Former Pie Funds chief operating officer (COO), Lance Jones, has resigned from the billion-dollar boutique’s board after a two-year stint as director. Jones stepped down as Pie COO and chief financial officer this April, ending a four-year stint in dual roles. Paul Gregory, who took over from Jones as COO, also leaves Pie next month… [Read More…]
Investment News
Vale David Stevens
Well-known NZ finance industry veteran, David Stevens, died suddenly just over a week ago. Following a long career in banking that culminated in a senior executive role at the National Bank, Stevens became an influential figure in the NZ workplace savings market from the early 1990s. He served as executive director of the Association of… [Read More…]
MSCI launches first non-US domestic indices in Australia
The MSCI group has launched a swathe of indices for the Australian market, its first single-country domestic indices outside the US. There are 52 Australian indices to choose from on top of custom indices, with the first two about to be launched by a client. As well as a full range of 16 Australian shares… [Read More…]
Report shows short half-life for big fund brands in decade of change
Almost half of the top 500 global fund manager brands have disappeared over the last decade, the latest Thinking Ahead Institute (TAI) annual review of the sector has found. The TAI study, released last week, says “232 names in our 2009 list of 500 largest asset managers are not in our 2019 list”. In somewhat… [Read More…]
Retail funds up $10bn as recovery continues in June quarter
The NZ retail funds sector topped up the kitty by almost $10 billion in the June quarter, according to new figures from consultancy firm Plan for Life (PFL), rounding off a remarkable recovery from the March 2020 lows. “Retail Managed Funds increased 9.3% during the June quarter to NZ$116.1bn and were similarly up 9.1% over… [Read More…]
Rice Warner inspires FSC plan for simpler, cheaper Australian advice system
The Financial Services Council is to now prepare a policy discussion (‘green’) paper for the industry and Government, to be delivered in 2021, following the release of a major report by Rice Warner proposing sweeping changes to Australia’s financial advice system. The Rice Warner report was commissioned by the FSC and discussed at the association’s… [Read More…]
Recovery tipped to boost private debt opportunities
Private debt will assume a larger role in supporting NZ businesses as the economy moves out of pandemic emergency mode, according to Bob Sahota, Revolution Asset Management chief investment officer. With mainstream banks facing capital constraints and government support for COVID-hit businesses due to end, ‘non-traditional’ lending would become increasingly important, Sahota said in a… [Read More…]
AMP fires AMP Capital to go passive with KiwiSaver, NZRT
AMP has swallowed the passive pill, appointing BlackRock to manage its KiwiSaver and superannuation master trust schemes under index conditions. In a release this morning, AMP says it would replace its main incumbent manager – sister firm AMP Capital – “once preparatory activities have been completed”. “The transition to the new investment model is expected… [Read More…]
Adequacy downgrade hits NZ pension rating as Mercer study finds global pandemic impact
NZ suffered a minor downgrade in the latest Mercer annual review of global pension systems released this morning. The 12th Mercer Global Pension Index, this year produced in association with new sponsor – the CFA Institute, shows the NZ retirement system slipped almost 2 points overall year-to-year to 68.3 (out of a maximum 100) due… [Read More…]
Westpac NZ flags retail advice sale to Forsyth Barr
Forsyth Barr is set to leapfrog Craigs Investment Partners as the largest authorised financial adviser (AFA) network in NZ in a deal to purchase the retail wealth arm of Westpac. In a statement, a Westpac NZ spokesperson said the bank was consulting with 32 employees in its wealth team “about a proposal to sell part… [Read More…]