The exit of Peter Neilson from the Financial Services Council (FSC) has sidelined proposals to create a unified industry body. Following the departure of Neilson – made redundant over a week ago – the FSC launched a full strategic review, putting merger talks with employer superannuation and KiwiSaver organisation, Workplace Savings NZ (WSNZ), in jeopardy…. [Read More…]
Investment News
AMP Capital confirms $150m fund closure
As flagged late last year, AMP Capital will shut down its $150 million Strategic NZ Shares Fund. Grant Hassell, AMP Capital NZ chief, said investors in the product could either transfer to the group’s NZ Shares Fund or sell down their holdings. “There will be no cost to investors to transition to the AMP Capital… [Read More…]
Russell gets multi with NZ shares
Russell Investments has doubled the number of underlying managers in its NZ shares fund. The NZ shares fund is one of the five Russell-managed portfolio investment entity (PIE) products marketed by Wellington-based Implemented Investment Solutions (IIS). A note to Russell Investments NZ Shares Fund clients says Devon Funds Management had been awarded a mandate that would eventually… [Read More…]
Pie re-opens closed fund, keeps lid on KiwiSaver
Auckland-based small-cap boutique manager Pie Funds has unlocked its Australasian Emerging Companies Fund, seeking a ‘war chest’ to take advantage of current market volatility. Sam de Court, Pie head of client services, said a change in market conditions prompted the manager to open a window for new investors in the $48.3 million fund, which soft-closed… [Read More…]
Nikko takes cash off the table
Nikko Asset Management has ploughed back into the NZ stock market moving its $83 million Concentrated local equities fund from almost 20 per cent cash to zero in less than two months. Stuart Williams, Nikko NZ head of equity, said the manager’s more sedate $250 million Core local shares fund was also now fully-invested after… [Read More…]
House party ramps up for KiwiSavers
KiwiSaver members have withdrawn about $470 million over the 12 months to the end of January this year to splash out on new homes, according to the latest Inland Revenue Department (IRD) statistics. The IRD figures show almost 34,000 KiwiSaver members withdrew an average of $13,850 from their retirement savings accounts to help fund house… [Read More…]
ASX explains blockchain attempt, NZ targets
Last year the ASX quietly commenced what is looking very much like a transformation of its technology, including CHESS, a purpose built sub-registry platform which ASX introduced in 1996. This time the ASX has cemented its position by buying a stake in the American company building a prototype using distributed ledger technology. Peter Hiom, ASX’s… [Read More…]
New game in play for Rich
PortfolioConstruction Forum (PCF), the Sydney-based firm run by ex-pat Kiwi, Graham Rich, has signed a deal with US start-up Capital Preferences to market its investment advice education program in Australian and New Zealand. According to a statement released last week, PCF would take on the official accreditation rights in Australasia for Capital Preferences’ ‘Quantitative Advice… [Read More…]
Marketing takes on sales thanks to digital tools
The marketing function at asset management companies is moving from one of sales and distribution support to actively engaging clients and targeting investors, according to an international survey of digital marketing trends in funds management. The survey, by New York-based funds management marketing firm Kurtosys, which produces various online marketing tools, shows content marketing has… [Read More…]
BNZ, Milford keep the pace in KiwiSaver
BNZ continued its climb up the KiwiSaver charts, racking up the fastest proportional gain over the December quarter, according to Australian research house Plan for Life. The Plan for Life figures show the BNZ scheme (which outsources funds management to Russell Investments) grew by 11.4 per cent over the closing three months of 2015 with… [Read More…]