Investment News

AMP has reignited plans to divest ‘manage for value’ businesses – including the NZ financial services arm – after a brief hiatus in the wake of a disastrous appearance at the Australian Royal Commission (RC) into banking et al. Mike Wilkins, acting AMP chief, told analysts at a half-year results briefing last week the company… [Read More…]

The Financial Markets Authority (FMA) could see its territory – and budget – expand significantly under a slew of reforms currently worming through the system. Rob Everett, FMA chief, told media last week that the Labour-led government appeared to be “up for” making changes that reflected a significant shift in community expectations of how financial… [Read More…]

Milford Asset Management plans to knock off up to 15 basis points from its global equity fund fee while swapping the absolute return target for a more conventional share benchmark. In a note to clients, Milford says from October 1 this year the $430 million plus Global Equity Fund will adopt the MSCI World Index… [Read More…]

Vanguard has switched on a new screened global bond fund developed explicitly for the NZ market. The NZ dollar hedged Vanguard Ethically Conscious Global Aggregate Bond Index Fund – issued last week under the trans-Tasman mutual recognition regime– was seeded with about $220 million from Wellington-based investment firm, Booster. David Beattie, Booster principal, said the… [Read More…]

In a surprise move last week, ANZ Investments awarded the Sydney-based arm of Nikko Asset Management a NZ$850 million Australian equities mandate. Despite its relatively high-profile brand (dating back to its days as Tyndall), Nikko was not among consultants’ top picks for the juicy ANZ gig – ostensibly triggered by the closure of incumbent manager,… [Read More…]

Legg Mason Global Asset Management has diversified its business with an entry in Asia and Australia to the digital advice market through the purchase of a minority interest in Hong Kong-based technology provider Quantifeed. Legg Mason and a Quantifeed client, Cathay United Bank, the largest bank in Taiwan, have joined in the latest round of… [Read More…]

Restricted investment schemes may be granted relief from some expensive administrative burdens under proposals tabled by the regulator last week. The mooted Financial Markets Authority (FMA) class exemption would drop the requirement for restricted managed investment schemes (MIS) to supply an annual audited custodian assurance report. Currently, restricted schemes – which include corporate-only, occupational or… [Read More…]

It’s not so much declining income which leads to declining spending in retirement. Age is just as big a factor, according to new research by Milliman. The research casts doubt on the use of common benchmarks, such as a percentage of final salary, as a savings target. Such benchmarks take little account of lifestyle changes… [Read More…]

New owners could transform Wellington-originated investment platform business, FNZ, from a regional big fish to a global whale, UK media reported last week. According to the UK Money Marketing publication, private equity players would be the most likely bidders for the two-thirds’ stake in FNZ currently held by incumbent private equity managers, HIG Europe and General… [Read More…]

Greg Bright* profiles Paul Costello, the New Zealander who led the way for sovereign wealth funds on both sides of the Tasman   The founding chief executive of the Future Fund, the founding chief executive of New Zealand Superannuation Fund and a chief executive of the Superannuation Trust of Australia – a precursor to AustralianSuper… [Read More…]