After an almost two-year hiatus, the Financial Markets Authority (FMA) has licensed a new discretionary investment management service (DIMS) operator. The Nelson-based advisory firm Totara Wealth Management was granted its DIMS licence at the end of June – the first firm to enter the market since August 2016. Totara was formed last August by three… [Read More…]
Investment News
March quarter blues for AMP, ANZ
Both AMP and ANZ Investments saw retail funds under management (FUM) slide during the March quarter in a generally flat period for the industry. According to the latest figures from Australian research firm, Strategic Insight (SI), AMP and ANZ went backwards by $204 million (-1.8 per cent) and $86 million (-0.3 per cent), respectively, over… [Read More…]
Foundation North looks for impact
The $$1.3 billion plus Foundation North has flagged a move into impact investing along with a new report on the sector published late in June. In a release, Chloe Harwood, Foundation North strategy and innovation manager, said the nascent impact-investing sector in NZ was starting to gather steam. “Impact investment may prove to be another… [Read More…]
Study shows low fees and high performance don’t mix in KiwiSaver
A new study has failed to find any link between low fees and outperformance of KiwiSaver funds. In fact, the analysis by Binu Paul, co-founder of online financial product comparison site, Pocketwise, shows even the worst-of-the-best KiwiSaver funds in the study period typically outperformed cheaper options – often by 1 per cent or more. The… [Read More…]
How technology disrupts management structures
Everyone knows about how the strides in technological developments are transforming businesses, not only reducing costs but also improving capabilities, including funds management processes. But not everyone realises that the changes often mean a complete management rethink. According to Lauren Ryder, the chief executive of the technology and management advisory company Leading Edge Global, introducing… [Read More…]
NZS face long delays in solving case of the missing $200m
The NZ Superannuation Fund’s (NZS) quest to recover approximately $200 million lost in a soured Portuguese loan deal in 2014 has been deferred for at least two-to-three years. After losing an appeal last week to hear the case in UK courts, NZS – along with co-appellants including Goldman Sachs – must now pursue the claim… [Read More…]
CBA rushes for wealth exit, keeps ASB aside
It is understood the Commonwealth Bank of Australia’s (CBA) planned wealth management spin-off announced last week would not include similar assets housed under its ASB Bank NZ subsidiary. In a statement last week, CBA outlined plans to “demerge” its diverse wealth management and mortgage broking entities into a separate CFS Group. The bank also plans… [Read More…]
Hobson on track for platform re-review as trading desk goes live
Hobson Wealth Partners plans to revisit its investment platform settings within three to six months. Warren Couillault, Hobson executive director, said the group’s tentative agreement to shift from current provider, Aegis, to the NZX Wealth Technologies (NZXWT) was put on hold as the wealth management firm developed a new in-house securities trading capability. In 2016,… [Read More…]
Apply now: why the funds industry needs to get up to speed on blockchain
Blockchain technology is both a threat and an opportunity for all players in the funds management game, a UK expert told the NZ industry last week. And the market should consider both sides of the blockchain ledger now as the technology is fast approaching escape velocity, Vince Lucey, Calastone head of innovation and change, told… [Read More…]
TE makes tech hires as digital future beckons
After a string of top-level departures Trustees Executors (TE) has continued the rebuild phase with a couple of senior technology-focused hires confirmed last week The Wellington-headquartered trustee and back-office admin firm has appointed Josh Sinclair as head of transformation while contracting former FNZC, head of digital, Chris Bunce. Sinclair, also previously with stockbroking firm FNZC… [Read More…]