Innovation is beginning to emerge in the KiwiSaver sector with a few providers considering the launch of “non standard structures”, according to Financial Markets Authority (FMA) chief, Rob Everett. Everett said the FMA had been in discussions with a handful of providers about the legality of potential innovative KiwiSaver offerings such as “self select” options… [Read More…]
Investment News
Returns head south for Foundation North
The almost $1.2 billion Foundation North dipped into its kitty to fund grants over the latest financial year after investment returns fell almost $60 million under budget. Foundation North, previously known as the ASB Community Trust, recorded a net investment return of $18.4 million over the 12 months to March 2016 compared almost $138 million… [Read More…]
First NZ simplifies, opens online client portal
The newly-branded FNZC has invested heavily in its just-launched client engagement system, according to CEO, Scott St John. St John said the stockbroking firm formerly known as First NZ Capital created the myFNZC “wealth client portal” initially to help the business comply with the new regulatory regime. “Originally the decision to build myFNZC was regulatory-driven,”… [Read More…]
IRD postpones answers for GST fund fee questions
The Inland Revenue Department (IRD) has pushed back further the deadline for resolving the long-running issue of how GST applies to NZ retail managed fund fees. First tabled for informal industry discussion late in 2015, the IRD had slated two formal ‘questions we’ve been asked’ (QWBAs) consultation papers for publication this July. According to an… [Read More…]
Australian boutique multi-manager prepares growth products for NZ
The ASX-listed diversified financial services firm, Fiducian, plans to roll out a trio of funds to NZ investors. Indy Singh, Fiducian founder and managing director, said the group would offer three of its multi-manager products to the NZ market in its first foray across the Australian border. Singh said Fiducian was close to finalising compliant… [Read More…]
Winners and losers in the digital revolution
The term ‘big data’ may be old hat but the revolution which it tried to describe appears to have, if anything, reached a fever pitch. All industries are digitalising, not the least being finance and investments. In the investment world as the revolution plays out there are already many casualties and there will be many… [Read More…]
Murrays on the move at ANZ, Fisher; custody roles filled; Partners gets FMA man
ANZ Investment Management is recruiting for a new portfolio manager following the surprise exit of Daria Murray. Graham Ansell, head of ANZ Investment, confirmed Murray, who joined as Australasian portfolio manager last August, had resigned effective immediately. “We in the process of looking for a replacement now,” Ansell said. Murray jumped ship to ANZ last… [Read More…]
New alternatives for BTNZ as Advance retreats
BT Funds NZ has lined up a new selection of alternative asset managers following the closure of an incumbent fund offered by fellow Westpac subsidiary, Advance Asset Management. The alternative refreshment has seen Goldman Sachs, BlackRock and K2 Advisors pick up mandates with BTNZ to run strategies for the Westpac NZ investment arm. Matthew Goldsack,… [Read More…]
Fintech conference finalised, how to get 25% off plus CPD points
New Zealand’s inaugural ‘fintech’ conference is shaping up well with a full speaker list and agenda confirmed for the November 10 event, according to organiser, Binu Paul. Paul, founder of innovative KiwiSaver online research platform, SavvyKiwi, said the Finnotec 2016 conference would include presentations from both local and offshore-based fintech pioneers. He said the conference would also… [Read More…]
KiwiSaver study finds $33,000 gap in average scheme member balance
The spread between highest and lowest average KiwiSaver scheme balances has hit more than $33,000, the 2016 Investment News NZ (IN NZ) analysis of the sector has found. According to the IN NZ research, the distance between the lowest and highest average member balance increased by about $3,000 year-on-year. The analysis found the scheme with… [Read More…]