Investment News

In part two of his series on fund governance, Melville Jessup Weaver principal, Mark Weaver, explains why trustees need to institute a strong decision-making process to manage investments… and how to utilise input from their advisers   Trustees might have the impression that they are required to make specific decisions on each investment held by… [Read More…]

The New Zealand Superannuation Fund (NZS) will be managing close to $850 million of local equities in-house after temporarily stripping Milford Asset Management of its mandate last week. In a highly unusual move, NZS pulled the $281 million active New Zealand shares mandate from Milford Asset Management on March 31, pending the outcome of a… [Read More…]

New Zealand retail investors will have to crank up the risk or accept lower fixed income returns as a raft of high-yielding corporate bonds mature this year. About $6 billion in high-coupon local retail corporate bonds were set to retire this year with roughly one-third of that capital paid out in the first quarter. Grant… [Read More…]

Russell Investments was the fastest-growing manager in the New Zealand retail funds market over 2014, according to new data released by Australian research firm, Plan for Life. The Plan for Life report shows Russell grew retail funds under management (FUM) by 76.6 per cent over the calendar year and a whopping 54.9 per cent in… [Read More…]

Many mid-tier discretionary investment management service (DIMS) providers will exit the market if the threshold for full financial reporting exemption is not raised, according to Nick Stewart, director of Hastings-based advisory firm Stewart Group. In a submission to the Financial Market Authority (FMA) consultation on DIMS financial reporting for “small to medium providers”, Stewart says… [Read More…]

New Zealand’s financial watchdog is considering watering down ‘wholesale investor’ disclosure requirements after concerns raised by industry. In a consultation document released on April 2, the Financial Markets Authority (FMA) has sought feedback on proposals to dispense with the need to issue a warning to investors with $750,000 or more to invest in a product…. [Read More…]

Sophisticated investors aged 60 and over are among the fastest growing adopters of ‘robo’ advice globally and Australia’s self-managed superannuation fund market will be the next frontier for automated advice of various types, according to a report by financial services consultancy FinDigital and robo advice newcomer Ignition Wealth. The ‘2015 Automated Investment Advisors Global Market… [Read More…]

Banks, fund managers, KiwiSaver providers and other financial institutions could be up for further compliance upgrades under proposals put forward in the government tax reform ‘green paper’ http://taxpolicy.ird.govt.nz/sites/default/files/2015-dd-mts-1-tax-administration.pdf published last week. The wide-ranging reforms proffered in the ‘Making tax simpler’ paper aim to bring all New Zealanders’ tax-related obligations under a single, digital-age roof. As… [Read More…]

Listed fund management companies delivered an average of 33 per cent profit margin in 2014, the highest in five years, on revenue growth of 13 per cent, accord to a study by Casey Quirk & Associates. Australia’s seven listed firms outperformed all others in terms of revenue growth, with an average of 25 per cent…. [Read More…]

Findex Group, which now has A$15 billion under management and administration from the retail sector, has recruited two big names to oversee its investments, following the insourcing of advice and admin from Philo Capital. Findex, or Financial Index Wealth Accountants, bought the Australian and New Zealand arms of accountancy firm Crowe Horwath this January. Philo’s… [Read More…]