Betashares is poised for further acquisitions, geographical expansion and product launches after securing promises of A$300 million of new capital from Singapore government fund, Temasek, in a ‘binding agreement’ signed last week. Alex Vynokur, Betashares chief, said the Temasek top-up would spur buy-outs as well as “organic” growth across “more products, services, and international markets”…. [Read More…]
Investment News
Former Spicers, Perpetual chief dies
Well-known NZ financial services identity, Patrick Middleton, died last week after a short illness. Middleton served as chief of the property investment business, Conrad Funds Management, for the last eight years but he previously headed several marquee NZ financial businesses including the pioneering advisory firm, Spicers. After a stint at Spicers, Middleton took the helm… [Read More…]
ACC hunts for Aussie REIT manager; ex Fisher CIO to chair Foundation North investment committee; Smartshares names new sales exec
The almost $50 billion Accident Compensation Corporation (ACC) fund is recruiting for a portfolio manager to run a newly created Australian listed property allocation. According to the job description, the role entails managing the new Australian real estate investment trust (REIT) portfolio to “achieve investment returns that are better than” its benchmark on a risk-adjusted… [Read More…]
Platform exposure doubles for i-Select
The almost $400 million UK pension transfer scheme, i-Select, has expanded its distribution potential after joining the NZX Wealth Technologies, Forsyth Barr and Adminis platforms. Hugh Stevens, i-Select managing director, said the multi-choice investment UK pension provider had adopted an “open architecture” approach to platform partnerships. “We’re seeing increasing demand from a wide range of… [Read More…]
Climate disclosure for dummies: regulators roll-out self-help manuals
The Financial Markets Authority (FMA) and the External Reporting Board (XRB) have produced a pair of complementary guides designed to help readers interpret the flood of compliance materials about to wash over the country. Under the climate-reporting disclosure (CRD) regime more than 200 entities, including most retail fund managers, are due to file inaugural statements… [Read More…]
Game-off: UK regulator finds retail trading platform tricks are traps
In a novel experimental study the UK Financial Conduct Authority (FCA) has found common retail investment platform ‘engagement’ tools can increase the risk of consumer harm. The FCA measured the impact of four ‘digital engagement practices’ (DEPs) – flashing prices, push notifications, trader leaderboard and ‘points and prize draws’ – on 9,000 plus retail investors… [Read More…]
Custodian readies Australasia for faster, global, tech-enhanced times
The recent halving of settlement times in North American markets has led to a counterintuitive improvement in trade success rates, according to Patrick Colle, BNP Paribas head of securities services. Colle, on a visit to Australia last week, said the move to T+1 settlement times in the US, Canadian and Mexican markets at the end… [Read More…]
Central banks reach for digital currency on-switch
Almost all central banks are toying with digital currencies in response to crypto-challengers and technological developments, a new survey has found. However, the latest Bank of International Settlements (BIS) poll of 86 monetary authorities suggests wholesale central bank digital currencies (CBDC) will likely arrive ahead of, limited, retail versions. “… the likelihood that a wholesale… [Read More…]
FMA v Booster headed for long court battle
Booster and the Financial Markets Authority (FMA) are lawyering-up for what could be a multi-year legal battle after the regulator laid serious civil charges against the Wellington-headquartered firm last week. The FMA is seeking “declarations of contravention, pecuniary penalties” and “an inquiry into damages” over 75 alleged governance breaches surrounding the Booster Tahi private wine… [Read More…]
‘They’re going ballistic’: AMP slashes redundancy benefits across business
AMP has slashed redundancy pay maximums and notice periods across its business with a new policy that has put management on the defence and left staff deeply dissatisfied. Under the new policy, the minimum notice period has changed from eight weeks to six; the age supplement for staff over the age of 45 has been… [Read More…]