“Our scenario is ambitious but I don’t think it’s crazy,” says Simon Cox, the investment strategist for BNY Mellon Investment Management in Asia Pacific. He made an interesting case for global optimism, last week, in a series of presentations for advisors. “We thought it was at least worth exploring more optimistic scenarios for the world,”… [Read More…]
Investment News
FSC backs QFE model, sales/advice division, rules for robots
Qualifying financial entities (QFE) shouldn’t have to disclose more detail about their operations, according to the Financial Services Council (FSC). In its submission on the review of the Financial Advisers Act (FAA), the FSC, which represents large funds managers and insurers, said there “would be no great benefit in increasing the transparency of the QFE… [Read More…]
New Australasian sales chief for Mercer, AMP Capital finds Dunne replacement
Mercer NZ sales chiefs have an extra trans-Tasman reporting line after the investment consulting and multi-management firm established a new Australian-based “leadership position” last week. According to a Mercer spokesperson, current “investments and financial services sales leaders in Australia and New Zealand” will report to Brian Zanker, who takes on the new head of sales… [Read More…]
Mark to market: how to stay ship-shape through multi cycles
The financial equivalent of a ship safe-load mark could help keep retirement plans afloat across market peaks and troughs, according to Tim Noonan, Russell Investments head of Capital Market Insights. Addressing the Russell Investments NZ annual conference last week, the Seattle-based Noonan said while the number one fear of pre-retirees is running out of money… [Read More…]
Milford’s Warminger denies manipulation as FMA starts civil case
The Financial Markets Authority has launched civil proceedings against Milford Asset Management (MAM) portfolio manager, Mark Warminger, on alleged market manipulation charges. In a statement just issued, the FMA said it would be seeking “pecuniary penalties” from Warminger in relation to trading carried out at Milford between December 2013 and August 2014. Warminger would defend… [Read More…]
SuperLife to buoy new global ETFs
The NZX-owned SuperLife will seed the group’s new range of nine badged Vanguard global equity exchange-traded funds (ETFs), according to Aaron Jenkins, NZX head of managed funds. Jenkins said SuperLife, via its $1.3 billion corporate super and KiwiSaver schemes, would back the just-released NZX Smartshares ETFs with new and existing money. “It’s hard to get… [Read More…]
JP Morgan wins sole charge in ACC custody battle
As flagged earlier this month, JP Morgan has snaffled the unified custodian role at the $30 billion plus ACC fund, knocking Northern Trust out of a job in the process. According to an ACC spokesperson, the transition of Northern Trust-held assets to JP Morgan – amounting to about $5 billion of global securities – should… [Read More…]
MJW crash-test dummies show quick recovery for KiwiSaver growth members
KiwiSaver members invested in growth funds would see balances recover relatively quickly following a major market correction, according to new modeling by actuarial consulting firm Melville Jessup Weaver (MJW). Under the stress-test, MJW tracked the fortunes of two stereotypical growth and conservative KiwiSaver portfolios through a hypothetical market crash starting October 1 this year and… [Read More…]
FNZ back in the black despite revenue drop
Investment platform firm FNZ (NZ) returned to profit in 2014 after reporting a net loss of almost $15 million in the previous year. According to the FNZ Holdings NZ accounts for the year ending December 2014, the company turned a net loss of $14.7 million in 2013, largely on the back of a related-party impairment,… [Read More…]
First post-kickstart figures show transfers up, kids down
KiwiSaver scheme transfers spiked to their highest level in more than six months during June, the latest Inland Revenue Department (IRD) statistics reveal. According to the IRD figures, inter-scheme transfers (excluding mergers) hit a peak of almost 17,900 members in June, about 5,300 more than the preceding month. With the exception of November 2014, when… [Read More…]