Investment News

Fund platform Flint Wealth is to shut down with clients facing a July 25 deadline to redeem holdings. The sudden closure of the platform follows the recently announced sale of the Trustees Executors (TE) fund accounting and custody business to Apex Group. In an email sent to clients today, Flint says it had been notified… [Read More…]

ANZ Investments has hired BlackRock as an underlying manager to replace long-time incumbent, MFS. According to documents released today, ANZ has swapped out MFS with a BlackRock active multi-factor vehicle. MFS comprised just under half – or more than $4.6 billion, according to the March quarter Melville Jessup Weaver investment survey – of the total… [Read More…]

Investment Services Group (ISG) has embarked on a “strategic review” of its business with a range of outcomes, including a sale, on the table. Christchurch-headquartered investment bank, Murray & Co, has been appointed to run the review for ISG – the $6 billion plus diversified financial services business incorporating fund managers Devon, Clarity and Tahito… [Read More…]

Investment administration provider, Appello Services, has fielded a flurry of queries from local managers in the wake the recent sale of the Trustees Executors (TE) fund accounting and custody divisions to rival, Apex Group. Craig Nodder, Appello chief, said the firm had seen a marked pick-up in interest from NZ fund managers following the deal,… [Read More…]

FNZ has reported a more than US$555 million loss across its global operations despite top-line revenue increasing about 50 per cent year-on-year as the company absorbed acquisition costs and higher operating expenses. The recently released 2023 accounts for the now NZ-domiciled wealth technology group show losses blew out over 70 per cent compared to the… [Read More…]

KiwiSaver mammoth, ANZ, lumbered through the March quarter at the slowest growth-rate of all providers in the multi-billion dollar herd, according to the latest Plan for Life (PFL) data. Collectively, the three ANZ schemes grew by 3.6 per cent during the three months to the end of March at almost quarter the pace of front-runner… [Read More…]

Budget cuts at the already stretched Retirement Commission threaten to undermine some of its front-line services including the well-regarded Sorted website, according to the latest Statement of Performance Expectations (SPE) for the organisation. The SPE shows government has sliced more than $1.3 million off the Retirement Commission (or Te Ara Ahunga Ora) allocation for the… [Read More…]

Australian fund managers are queuing up to enjoy the NZ experience. Clayton Coplestone, Heathcote Investment Partners founder, offers on-boarding advice…   Just a three-hour flight away with a good tailwind, NZ has long been a tempting destination for Australia-domiciled fund managers. We speak almost the same language, share strong historical and cultural links while offering… [Read More…]

Well-known NZ investment industry identity, David Boyle, is set to headline as a freelance KiwiSaver advocate to the people of Hastings later this month in a cause uniting literacy and financial literacy. Boyle will draw on his considerable experience both inside the funds management sector and a four-year stint with the Commission for Financial Capability… [Read More…]

Passive investing may have skewed the numbers but the index-hugging wall of money can’t break the maths of markets, a new GMO paper argues. An analysis published in the June quarter newsletter from the famed Jeremy Grantham-founded value manager, suggests the hyperbolic rise of passive funds has proved less of a danger to market fundamentals… [Read More…]