IRESS, the listed global financial services software and admin company, is to take over OneVue, the diversified Australian platform, admin and registry company under a scheme of arrangement. The deal gives the expansive IRESS a greater presence in the super industry in Australia. Apart from having the largest third-party registry offering, OneVue also has about… [Read More…]
Investment News
Income alert: consultant urges caution on yield
Listed infrastructure and property funds failed to live up to their safe-haven reputations during the recent market slump, a recent Makao Investments analysis found. The study from NZ’s newest investment consulting house says the relative underperformance of the two sectors over March and April highlights why investors should not conflate income with low-risk. “Both listed… [Read More…]
What happens next: the Ruffer view
In a nutshell, what happens next is likely to be de-globalisation, therefore lower profitability of companies. In the past 10 years, share buybacks gave accounted for more than 50 per cent of returns. That phenomenon has halted. Lots of other things aren’t coming back anytime soon either, except, perhaps, inflation. According to Ruffer LLP, a… [Read More…]
Schroders multi-asset 2IC retirement tipped; new Australia/NZ head for First Sentier; Devon owner pitches in for homeless shelter
Simon Stevenson, Schroders Australia deputy head of multi-asset will retire by the end of this year, according to industry sources. Stevenson, who has worked in the investment industry for 23 years, joined Schroders in 2008, working alongside the firm’s head of fixed income and multi-asset, Simon Doyle. The Schroders Real Return strategy forms almost half… [Read More…]
Aussie adviser body calls to ditch entity licensing
Just as the NZ financial advisory universe stands on the cusp of a big-bang reincarnation under entity licensing rules, a major Australian industry body is advocating for an end to a similar regulatory system across the Tasman. Outlining its five-year plan last week, the Financial Planning Association of Australia (FPA) said the current product-oriented advice… [Read More…]
In process: why NZ wealth managers are switching on to digital
The coronavirus lockdown has accelerated digital transformation among NZ financial services firms, according to a Wellington-based software business. Tim Packer, YouDo head of business and software development, said while most financial firms in NZ were exploring digitisation prior to the outbreak, the almost two-month COVID-19 disruption has made the search more urgent. Packer said the… [Read More…]
Pie slices and dices, turns the page on Juno
Pie Funds has cut seven staff across the group and reshuffled several more following a review. The move has seen the Auckland-headquartered Pie lose one employee apiece from its wealth, client services and investments divisions while a number of others have been relabeled. Meanwhile, Pie has slimmed down further staff from its Juno KiwiSaver scheme,… [Read More…]
AMP finds COFI hard to swallow, industry calls for sweeteners
If adopted as-is the in-transit financial institution conduct legislation could force AMP NZ out of the intermediary game, the wealth manager says in a submission. According to the AMP Wealth Management submission, the draft Financial Markets (Conduct of Institutions) Amendment Bill would create onerous compliance duties on ‘intermediaries’ as loosely defined in the legislation. Under… [Read More…]
InvestNow raises the bar past half-billion dollar mark
Wellington-based direct-to-consumer fund platform, InvestNow, has tipped over the $500 million point following a splurge of growth in 2020. In a release, InvestNow general manager, Mike Heath, said the platform recorded rapid acceleration in funds under management (FUM) and members over the first few months of this year, setting the scene for a new expansion… [Read More…]
Fidelity Life swaps managers on $20m local shares mandate
Mint Asset Management has won a $20 million Australasian equities mandate from Fidelity Life after a tender process. The win sees incumbent, Nikko Asset Management, vacate the spot on the Fidelity Life insurance fund panel. Fidelity has about $260 million in its statutory fund backing underlying life insurance liabilities. Aside from Nikko, Fidelity also used… [Read More…]