Russell Investments could remain under the umbrella of the London Stock Exchange (LSE) for some time yet, according to the Financial Times (FT). In a story published last week, the FT says the sales process has “stalled, despite a months-long process to dispose of Frank Russell Investments”. “According to two people familiar with the matter,… [Read More…]
Investment News
NZ Super gets real passive as reference portfolio reviewed
The almost $30 billion New Zealand Superannuation Fund’s (NZS) actual and benchmark portfolios are tracking closer than ever before, according to chief investment officer, Matt Whineray. Whineray said most assets fully-valued and “markets going sideways” the NZS pulled back from active risk compared to its ‘reference portfolio’. NZS launched the reference portfolio in 2009 to… [Read More…]
NAB bounces back with big new custody relationship
NAB Asset Servicing (NAS) is set to replace BNY Mellon with Citi as its global custodian, ending an association spanning about 20 years. The decision follows a review undertaken this year and may well involve closer involvement between the two in other aspects of their custody businesses. Matt Brown, NAS chief executive, launched his strategy… [Read More…]
Annual KiwiSaver inflows verge on $5bn
KiwiSaver inflows were up 17 per cent in the 12 months to the end of June with contributions hitting $4.8 billion compared to just over $4 billion (up 33 per cent on 2013) during the previous annual period, according to new figures released by the Inland Revenue Department (IRD). Employer and member contributions made up… [Read More…]
GSAM’s compelling case for active fixed income
Just about the only option for investors looking at their fixed income allocations at the moment is to replace beta with alpha for at least a part of their portfolio. There is not a lot else jumping off the page, according to Philip Moffitt, the head of fixed interest for Asia Pacific and partner at… [Read More…]
Milford KiwiSaver performance fees due for reset
Milford Asset Management is rejigging its KiwiSaver fund performance fees in line with changes flagged earlier for the group’s range of unit trusts. In a letter sent to Milford KiwiSaver members last week, the manager said it had “enhanced the high watermark methodology and performance losses incurred will be brought forward into subsequent performance periods”…. [Read More…]
NZ Super surprise exit leaves in-house shares team short-staffed
Recent UK import, Daria Murray, has quit the New Zealand Super Fund (NZS) after less than half a year in a portfolio management role with the country’s second-largest institutional investor. An NZS spokesperson confirmed an NBR report last Friday that Murray had “resigned to pursue other career opportunities” – with industry sources tipping ANZ Investments… [Read More…]
Boutique investment service kicks off with $235m
A new back-office investment service for “independent minded” financial advisers has attracted about $235 million of initial commitments, according to Nick Stewart, head of Hastings-based Stewart Financial Group (SFG). Stewart, who helped set up the new Boutique Advisers Alliance (BAA), said five upper North Island advisory groups have begun using the service, which administers a… [Read More…]
Dent ends three-decade shift at FireSuper
Legendary FireSuper secretary, Barry Dent, retired last Friday after almost 30 years’ involvement with the scheme. Dent, a stalwart on New Zealand’s employer superannuation scene, joined the Christchurch-based FireSuper as a trustee in 1987 before taking on the scheme secretary responsibilities in September 1994. “I’ve watched the scheme grow from zero to $373 million,” he… [Read More…]
Insto investors to pool $10 billion thoughts, not votes, on NZ listed company behaviour
A new corporate governance alliance between New Zealand’s largest institutional investors was not an exercise in proxy-power pooling, according to the group’s chair, Anne-Maree O’Connor. Last week the New Zealand Corporate Governance Forum (CGF) launched with 16 of New Zealand institutional investors as members, representing over 15 per cent of the local share market. The… [Read More…]