‘lost super’ held by the Australian Tax Office (ATO)…. [Read More…]