Nikko Asset Management is set to open NZ’s newest KiwiSaver scheme within days after lodging the official paperwork last week. George Carter, Nikko NZ chief, said the scheme would start accepting members once the documentation was finalised. Carter said there was a five-day window between lodgment and launch to fine-tune the disclosure documents. However, the… [Read More…]
Investment News
Code draws crowds and critics
The recent Code Working Group (CWG) series of 11 roadshows around the country drew an estimated total crowd of about 750, according to chair, Angus Dale-Jones. Dale-Jones said the roadshows attracted a broad mix of authorised financial advisers (AFAs), registered financial advisers (RFAs), institution-based advisers and other industry participants. “There was great adviser participation,” he… [Read More…]
PIEs all round as Simplicity, Synergy and Milford go on a roll
Simplicity has seeded its new pair of NZ asset portfolio investment entities (PIEs) with about $40 million a piece as it seeks to package up the index-tracking funds for wider consumption. Sam Stubbs, Simplicity chief, said the new NZ Share and NZ Bond PIE index funds would be seeded out of the $400 million assets… [Read More…]
Pie fills out wealth team; Consilium develops with Auckland hire
PIE Funds has doubled its freshly-baked wealth management team after luring former Fisher Funds head of advice across this month. James Paterson, a 12-year Fisher Funds veteran, officially joined as head of the new PIE Wealth unit in April to work alongside the boutique fund manager’s inaugural financial adviser, Simon Hepple. The Auckland- and Hawke’s… [Read More…]
BetaShares takes stairway down to heaven
BetaShares, the David to Goliath of the world’s three biggest fund managers with which it competes, has notched up another apparent win with the launch of the mainstream Aussie equities ETF – A200 – which has the cheapest headline fee in its category: just 7bps. At a lively party at Sydney’s hotspot area of the… [Read More…]
Anglican scheme re-christened
The NZ Anglican Church KiwiSaver scheme has dropped the long-running Koinonia brand as part of a drive to broaden its appeal. In March the $45 million, 1,750-member restricted scheme adopted the plain-pack ‘Christian KiwiSaver’ title more than 10 years after launching under the Koinonia banner. Mark Wilcox, CEO of the NZ Anglican Church Pension Board,… [Read More…]
New MIS manager rocks into list
The number of licensed managed investment scheme (MIS) managers is crawling closer to 70 after a new firm joined the Financial Markets Authority (FMA) fray this March. Dunedin-based Obsidian Group earned its MIS badge last month – freshening up the FMA list which has been static almost since the Financial Markets Conduct Act (FMC) regime… [Read More…]
War brewing in Aussie managed fund admin space
Andy Harrison, the chief executive of Link Fund Solutions, formerly known as White Outsourcing, has left the company. The move could spark a major disruption of the fund admin part of the industry. Harrison joined the former White Outsourcing in 2002 and was an integral part in building the firm into a major player in… [Read More…]
Morale a worry as ANZI legend leaves the building
ANZ Investments (ANZI) is on watch with researchers after the surprise exit of CIO, Graham Ansell, last week. Ansell’s resignation followed a string of top-level departures from NZ’s largest privately-owned fund manager over the last year or so including: fixed income portfolio manager, Ross Hunt; head of Australasian equities, Mark Brown; and, head Australian equities… [Read More…]
Ex Vontobel chief wins AMP Capital mandate from Vontobel
AMP Capital NZ will shift about $160 million from Swiss-based firm Vontobel to a US equities manager GQG Partners following a mandate change in its global shares funds. In a note to clients last week, Rebekah Swan, AMP Capital NZ head of distribution, says the manager swap would apply to the group’s Core Global Shares,… [Read More…]