The NZ Superannuation Fund (NZS) is seeking a new head of local active equities following the resignation of incumbent, Brian Bourdôt. Bourdôt, who joined NZS in 2013 as portfolio manager before assuming the domestic shares gig left vacant by Tim Mitchell in 2015, will exit the $40 billion plus fund in a few weeks to… [Read More…]
Investment News
Going for Goldsky: all that glistens is not…
The Securities and Exchange Commission in the US is coming after a start-up Australian funds management firm, Goldsky Asset Management, for misleading representations to potential investors. The SEC law suit shines a light on the Gold Coast-based firm which had a glittering celebrity launch just last year. According to the SEC, Goldsky, which called itself… [Read More…]
Code delivers interim relief for investment advisers
Investment advisers have been granted relief – for now – from meeting degree-level educational standards under the draft ‘Financial Advice Code’ released last week. Instead of a degree-level qualification mooted for all ‘financial planning’ advice under the first version of the document released in March, the revised code applies a universal ‘level 5’ educational standard… [Read More…]
Fun with factors: why beta building techniques matter
A common ‘smart beta’ portfolio construction technique could be fudging factor exposures, a new FTSE Russell paper argues. The FTSE Russell analysis found the popular ‘selection and weighting’ (SW) smart beta portfolio construction method can lead to factor pollution as well as diversification and implementation weaknesses. Under the SW technique managers build portfolios by selecting… [Read More…]
Ex PM to serve dinner role as CFA plates up trust debate
Former PM, Bill English, will headline the CFA Society NZ gala dinner at the end of this month with trust in financial services set to be a key talking point. In a statement, Jeff Stangl, CFA Society NZ president, said the Australian Royal Commission (RC) into financial services would inevitably feature in discussions on the… [Read More…]
FNZ stake goes for $2.3bn to Gore and Canadian funds
A Canadian pension fund and an investment firm founded by former US vice-president, Al Gore, have stumped up almost $2.3 billion to secure a two-thirds stake in Wellington-originated platform business, FNZ. According to a Bloomberg report published overnight, Gore’s Generation Investment Management and Canadian pension fund Caisse de Depot et Placement du Quebec teamed up to buy… [Read More…]
NZX hires insto fund sales head, seeks new investment specialist
The $3 billion NZX-owned funds management business is doubling down on growth efforts in the face of a shareholder critique with the addition of two new senior roles. Last week the NZX named Thom Bentley as Smartshares head of institutional sales while the stock exchange operator is also on the hunt for a head of… [Read More…]
Fisher finds new consulting home with Russell; Mercer man heads to Harbour
Russell Investments has filled a senior asset consultant role left vacant by the departure of George Thomson for BNZ this August. In a note to clients last week, Russell confirmed Guy Fisher, previously Aon Hewitt investment consultant, would step into the position as of next week. Fisher, who officially ended an almost five-year career with… [Read More…]
Private equity dance card fills up for FNZ
Up to five private equity firms are vying for a two-thirds stake in Wellington-originated investment platform business, FNZ, UK trade press reported last week. The New Model Adviser website says FNZ senior management would allegedly prefer multiple buyers for the majority shareholding – currently split between private equity managers, General Atlantic and HIG Europe –… [Read More…]
MJW study finds KiwiSaver manager tilts off-balance
Most KiwiSaver manager tactical tilts against strategic asset allocation (SAA) benchmarks have failed to pay off, a new Melville Jessup Weaver (MJW) analysis reveals. The MJW study of 10 KiwiSaver managers found tactical asset allocation (TAA) – or actual portfolio deviations from the fund SAAs – at best added 0.4 per cent over the three… [Read More…]