By Greg Bright* Ben Skilbeck, a former investment banker with Merril Lynch and Credit Suisse, has become the new chief executive of Australian-based international manager PM Capital, following the departure in December of Chris Donohoe. Skilbeck started at PM Capital this month, most recently having worked at quant research house Rismark. Rismark was a start-up… [Read More…]
Investment News
Ex-pat Kiwi to head NAB Asset Servicing
By Greg Bright* Matthew Brown, who has about 20 years experience in securities servicing, will replace Christine Bartlett as general manager of NAB Asset Servicing when she retires next month. Bartlett, who took on a non-executive directorship of property group Mirvac in December, has decided to pursue further such roles and depart NAB at the… [Read More…]
Towers Watson finds four things to do when markets are on the floor
Investors should consider four options when facing the prospect of a prolonged period of low returns, according to a just-released paper by asset consultant Towers Watson Australia. The ‘Investing in a low return environment’ paper argues that with most risky assets “fully priced” and cash rates at historic lows, investors need to revisit previous return… [Read More…]
NZ Super still searching but AMP to shortlist mega-mandate candidates this week…
New Zealand’s most eligible funds management firms should find out this week if they’ve made the short-list for one of the biggest local equities mandate ever. Industry sources said AMP Capital is farming out about $350 million of NZ equities previously managed by its now-departed in-house team. It is understood the request for proposal (RFP)… [Read More…]
… as four AMP Capital funds get property-inspired shake up
AMP Capital is set to close one fund and rejig the investment strategy for three others that were caught up in a 2008 property-related freeze-out. According to the February 9, 2015, version of the AMP Investment Fund (AIF) prospectus, which covers 23 AMP Capital products, as at April 16 this year the group will close… [Read More…]
There can be only one: ACC to cut custodian
At least one of the $30 billion plus Accident Compensation Corporation (ACC) investment fund’s two custodians is set to lose out as the government-owned entity tidies its back-office. In a winner-takes-all contest, ACC’s incumbent custodians – JP Morgan and Northern Trust – will have to fend off external applicants as well as each other to… [Read More…]
Nikko Australia head says sayonara
By Greg Bright* Mike Davis, the managing director and country head of Nikko Asset Management in Australia, has resigned after three years at the helm. Davis was also a director of Nikko’s New Zealand business. His tenure involved an integration of the former Tyndall business and an internationalisation of the Nikko business. He will remain… [Read More…]
Another KiwiSaver scheme sinks below horizon
The KiwiSaver provider list has shrunk again following the decision of another industry-based scheme to shut its doors. In a newsletter sent to members in January, the tiny New Zealand Harbours KiwiSaver scheme revealed it would close to new members citing “increasing level of compliance costs and the slow growth in membership numbers and asset… [Read More…]
Australian financial services exports to NZ up 60% in two years
Australian financial services exports to New Zealand grew by almost 60 per cent from 2011 to 2013 while traffic the other way was virtually stagnant, the latest statistics show. A report published by Australian funds management and insurer industry body, the Financial Services Council (FSC), last December reveals the sector’s exports to New Zealand jumped… [Read More…]
ASB funds rev up, costs down; Aegis cracks $10bn
The Commonwealth Bank of Australia (CBA) owned ASB reported funds management income of $69 million in the 12 months to December 2014, according to the group’s half-yearly results published last week, up 16 per cent compared to the previous annual period. In the 2013 calendar year ASB earned $60 million from its funds business, which… [Read More…]