Investment News

In a draft ruling set to disappoint boutique investment managers the Inland Revenue Department (IRD) has deemed fund fees as GST-exempt while outsourced services remain subject to the sales tax. The just-released IRD ‘interpretation statement’ attempts to resolve an issue that has dogged the industry for more than a decade by essentially restating its previous… [Read More…]

The government has moved to allow UK pension money currently stranded in KiwiSaver schemes to escape in new tax legislation tabled last week. Under the proposed omnibus law, qualifying recognised overseas pension scheme (QROPS) transfers will also be much easier via new provisions enabling local providers to manage immigrant member tax payments. Simon Watts, Revenue… [Read More…]

The $1.7 billion plus Foundation North has removed a hangover from its former investment adviser by moving to a per asset class disclosure model. “Previously, the Foundation categorised its investments into growth assets, diversification assets, inflation hedging assets, and deflation hedging,” the Auckland-based community trust says in its 2024 accounts. “However, in the current year,… [Read More…]

Mercer has gone with MUFG Retirement Solutions to replace BNP Paribas Securities Services NZ as registry provider for its suite of more than 80 wholesale investment funds. MUFG, formerly known as Link Market Services, has picked up most of the handful of BNP Paribas wholesale registry clients looking for a new home after the French… [Read More…]

Family offices have continued to cut their exposure to cash as they chase riskier assets against a more constructive macro backdrop, according to the latest data from Citi Private Bank. The analysis, based on investment assets held by 1,200 of Citi’s single family office clients, found a “modest” renewal of interest in fixed income even… [Read More…]

Harbour has named Chris Wilson as co-CEO to serve alongside founder, Andrew Bascand. In a note, Harbour says Wilson will “focus on areas like key client relationships and distribution” while Bascand retains responsibility for the newly enlarged manager’s investment outcomes and research. “Facing into distribution is an all-encompassing role,” Bascand said. “So it’s great to… [Read More…]

Just 15 KiwiSaver providers logged positive net transfers from other schemes, according to the just-released Investment News NZ (INNZ) annual survey of the sector, in a competition dominated by Milford. Over the 2023 reporting period 20 schemes ended up ahead after netting out transfers to and from other providers. In a stand-out year for Milford,… [Read More…]

The NZX has pencilled-in a “simplification” and rebrand across its combined Smartshares and SuperLife product range as well as a quartet of new exchange-traded funds (ETFs) for release by year-end. In its half-year results presentation last week, the NZX revealed a plan to simplify the Smartshares fund structure and rationalise its product range on a… [Read More…]

The first tranche of community trust 2024 annual reports show solid returns for the year along with an uptick in sustainable investment allocations. For instance, the Otago Community Trust boosted its bottom line by about $34.3 million over the 12 months to March 31 following an $11.4 million loss last year while almost quadrupling exposure… [Read More…]

Australian investment distribution house, Bennelong Funds Management, has opened up a new catastrophe bond option for institutional and wholesale investors on both sides of the Tasman. The cat bond product roll-out follows a deal inked with, Leadenhall Capital Partners, last October to distribute strategies offered by the insurance-linked investment specialist in the Australasian market. Founded… [Read More…]