KiwiSaver providers could get some clarity on UK pension fund transfer relief early this month, according to Bruce Kerr, Workplace Savings NZ chief. Kerr said the industry body is “working very hard” to negotiate some relief measures from the UK tax office, which recently removed all KiwiSaver providers from its list of Qualifying Recognised Overseas… [Read More…]
Investment News
Mass KiwiSaver membership drive picked to cost under $100m
An auto-enrolment blitzkreig could cost the government less than $100 million over the next four years, according to a spokesperson for the Finance Minister, Bill English. As flagged on Investment News NZ (IN NZ) last week, the spokesperson confirmed mass auto-enrolment would be back on the government agenda “over the next six to 12 months”… [Read More…]
Stewart to press go with $4.5m
The Retirement Income Group should have its annuity-style product officially on the market well before year’s end, according to founder, Ralph Stewart. Stewart said after a hectic round of capital-raising – including a last-ditch attempt via ‘crowdfunding’ website Equitise – the company met its funding target. “We were 110 per cent oversubscribed. Our target was… [Read More…]
AMP Capital rebuffs Morningstar
AMP Capital has knocked back research house Morningstar in its latest round of NZ equities manager reviews. In a communique issued last Friday, Morningstar said AMP had opted out of the process for its NZ shares funds. “We have discontinued coverage of AMP Capital Strategic NZ Shares as AMP Capital has chosen to decline our… [Read More…]
ANZ prepping Aussie ETFs for NZ market
The range of ANZ exchange-traded funds (ETFs) launched in Australia last week will also be marketed to New Zealand investors. Ana-Marie Lockyer, head of wealth products for ANZ Global Wealth New Zealand, said the ETFs – the first to be offered by an Australasian bank – were being prepared for local consumption. “We are currently… [Read More…]
Managers get another battering about fees…
Australian fund managers may be under more pressure from their big clients to reduce fees following a comprehensive survey by asset consultant Frontier Advisors which was presented to clients at its 20th annual conference last week in Melbourne. Senior Frontier consultant, Leigh Gavin, said Australians paid far too much in super fees and in some… [Read More…]
… as Aussie investment legends highlight what we should be worrying about
Chris Cuffe, who built Colonial First State into a retail powerhouse before moving to the “other side” as chairman of UniSuper, has raised serious questions about the future structure of the wealth management industry over the next two-to-three years. Speaking at the Frontier Advisors conference, he queried the future of the banks’ financial advice operations… [Read More…]
Sonata hits right note for Mercer
Fund administration software provider, Bravura, has landed another major Australasian client for its new Sonata platform. Last week, Mercer said in a statement it would use Sonata “to administer multiple books of superannuation and KiwiSaver business for clients across Australia and New Zealand”. Aside from the just over $1 billion in its own two, soon-to-be-merged,… [Read More…]
Why retirees need re-risking… and a cushion
As low interest rates push aging retail investors to retain exposure to growth assets, portfolio risk management has become increasingly important, according to Wade Matterson, practice leader Australia for global actuarial firm Milliman. Matterson said retail investors – particularly those in or near retirement – are faced with a difficult choice in an era of… [Read More…]
Kickstart cancellation could reboot soft compulsion as sticker price reduced
The removal of the $1,000 KiwiSaver ‘kickstart’ incentive in last week’s budget could be the precursor to a blanket auto-enrolment of employees, according to Bruce Kerr, head of Workplace Savings NZ. In 2011 the National government announced it would enroll all employees not yet in a KiwiSaver scheme under a so-called ‘soft compulsion’ policy once… [Read More…]