By Greg Bright* BNP Paribas Securities Services has tapped David Braga from JP Morgan as its new Australia country head, joining Ian Perkins, head of client development, to run the firm in what looks like the busiest year for custodians in Australia and New Zealand. Braga, who is also chair of the Australian Custodial Services… [Read More…]
Investment News
Savvy boomers to drive fee compression, Scottish manager predicts
Funds management fees globally will continue to drop as wealthy, time-rich and computer-savvy retirees apply consumer pressure on the sector, according to Alan McFarlane, head of the Edinburgh-headquartered Dundas Global Investors. On a promotional tour in New Zealand last week, McFarlane said while fund fees have come off slightly in recent years the price drop… [Read More…]
Harbour Views: A lost decade in Europe?
Early in February German 10-year government bond yields dipped below Japan’s for the first time, reflecting a bleak market view of European prospects in the decade ahead. But, as the low long-term rates imply, will Europe also follow Japan’s ‘lost decade’ example? According to Harbour Asset Management head of fixed interest, Christian Hawkesby, the European… [Read More…]
Milford outs itself as FMA ‘high profile’ target
Milford Asset Management is the ‘high-profile’ funds management firm subject to a Financial Markets Authority (FMA) investigation, the company confirmed today. In a statement, Milford said it is “co-operating fully” with the FMA to clarify the actions of “an individual trader employed by the firm and certain specific trades”. It is understood the investigation is… [Read More…]
This week IN NZ…
As Investment News NZ (IN NZ) goes to press for the first time a scandal is engulfing part of the very industry it aims to cover. From a journalistic perspective, of course, the alleged Financial Markets Authority (FMA) investigation of a ‘high profile’ fund manager for market manipulation is a dream; for the industry itself,… [Read More…]
Mercer wins shoot-out for Defence Force super contract
It is understood Mercer has won an implemented consulting mandate for the $340 million plus New Zealand Defence Force Superannuation Fund (NZDF). Under the deal Mercer will replace current investment managers ANZ and AMP Capital in one of New Zealand’s largest remaining stand-alone superannuation schemes. The NZDF will also end its existing investment consultancy agreement… [Read More…]
Aussie firm could pay up to $150m for Trustees Executors
Wellington-based Trustees Executors (TE) could fetch up to $150 million with at least three Australian firms vying for the business. Late in January the Australian Financial Review (AFR) reported the about-to-be-listed share registry firm Link Market Services and Equity Trustees are both in the running to pick up TE, which was first tipped for sale… [Read More…]
US$1.4bn price tag touted for Russell
The London Stock Exchange (LSE) will sell Russell Investment Management for about US$1.4 billion, according to a Reuters report. In a statement issued last Thursday, LSE confirmed Russell Investment was for sale, a move widely expected after the UK exchange business bought the Frank Russell group last year from US insurer Northwestern Mutual for about… [Read More…]
KiwiSaver labels could confuse, surveys find
KiwiSaver fund labels should not be taken at face value, according to two recent surveys. In its first report on the KiwiSaver market, Australian research house, SuperRatings, found a “material divergence in investment structures” in funds within the same risk category. Adam Gee, SuperRatings chief, said wide differences in asset allocation between “similarly-labeled” KiwiSaver funds… [Read More…]
MIS licence first for Harbour
Harbour Asset Management was granted a Managed Investment Scheme (MIS) licence last week, the first mainstream fund manager to receive the new regulatory stamp of compliance. Under the Financial Markets Conduct Act (FMC) all fund managers – except those running restricted investment schemes – are required to be licensed by the Financial Markets Authority (FMA)…. [Read More…]