Forsyth Barr has amalgamated its KiwiSaver and funds management units under a single banner, introducing a raft of other changes in the process. As at February 27 this year the two businesses merged to form Forsyth Barr Investment Management (FBIM), which is responsible for the group’s six pooled unit trusts. Last year, the firm shut… [Read More…]
Investment News
Historic meeting of Thinking Ahead Institute
The Towers Watson-sponsored Thinking Ahead Institute, launched last year and currently supported by 30 fiduciary investors and fund management groups, has completed a draft of its first research paper, ambitiously entitled ‘The State of the Industry’. When the final version is published to the industry as a whole this year, it is likely to make… [Read More…]
Australian funds to get zero-rated PIE equivalent
The Australian funds management industry will be on level-pegging tax-wise with New Zealand under Australian Treasury proposals published last week. Currently, offshore investors – either through a widely-held foreign-domiciled fund or a locally-based fund – may be subject to Australian tax. However, under part three of the Investment Management Regime (IMR) proposals – due to… [Read More…]
Green light looms for variable annuities
New Reserve Bank of New Zealand (RBNZ) variable annuity rules are close to sign-off with final responses to an exposure draft due last week. First mooted last September, the RBNZ proposals would amend life insurance solvency standards to allow greater flexibility for variable annuity providers. “The aim of the proposed capital treatment was to ensure… [Read More…]
Data and analytics: the new frontier for funds
The field of data and analytics has become one of the top priorities for both fund managers and asset owners, according to a major survey by State Street. And diversification into new asset classes, coupled with the rise of multi-asset investing is a key driver, especially for the asset owners. The State Street survey of… [Read More…]
NZDMO to streamline back-office with single tech provider
The New Zealand Debt Management Office (NZDMO) is looking to reboot its back-office with a “robust ‘industry leading’ technology platform”. Tenders for the NZDMO job closed last Friday (March 6) with a number of local and global financial technology players understood to be interested. “This will be the first stage towards selecting a single external… [Read More…]
Harbour Views: Australasian reporting season sees pass on profits, upside surprise for dividends
Harbour Asset Management crew Andrew Bascand, Shane Solly and Craig Stent mull over the latest round of Australasian corporate profit reports and where NZ and Australia equity markets may go next. At an aggregate level the latest earnings round for both New Zealand and Australia provided little movement in prospective earnings. The profit reporting season… [Read More…]
FNZ loses money, heads
Wrap provider FNZ (NZ) booked an operating loss of more than $21 million in its latest published accounts after it marked down an expected earn-out payment for the 2012 sale of its UK business by over $20 million. Last week the company also confirmed its UK CEO, Martin Jennings, would depart before the end of… [Read More…]
New study finds ANZ winning KiwiSaver battle of the banks
ANZ has emerged as the most successful bank player in the KiwiSaver market as measured across several variables in a new study published by actuarial and consulting firm, Melville Jessup Weaver (MJW). The MJW analysis, based on Financial Markets Authority (FMA) KiwiSaver quarterly disclosure data over September 2013 to December this year, measured bank schemes… [Read More…]
Elevation drops global fund-of-funds product
Elevation Capital has closed its ‘Global Value Fund of Funds’ after the exit of one major investor made the product unviable. Christopher Swasbrook, Elevation managing director, said while it was “disappointing” to close the four-year old fund, “on the flipside we’re doing a lot more direct investing in our separate account business”. Swasbrook said the… [Read More…]