KiwiSaver schemes may ultimately have to hold 15 per cent or more of their portfolios in illiquid assets, according to Simon O’Grady, Kiwi Invest chief investment officer. O’Grady said with an increasing number of companies globally leaving, or never joining, listed exchanges long-term investors will need to access the “large and growing pool of private… [Read More…]
Investment News
Vice signaling: FMA flashes red warning light on industry practices
Advisory businesses are in the sights of the Financial Markets Authority (FMA) in the lead-up to a regime change next year with target practices spotlighted in a new report published last week. James Grieg, FMA head of supervision, said the regulator was seeking to raise awareness of consistent authorised financial adviser (AFA) and qualifying financial… [Read More…]
King tide favours contender schemes in June quarter
Challenger KiwiSaver brands emerged ahead of the pack in a June quarter bounce-back that boosted almost all schemes by double-digit percentages, the latest Plan for Life (PFL) quarterly report reveals. After slumping close to 7 per cent on average in the first three months of 2020, the PFL survey shows the KiwiSaver market grew an… [Read More…]
First State ends as manager takes new path; T Rowe Price locks in Australasia middle man
The entity formerly known as First State Investments, and before that Colonial First State Global Asset Management, switched to its new brand across all locations last week. Now operating as First Sentier Investors, the more than US$145 billion Australian-headquartered diversified asset manager adopted the new name in its home territory last year following an ownership… [Read More…]
Helter smelter: NZAS keeps Tiwai pension pot bubbling for another year
The $170 million NZAS workplace savings scheme will remain plugged in for at least one more year as it awaits the formal exit of sponsoring employer, Rio Tinto. As reported last September, NZAS was destined for a master trust transition before Rio announced the following it month it would likely close the Southland Tiwai Point… [Read More…]
Nine years in the making: J.P. Morgan gets new fund accounting provider
J.P. Morgan is to move its Australian and New Zealand institutional clients who use its fund accounting services, which is most of them, to the global service provided by Fidelity International’s InvestOne platform. While the migration of about 50 clients, plus new ones, will take several years to complete, it ends a longstanding relationship with… [Read More…]
Henaghan quits AMP Capital, makes NZ home again
AMP Capital has lost another senior executive as its multi-asset group chief investment officer, Sean Henaghan, rounded off his 15-month sabbatical with a formal resignation last week. Henaghan, who has washed up in NZ following extensive travels through the Americas, was past due to rejoin the embattled Australian funds management group but has instead opted… [Read More…]
Heritage lost as Sargon hands in NZ licence
Heritage Trustees ended its short stint as a licensed supervisor last week, reducing the NZ population in the sector down to just five. After securing a rare Financial Markets Conduct Act licence to operate as a supervisor (formely known as corporate trustee) in March 2018, Heritage was snapped up later that year by Australian superannuation… [Read More…]
New Devon fund puts ESG upfront; Nikko targets the 3% with overhauled income option
Devon Funds has increased its retail product suite to six with the launch of a new Australasian equities Sustainability Fund last week. The environmental, social and governance (ESG) flavoured fund has both a long list of excluded sectors as well as a tilt to stocks on a positive sustainability trajectory. As well as the now… [Read More…]
Woods gets on board with impact; McMaster set for Salt table; Milford names new Aussie head
Well-known NZ responsible investment advocate, David Woods, has been named as the first independent director of the Te Puna Hapori Infrastructure Fund. Woods will provide governance oversight to the newly launched impact fund spearheaded by Trust Waikato and managed by Australian specialist investment firm, Brightlight. He also holds board roles with NZ Green Investment Finance,… [Read More…]