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…]
Investment News
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…]
BNP taps JP Morgan for new country head
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…]
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…]