Veteran NZ investment manager, Tony Hildyard, is calling for better disclosure of ‘hidden’ tax leakage through offshore-domiciled funds that unnecessarily short-changes local investors. Hildyard, head of the almost $900 million Hunter Investment Management, said while tax slippage through overseas-based funds – such as Australian unit trusts (AUTs) – was a well-known industry issue, most end… [Read More…]
Investment News
MJW study finds value-growth divide remains; plus death-defying data in Kiwi COVID times
Reasonably steady markets during the September quarter saw most asset classes and managers booking positive returns over the three-month period, according to the just-released Melville Jessup Weaver (MJW) investment survey. The MJW report shows the average manager also outperformed, before fees, their respective benchmarks across the majority of asset classes bar NZ listed property and… [Read More…]
Solid flows as InvestNow scheme goes live
The just-released InvestNow KiwiSaver scheme has signed up hundreds of members in the first few days of operation, according to general manager, Mike Heath. Heath said the new KiwiSaver, which went live last Tuesday, was “ahead of budget” for member sign-ups as the platform-based scheme tapped into demand for its multi-choice service. “We’ve been getting… [Read More…]
MBIE clarifies $100m threshold as default game moves from theory to practice
Prospective default providers would need at least $100 million of KiwiSaver-only money to be in the running, the Ministry of Business, Innovation and Employment (MBIE) clarified last week. In a response to a question lobbed in the request for proposal (RFP) prelude, MBIE says: “We can confirm the precondition that the proposed KiwiSaver Scheme must… [Read More…]
Public Trust puts $680m wrap admin in play
Almost $700 million of NZX Wealth Technologies platform money is up for grabs following a review by long-time client, Public Trust. In a tender that closed off last week, the government-owned trustee company says it “is looking for credible providers to partner with who have the capability, experience and infrastructure to deliver WRAP platform capabilities… [Read More…]
PRI upgrades Australasian presence in Asian push
The United Nations’ Principles for Responsible Investment, the global organisation representing about 3,300 pension funds and fund managers, has upgraded its presence in Australia with the appointment of a head of Australia and New Zealand. Sheela Veerappan was appointed to the vacant role in October, after having joined PRI in 2019 as a relationship manager… [Read More…]
Hamish Douglass pours oil on troubled waters
Hamish Douglass, the CIO of Magellan Financial Group, who oversees the largest Australian-owned global funds manager and is the current darling of the wholesale and retail investor sectors, is relatively sanguine about the possible market impact of the US election, but a bit more worried about COVID-19. Douglass, also Magellan’s co-founder, with Chris Mackay, chairman… [Read More…]
KiwiSaver passive billions need new location as Vanguard shifts to retail
At least three bank-based KiwiSaver schemes will have to rehome billions of dollars of indexed investments as Vanguard exits the institutional market in Australasia. Early in October Vanguard revealed it would return about A$160 billion managed on behalf of a range of institutions in Australia and NZ as the business swings to the retail market… [Read More…]
Wealthpoint hires new investment head, asset consultant and platform to turn page on $3.5bn book
Nationwide adviser network, Wealthpoint, has boosted its investment offer, appointing a new senior executive, external asset consultant and platform provider. Last week Wealthpoint, which emerged out the national AMP-associated adviser collective in 2018, named Keri Jenkins in the newly created position of head of investments. Jenkins, most recently Fonterra head of strategic projects, joins Wealthpoint… [Read More…]
NZ Funds hedges bets with new income product
Auckland-headquartered boutique investment firm NZ Funds has rolled out a new product tapping into to the growing demand for regular income as term deposit returns dry up. The just-released NZ Funds ‘Income Generator’ product has a target average annual return of 4-7 per cent over a five-year horizon sourced mainly from high-dividend Australasian stocks with… [Read More…]