Retirement savings concessions, a rethink of the capital gains tax (CGT) relief on most NZ and Australian shares within portfolio investment entities (PIE) and changes to the fair dividend regime (FDR) will all be up for discussion under the Sir Michael Cullen-headed tax reform consultation. Cullen said a broad-based CGT (excluding the family home) –… [Read More…]
Investment News
Draft code sets new degrees of difficulty for advisers
Full-blown financial planning advice would require close to degree-standard qualifications under the proposed new industry Code of Conduct published last week. The draft code sets out a minimum standard of either a degree (at a minimum level 7 ranking) in “financial planning, accountancy, business, commerce, economics, finance, or management” or another relevant qualification – “possibly… [Read More…]
Direct fund platform on target for $250m as Rabo clients clamber aboard
Over 90 per cent of RaboDirect assets representing more than $100 million will transfer to successor direct fund platform, InvestNow, following an agreement inked last October. Under the deal RaboDirect investors had until the end of the current tax year to agree to the transfer terms or cash out their holdings. Mike Heath, InvestNow general… [Read More…]
Morningstar carbon report card due, ESG product demand heats up
Morningstar aims to provide carbon-risk reporting on managed funds later this year, the firm’s Asia Pacific head of manager research ratings, Chris Douglas, told a NZ conference last week. Douglas told the Heathcote Investment Partners ‘Meet the managers’ symposium that the carbon scoring system – based on data supplied by partner firm, Sustainalytics – would… [Read More…]
Capital do-tank looks to extend investment horizons…
An alliance of large firms, fund managers and asset owners is mulling over metrics to measure the time horizon of global capital allocation. Sarah Williamson, head of the Focusing Capital on the Long Term (FCLT), said the not-for-profit organisation was developing “some sort of scorecard” that would show whether the world was shifting its gaze… [Read More…]
… as Research Affiliates warns against ‘noise measurement’
Investors, including fund managers, can “overdo” their performance measurement assessments, according to a new paper by Research Affiliates. This may skew thinking and reactions towards short-term “noise”. US-based Research Affiliates, says in ‘Performance Measurement – How to Do it if We Must’ that technology is making performance measurement a lot easier and, because it is… [Read More…]
Why size matters, times change and other facts about factor-fusion
Factor-investing has not been the same since the global financial crisis (GFC), a new analysis by index provider FTSE Russell shows, as the flight to low-volatility and quality stocks intensified. According to the FTSE Russell study published last week, low-volatility and quality shares generated the highest returns with the least risk compared to the four… [Read More…]
Rising investor conservatism – why it’s a problem
This may be the most “conservative” generation – that is, the millennials – since the Great Depression, according to Sabrina Bailey, Northern Trust Investments’ head of retirement solutions. And the repercussions could be profound. Chicago-based Bailey said in an interview prior to addressing last week’s CMSF conference that behavioural factors impacting people’s investment choices tended… [Read More…]
MMC registers big win with Milford
Auckland-based fund administration firm MMC has replaced Trustees Executors (TE) as registry provider for the Milford Asset Management range of KiwiSaver and portfolio investment entity (PIE) funds. In a statement, MMC chief, Tom Reiher, said the Milford registry business would shift across from TE by June this year. “We are excited at the opportunity to… [Read More…]
Former Money Managers-linked trustee firm restructures, gets licence, hires up
A rebooted trustee company is trying it luck in the NZ market after gaining a regulatory licence to operate late last year. The Heritage Trustee Company, originally formed in 1998 by parties associated with the colourful Money Managers financial advisory group, hired former Public Trust head of client services, Lloyd Wong, as senior supervisory manager…. [Read More…]