Fintech firms could be swept by decree into the regulatory arms of the Reserve Bank of NZ (RBNZ) under proposals floated last week. The proposals – contained in phase two of the government’s review of the Reserve Bank Act – would allow the RBNZ to regulate fintech firms, and others, if it deemed them a… [Read More…]
Investment News
IIS adds Adams to fund family
Specialist fund services firm Implemented Investment Solutions (IIS) has hired a new head of operations from a fellow Wellington-based business. Clayton Adams, client services manager for BNP Paribas Securities Services NZ since 2015, has taken on the IIS role with incumbent, Stephen Rivers, set to depart for Kiwi Wealth. IIS managing director, Anthony Edmonds, said… [Read More…]
KiwiSaver default settings, tax relief plans come under fire
The ideological war on KiwiSaver is heating up ahead of two major policy decisions scheduled for next year with calls to scuttle the current default system and delete the tax advantage for higher income earners. Binu Paul, co-founder of financial product comparison tool, Pocketwise, said the default scheme system has clearly failed with 400,000 members… [Read More…]
New Aussie minister surprises with super knowledge
The Australian government is looking to improve the superannuation system with respect to “excessive fees”, “inappropriate insurance premiums” and “inefficiencies”, according to the new Minister. Good luck with that. Neither governments nor their regulators have a great track record in any of those areas. In his first major speech to the industry, at the SuperRatings/Lonsec… [Read More…]
Concentrated global fund finds local audience…
AMP Capital NZ has already garnered local investor support for its new concentrated global shares fund, according to the manager’s head of distribution, Rebekah Swan. Swan said the just-released Global Companies Fund (GCF) had sufficient “pre-commitments” to make the launch worthwhile in NZ. “The feedback we’ve had from investors is that [the new fund] is… [Read More…]
AMP Capital listed team rejigged; Japanese part-owner takes bigger bite in Australia
AMP Capital has created a new ‘public markets’ business to be headed by Sydney-domiciled Simon Warner, previously global CIO for fixed income. The London-based equities CIO, David Allen, will report to Warner. Multi-asset group (MAG) New Zealand-born chief, Sean Henaghan, heads off an a 15-month “sabbatical” next March with his direct reports “repointed” to Warner…. [Read More…]
Why emerging market debt looks attractive
If ever there is an asset class that has come into its own in recent months, at least in theory, it’s emerging markets bonds. Emerging markets equities have suffered outflows, credit and other higher-alpha fixed income strategies are looking wobbly and yet investors of all shapes and sizes are looking to go defensive. What to… [Read More…]
Untanglement: the AMP NZ challenge begins
Blair Vernon, AMP NZ managing director, has a busy few months ahead of him. Vernon, along with Sydney-based AMP head of life Megan Beer, has been charged with knocking the rag-tag NZ business – deemed as deadweight by the new, “leaner” Australian parent – into IPO-ready material some time next year maybe. “We’ve said the… [Read More…]
Equity call spoils ACC record run
An underweight position in equities combined with a large holding in defunct NZX-listed insurer CBL saw the almost $40 billion Accident Compensation Commission (ACC) miss its after-costs benchmark for only the second time in more than quarter of a century. “However, we underperformed our benchmarks by 0.1% if adjustments are made for investment costs and… [Read More…]
Staff shortfall, fee surprise underpin FMA $3.2m surplus
The Financial Markets Authority (FMA) chalked up a more than $3.2 million surplus over the 12 months to June 30 driven by above-budget licensing revenue and cost savings across all expenditure lines. According the 2018 FMA annual report released last week, the regulator booked revenue of $38.7 million for the year (including the $36 million… [Read More…]