Jason Hsu, a co-founder of California-based Research Affiliates, creator of the ‘fundamental index’ and promoter of smart beta, has bought a majority interest in the firm’s Asian business, which has been reformed into a new company known as Rayliant Global Advisors. Hsu will remain the vice chairman and a shareholder of Research Affiliates, which will… [Read More…]
Investment News
Regulator looks to capture companies under mooted MIS border expansion
Investment schemes structured as unlisted equities would be subject to tougher compliance standards under proposals floated by the Financial Markets Authority (FMA) last month. The FMA plan – released in a Financial Markets Conduct Act (FMC) regulatory consultation paper dump in December – would see a number of investment schemes, currently classified as equities, corralled… [Read More…]
Public Trust loses $280m Fisher back-office job
Fisher Funds has dumped Public Trust as trustee from a range of funds inherited as part of its 2013 purchase of Tower Investments. In a December 2015 prospectus for the four funds, marketed collectively as the Fisher Funds Investment Series Unit Trusts, the manager named its back-office provider of choice, Trustee Executors (TE), as… [Read More…]
How sovereign funds’ contrarian style outperforms
Sovereign Wealth Funds invest in a contrarian manner compared with fund managers and super funds, according to new research from State Street Global Advisors. They take bigger bets on growth assets and use their size and longer-term liabilities time horizon to best advantage. Everyday investors can learn from them. The research paper, written by Elliot… [Read More…]
All Black legend scores NAB Asset gig as another ex-pat quits captaincy
Andrew Mehrtens, a former senior sales executive at Centric Wealth, a subsidiary of the accounting and planning group Findex, starts a new finance career in securities servicing this year. He joined NAB Asset Servicing, based in Sydney, last month. Mehrtens, 42, best known for his sporting prowess as a 70-cap rugby international with the New… [Read More…]
Global economy sound but investment returns muted in 2016, Russell
The year ahead promises only “limited upside potential for investment returns”, according to the Russell Investments ‘2016 Annual Global Outlook’. In the report, published just before the China-inspired global equity market plunge that greeted January, Russell says the 2015 scenario of “stretched equity valuations, low bond yields and narrow credit spreads” would intensify this year…. [Read More…]
Bulk beta, smart beta and the new alpha
Towers Watson, a keen promoter of smart-beta strategies for its big fiduciary clients, has come up with a term for us to categorise the old-style beta: “bulk beta”. More importantly, the consulting firm has produced a paper describing the implications of smart-beta trends for what we used to know as “alpha”. The paper, ‘Into a… [Read More…]
Au steps back at BNP Paribas
Lawrence Au has stepped down as head of Asia Pacific for BNP Paribas Securities Services and will become an advisor for the bank on key client relationships as he transitions to retirement. He has been replaced by Philippe Benoit who will also based in Hong Kong. Au has had a career in investor services for… [Read More…]
Saturn to see ex van Eyk adviser in court
The Saturn Portfolio Group is planning legal action to enforce “contractual property rights” in the wake of its purchase of the troubled van Eyk Advice NZ group late last year. Craig Stobo, Saturn chair, confirmed the group would pursue at least one of the former van Eyk advisers – understood to be a current Forsyth… [Read More…]
Westpac ships local fixed mandate to Harbour
Harbour Asset Management has won a $180 million fixed income mandate replacing AMP Capital in a range of Westpac-distributed funds. According to the respective prospectuses for the BT Private Selection and Westpac Active Series funds, Harbour was due to replace AMP Capital as NZ fixed income manager for the products within six months of the… [Read More…]