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…]
Investment News
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…]
Ex NZ Super strategist to head Hawke’s Bay investment committee
New Zealand Institute of Economic Research (NZIER) principal economist, Aaron Drew, has been appointed chair of the investment committee of Hawke’s Bay advisory firm, the Stewart Group. The Auckland-based Drew, who headed macro strategy for the New Zealand Superannuation Fund until October 2014, is scheduled to attend his first Stewart Group investment committee meeting as… [Read More…]
Top NZ hedge fund manager dies suddenly
Robert Holroyd, perhaps New Zealand’s most successful hedge fund manager, died unexpectedly just before Christmas last year while on holiday in Auckland. Although recently based in Zug, Switzerland, Holroyd achieved his greatest success in Australia with his Commodity Strategies Ltd (CSL) fund. Prior to CSL, Holroyd launched his first specialist commodities managed fund in New… [Read More…]