The Tauranga Energy Consumer Trust (TECT) has put out a tender to manage over $100 million after selling down almost 20 per cent of its stake in Trustpower. Bill Holland, TECT chairman, said while the board hasn’t formed a fixed view on where to invest the money, it is likely to end up in a… [Read More…]
Investment News
Russell reconfigures global bond fund
Russell Investments has added two new managers to its international fixed interest fund while reducing allocations to incumbents and layering on a novel currency “positioning strategy”. Al Jalso, Russell global bond fund portfolio manager, said the revised approach reflects the need to manage liquidity, introduce further diversity and add value in an increasingly challenging fixed… [Read More…]
Defence Force starts recruitment drive for AFAs
The New Zealand Defence Force (NZDF) is looking to ally with a third-party financial advisory business to service members of its superannuation and KiwiSaver schemes. In a request-for-proposal (RFP) circulated at the beginning of May, the NZDF says it is on the hunt for “a network of independent financial advisers (AFA)”. “This will provide access… [Read More…]
Fertiliser firm dumps KiwiSaver, reshuffles super
AMP is set to benefit as fertiliser supplier, Ravensdown, shutters its KiwiSaver scheme and realigns the group’s staff superannuation fund. It is understood the $6 million Ravensdown KiwiSaver scheme, one of the few remaining corporate-only affairs, will transfer its 300 or so members into the AMP product. At the inception of KiwiSaver in 2007, 10… [Read More…]
PIMCO rethinks equities as CIO departs
PIMCO, the world’s largest fixed income manager with about US$1.6 trillion under management, has closed down two of its equity funds, which it has been nurturing since 2009, and lost its global head of equities. While the closures amount to less than US$1.5 billion of its US$50 billion in equities, it is a setback in… [Read More…]
Cyber security threat doubles – DTCC survey
According to more than 250 of the world’s largest participants in financial markets – the owners and clients of DTCC, such as big custodian banks – cyber security is the number-one risk to financial markets. In its latest six-monthly survey of clients, DTCC (the industry-owned Depository Trust & Clearing Corporation) reports that almost half (46… [Read More…]
INFINZ picks Devon, AMP in funds management finals
Devon Funds Management and AMP Capital have come out winners in the latest INFINZ Awards. Headed by Paul Glass, Devon was named equities fund manager of the year while AMP topped the bond manager category in the INFINZ Awards announced last Thursday. According to INFINZ, the fund manager awards are decided “through an initial quantitative… [Read More…]
Aussie researcher could fill NZ qual hole
A new Australian firm is contemplating a move into New Zealand to plug the gap left by the exit of FundSource from the retail funds qualitative research market. It is understood mfund Research, founded by former Lonsec research manager, Darren Howlin, is in talks with local fund managers to supply qualitative reports in New Zealand…. [Read More…]
It’s complicated: BNP survey foreshadows complex future for NZ investors
The growing complexity of risk management is the biggest challenge facing institutional investors globally, a new survey has found – a trend the New Zealand market is following closely. According to the BNP Paribas survey of 177 global asset owners (including two in NZ), close to 60 per cent of respondents rated the increasingly complex… [Read More…]
ASB Trust changes managers, and name
The entity formerly known as the ASB Community Trust has rejigged its underlying managers, according to a spokesperson for the organisation. “Following a formal review, we changed arrangements with two global equity managers earlier this year, appointed a new global equity manager, and reallocated some funds across our existing manager line-up,” the spokesperson said. However, Sue… [Read More…]