Following forceful questioning by shareholders at its annual meeting last month comes news that a class action against IOOF, undertaken by Shine Lawyers, has progressed through funding stage. A previous proposed action, through lawyers Quinn Emanual, was dropped early this year. Patrick Liddy, the principal of MSI Group consultants, and Shine Lawyers have been speaking… [Read More…]
Investment News
Australian advisory standards body axed
The Australian government has disbanded its version of the NZ Code Committee for Financial Advisers just three years after creating the controversial stand-alone body. Under shock measure released last week, the Australian Financial Adviser Standards and Ethics Authority (FASEA) will be wound down with its duties re-housed in other government agencies. FASEA was set up… [Read More…]
Allen Partners brings bitcoin manager downunder
Due to its open-source ethos, bitcoin has travelled an unconventional growth path. For starters, no-one seems to know who invented it (rumoured to be a Sydneysider, possible pseudonym Hitoshi Nakamoto) but what we know is when it will all end – in 104 years when the last bitcoin will be mined. Putting its start behind… [Read More…]
Cyclicals tipped to come around again in global credit 2021 recovery
Credit in the cyclicals sector is poised for a renaissance amid growing optimism of a vaccine-led economic rebound next year, a new Brandywine Global note argues. Brian Kloss, Brandywine Global portfolio manager, said any potential corporate regulatory blowback from the incoming Joe Biden regime in the US would be countered by massive monetary and fiscal… [Read More…]
UK style-agnostic fund tilts at NZ/Aus insto market
Dan Higgins, who made a name for himself globally as the CIO of a successful fund of hedge funds manager, has returned to the Australian and New Zealand institutional market through a new third-party distributor, 3PD Pty Ltd. Higgins, CIO and a founding partner of Marylebone Partners LLP in London, has hooked up with the… [Read More…]
UPDATED: Foundation North dumps Cambridge
The NZ$1.5 billion Foundation North has replaced Cambridge Associates with the Australian firm JANA as investment consultant. The move ends a 10-year relationship between the big community trust and Cambridge. In a release last week (December 8), the Auckland-based trust, headed by Peter Tynan, said the trustees confirmed JANA on November 30 this year. Cambridge… [Read More…]
Dyer in for Bagnall as fund up (but also down)…
The Accident Compensation Corporation (ACC) has confirmed Paul Dyer as the permanent chief investment officer (CIO) for its almost $47 billion fund, replacing long-time incumbent, Nicholas Bagnall. Bagnall resigned from the ACC late last year to launch his own boutique – Te Ahumairangi Investment Management (TAIM) – seeded with a now $1.8 billion global equities mandate… [Read More…]
… while NZ Super veterans tilt to ACC
Senior NZ Superannuation Fund (NZS) investment specialists David Iverson and Sam Porath will both switch codes next year in new positions for the ACC. It is understood that Iverson, currently NZS head of asset allocation, will lead a new portfolio ‘tilting’ program at the almost $47 billion ACC fund, recreating what has been a successful… [Read More…]
Core fund kicks off with $22m seed for Salt
Salt Funds Management has opened up its Core NZ Shares product to the wider market. While Salt set the Core product up in September this year, the fund officially kicked off only last week after securing a $20 million plus wholesale mandate to seed the offer. According to the Salt website, the fund starts independent… [Read More…]
Mercer claims victory in $270m BNZ staff scheme move
The Bank of NZ Officers Provident Association (OPA) has confirmed Mercer as its new investment scheme manager, transferring assets across to the group’s master trust last week. As reported here in June, Mercer was the hot tip to pick up the OPA money, in a move that would significantly boost its master trust funds under… [Read More…]