EBS BrokerTec, the electronic foreign exchange (FX) and fixed income trading firm, has lifted its marketing effort for FX in Australia and New Zealand with the recruitment of Sara Gilbert as head of buy-side sales for the APAC region. Gilbert, an experienced financial systems marketer, was most recently a managing director of the big software… [Read More…]
Investment News
Ex NZ Super manager on board with Mint
Following its $150 million NZ equities mandate win from the New Zealand Superannuation Fund (NZS) earlier this month, Auckland-based boutique Mint Asset Management has named Brett Sutton as independent director. Sutton, who ended a three-and-a-half-year stint as head of NZS direct investments in 2012, will take the second independent director spot alongside recently-appointed Mint chairman,… [Read More…]
Mercer cuts Milford from Trans-Tasman fund
Mercer has stripped Milford Asset Management of an estimated $120 million wholesale NZ equities mandate as fallout from the Financial Markets Authority (FMA) investigation continues. The change was noted in a slew of substantial shareholder notices lodged on the NZX this afternoon, including Wynard Group and Tourism Holdings. Anthony Quirk said while the loss of… [Read More…]
Aon super admin, KiwiSaver sale mooted
Investment News NZ (IN NZ) understands Aon Hewitt has sold its superannuation and KiwiSaver fund administration business to a new entrant in the New Zealand market. According to industry sources, Aon has been in discussions with the unidentified purchaser for the last nine months with a deal – that may also include the group’s KiwiSaver… [Read More…]
BNZ to put in-house PIEs on investment menu
BNZ is considering launching a new range of portfolio investment entity (PIE) products. Donna Nicolof, BNZ head of wealth, told Investment News NZ (IN NZ) the bank was developing some in-house PIEs to cover a number of asset classes. However, Nicolof said the PIEs were in early stages and probably wouldn’t be ready for market… [Read More…]
NZX lays out ETF growth plans…
More products combined with increased adviser and investor education should fuel growth in the local exchange-traded fund (ETF) market, according to NZX chief, Tim Bennett. “The key drivers of ETF growth offshore have been product proliferation plus adviser and retail education,” Bennett said. He said with 10 Smartshares ETFs already listed and about a dozen… [Read More…]
… as FundSouce qual deal close, Stanley moves to First NZ
The NZX has confirmed it is in talks with start-up Australian investment researcher, mfund Research, to supply qualitative reports on local fund managers. Tim Bennett, NZX chief, told Investment News NZ (IN NZ) the firm was “working through a process” with mfunds, a research business founded this year by ex Lonsec research manager, Darren Howlin…. [Read More…]
Towers firms as Russell buyer after Willis merger news
The surprise proposed merger between Towers Watson and Willis Group announced last week has pushed the consulting firm to the top of the betting to win the auction for Russell Investments, which is reputedly down to a short list of three: Towers Watson and two Chinese firms – financial services conglomerate Citic and the unlikely… [Read More…]
Sovereign confirms $600m heading to JMIS as DIMS exodus begins
Auckland-based advisory firm JMIS will take control of the approximately $600 million floating in Sovereign’s Select discretionary investment service (DIMS) platform before year’s end, pending regulatory sign-off. Rebecca Russell, Sovereign head of customer management and product, told Investment News NZ (IN NZ) the legal transfer of the Select funds to JMIS – in a deal… [Read More…]
Summit invites to the PAA on the FAA: fund managers on guest list, date TBA
Fund managers will be among those industry participants invited to discuss the future of financial advice this month in a ‘summit’ proposed by the Professional Advisers Association (PAA). According to Bruce Cortesi, PAA chair, invitations to the ‘Summit on accessibility of advice’ are being sent out to stakeholders across the financial services industry to attend… [Read More…]