The New Zealand Superannuation Fund (NZS) has completed its first-round cull of managers up for the biggest outstanding local equities mandate, according to Fiona Mackenzie, NZS head of investments. “We have made progress in appointing an external manager to replace AMP, with shortlisting complete,” Mackenzie said. NZS reviewed virtually all of the country’s local share… [Read More…]
Investment News
New local equities manager for NZ Funds
New Zealand Funds Management (NZFM) has diversified its Australasian shares exposure, appointing an external locally-based manager in the asset class for the first time. Michael Lang, NZFM chief investment officer, said Devon Funds Management would pick up a $10 million Australasian equities mandate from April 1 this year. Lang said the deal was a “significant… [Read More…]
Exchange trades up with new products, keeps funds chief option open
The NZX could expand its exchange-traded product menu to include an option over the index, according to Sam Stanley, head of exchange products. Last week the NZX rolled out its first tranche of exchange-traded equity options over three single stocks – Fletcher, Spark and TradeMe. Stanley said while more single-stock options were in the pipeline,… [Read More…]
Local bond benchmarks to be overhauled
New Zealand fixed income indices are scheduled for a shake-up under proposals put forward by new index manager S&P Dow Jones Indices (S&P). The mooted changes could see a significant narrowing of the local corporate bond index as well as relatively minor timing changes to the government bond indices. S&P, which signed a deal with… [Read More…]
Relief for KiwiSaver providers as Homestart gets to third base
The KiwiSaver ‘HomeStart’ legislation passed its third reading in Parliament last week, introducing just one minor amendment recommended by the Finance and Expenditure Committee (FEC). In its report published on March 13, the FEC called for transitional disclosure relief for KiwiSaver providers on the new HomeStart rules. “Providers of securities would still need to update… [Read More…]
ESG important for alternatives too: Mercer survey
There appears to be a disconnect between big investor expectations and their fund manager realities in the incorporation of ESG issues in decision-making, according to the latest Mercer survey. The survey was sponsored by a global alternatives manager, LGT Capital, and includes interesting views on ESG in alternatives. Mercer has been at the forefront of… [Read More…]
Institutional investors organise to combat short-termism
Global institutional investors are more committed than ever to implementing long-term strategies, according to New Zealand Superannuation Fund (NZS) head of asset allocation, David Iverson. Iverson said the report published last week by global think-tank Focusing Capital on the Long Term (FCTL) highlights the renewed attention institutional are devoting to the subject. He said while… [Read More…]
Energy opportunities in new global fixed income world
The big call for global fixed income managers this year is not so much the continued search for yield or even the need for more credit, but how to benefit from the restructuring in the energy sector. According to Mark Cernicky, Principal Global Investors managing director and head of global fixed income, the thing is… [Read More…]
Salt thirsty for more after record NZ equities win
Salt Funds Management could have more deals in the pipeline after scooping up $690 million of AMP Capital NZ’s leftovers in what was one of, if not the, largest New Zealand equities mandate on record. Following the deal, Salt, spun out of BT Funds Management NZ in 2013, will have funds under management of about… [Read More…]
ASB a second choice for 75 per cent of wound-up scheme members
ASB KiwiSaver picked up about 75 per cent of FirstChoice members following the scheme’s wind-up, a spokesperson for the bank said. The spokesperson said approximately 9,000 members switched to the main ASB scheme after the FirstChoice closure, which occurred in two phases. It is understood about 60 per cent of FirstChoice members were transferred in… [Read More…]