Exchange-traded funds (ETFs) provided a “great way” for New Zealanders to access impact investing given the dearth of home-grown options, the head of an industry group told a conference last week. David Wood, deputy chair of the recently-formed NZ Impact Investing Network (IIN), cited a number of socially-themed ETFs during a session at last week’s… [Read More…]
Investment News
Firetrail alight already with new LIC
Pinnacle Investment Management’s newest affiliate manager, the ex-Macquarie long/short managers now known as Firetrail Investments, will today launch a listed investment company seeking up to $378 million. As of last week, the group had already reached close to its minimum requirement. The fund has also registered in NZ under the trans-Tasman mutual recognition regime. At… [Read More…]
Cleaner, faster data to boost online equity research options
Online research firm, Shareclarity, could expand its stock coverage in the wake of a recent deal with the NZX, according to founder Daniel Kieser. Kieser said under the ‘partnership’ arrangement announced last week, Shareclarity would access corporate data directly from the NZX in real time. “From our perspective we can now get market data faster… [Read More…]
CGT, PIE, KiwiSaver changes mooted in tax report
The Tax Working Group has flagged a broad “capital income tax” to include shares and a raft of other assets in its interim report released today. While it has yet to finalise the capital gains tax recommendations, the interim report maps out a wide range of assets that could be caught in proposed reforms including… [Read More…]
Robots welcomed in the house: how FSLAB turned on politicians
Politicians of all models lined up to laud the robots as the Financial Services Legislation Amendment Bill (FSLAB) passed its second reading in Parliament last week. In a largely consensual debate, Labour, National, NZ First and Green MPs welcomed the imminent legalisation of robo-advice under FSLAB. Michael Wood, Labour MP, said a key part of… [Read More…]
Tax group tables food for thought, meat to follow
The soon-to-be-released interim Tax Working Group (TWG) report will focus on options rather than recommendations, according to chair, Sir Michael Cullen. Cullen said the interim report, delivered to relevant government ministers earlier this month, discusses a range of potential tax reforms “at some length”. “There’s no specific recommendation for a capital gains tax [CGT],” he… [Read More…]
KiwiSaver manager cellars another vintage investment
Booster has upped the alcohol content of its KiwiSaver scheme after adding another wine-maker to the private equity portfolio held via the Tahi fund. Last week, Booster finalised the purchase of the Hawke’s Bay-based Sileni Estates – founded by Sir Graeme Avery – in a deal that will see the wine brand share shelf space… [Read More…]
NZ Super fills top ops spot, sets date for CIO hire; Devon adds to back-office power
The $40 billion plus NZ Superannuation Fund (NZS) has found a new head of investment operations in-house. In an appointment confirmed last week, Amy Hitchcock, previously NZS manager business solutions group, takes over the head of investment operations gig vacated by Nikki Bell. Bell had a more than decade-long career at NZS, rising to the… [Read More…]
Old-school super stays large, readies for right-size rules
Traditional superannuation schemes remain a “solid and reliable” part of the NZ retirement savings sector, delegates at the recent Financial Services Council/Workplace Savings NZ (FSC) conference heard. Gavin Quigan, Financial Markets Authority (FMA) KiwiSaver and superannuation manager, told the FSC conference this month that the traditional retirement savings sector still accounts for about $24.5 billion… [Read More…]
Free lunch cancelled as rates eat forward points
NZ-based fund managers might be eating out less often after losing the long-standing ‘free lunch’ offer for hedging global assets. According to a BNZ research paper published this month, local fund managers may have to review hedging strategies after NZ interest rates ‘crossed’ below US rates for the first time in decades. Typically, NZ-based investors… [Read More…]