Investment News

Any prospective replacement system for the Reserve Bank of New Zealand (RBNZ) financial instrument back-office clearing service, NZClear, would have to be domiciled locally, sale documents show. According to the RBNZ expressions of interest form, the dual financial regulators – the central bank and the Financial Markets Authority (FMA) – would require “adequate regulatory influence… [Read More…]

Morningstar has downsized its New Zealand operations, shifting sales and local stock research duties to the Sydney headquarters. Following the shake-up, only data specialist Greg Bunkall, and Elliot Smith, fund research analyst, have been guaranteed roles in Morningstar’s to-be-relocated Auckland office. A Morningstar spokesperson said Stuart Auld, head of sales in NZ since 2010, “will… [Read More…]

The Aon KiwiSaver scheme has dropped Milford Asset Management from its default option and as the ‘alternative’ manager in another ANZ-managed fund. According to the latest Aon KiwiSaver prospectus, the scheme’s default option – which picks up all members who have joined the scheme but not made an investment choice – will now feed 100… [Read More…]

The $33 billion Accident Compensation Commission (ACC) investment fund is preparing to scale up its exposure to unlisted assets after hiring investment banker, Carl Blanchard, in a newly-created role. Blanchard, who resigned from an investment banking position at broking house First NZ Capital last week, will join the ACC fund in the next two months… [Read More…]

The Ministry of Business, Innovation and Employment (MOBIE) has proposed more flexible multi-manager fund disclosure options in the latest round of Financial Markets Conduct (FMC) regulatory consultation. Under MOBIE’s ‘Supplementary Financial Markets Conduct Regulations’ proposals, as underlying changes occur multi-manager schemes could use fund updates in addition to an original product disclosure statement (PDS) or… [Read More…]

The annual Russell Investments/ASX long-term performance study of the nine major asset classes has led the advisory firm and multi-manager to question traditional investor allocations to domestic shares and residential property. With the possibility of a housing bubble in Sydney and Melbourne – as well as Auckland in New Zealand – being openly discussed, prospects… [Read More…]

New Zealand government bonds are the most climate-sensitive in the developed world, according to a new Mercer report. The ‘Investing in a time of climate change’ study – a sequel to Mercer’s inaugural 2011 report on the same subject – named New Zealand as the “most vulnerable of the developed market sovereign bonds”. Mercer says… [Read More…]

Northern Trust Asset Management has hived off its alternatives division into a new company, 50 South Capital, which will give the alternatives managers more autonomy within the group while protecting the parent bank from direct investments in some trading activities. For Australian and New Zealand investors, though, the upshot may be that, with the opening… [Read More…]

Peterson Research Institute (PRI) has produced a strident defence of active management by institutional investors based on an assessment of manager skill as allocated in super funds’ investment risk budgets. John Peterson says: “The active/passive debate is over – the real numbers tell the real story”. Peterson, a former fund manager and asset consultant, formed… [Read More…]

Australasian technology stocks currently offer good value, according to Harbour Asset Management chief, Andrew Bascand. In a presentation to the Portfolio Construction Forum (PCF) in Auckland last month, Bascand said the recent high demand for defensive stocks could have “created a medium-term relative opportunity” for local tech investors. “… a basket of largely uncorrelated NZ… [Read More…]