Investment News

The Financial Markets Authority (FMA) continues to dial-up the legal action with two new cases filed in the last week or so against general insurer, IAG, and an alleged rogue adviser. In a rare criminal case, the regulator has accused former mortgage adviser, Prem Gounder, of submitting “a false document, namely a gifting certificate, in… [Read More…]

The Certified Financial Planner (CFP) curriculum has expanded to include a new psychology unit to combat human flaws while the sector is adopting AI despite its imperfections, according to a professional body leader. Dante De Gori, Financial Planning Standards Board (FPSB) chief, told a NZ advisory industry gathering earlier this month that the new psychology… [Read More…]

The revised NZ wealth visa has triggered a surge in offshore interest in local private equity offerings, according to Cultivate Ventures investment director, Marcus Henderson. Henderson said the agricultural private equity specialist had seen a marked uptick in enquiries since the Active Investor Plus (AIP) visa revamp was announced in February. Under the AIP changes… [Read More…]

The global investment industry must take “bold action” to reclaim its purpose as an engine of long-term economic prosperity instead of a short-term paper-shuffling machine, according to MFS global distribution co-head, Carol Geremia. In a new paper titled ‘Playing a bigger game’, Geremia argues that the investment sector has become increasingly disconnected from “real world… [Read More…]

The Financial Markets Authority (FMA) has slated adviser “remuneration models” for close attention ahead of a regulatory review of the sector. FMA chief, Samantha Barrass, told Financial Advice NZ (FANZ) conference delegates last week that the regulator would target adviser remuneration practices as it seeks to focus resources on high-risk businesses. The regulator has come… [Read More…]

Charity-focused fund manager, Trust Investments, has hired Nuveen for a global ‘green’ bond portfolio in a first-of-its-kind NZ win for the US-based $2.3 trillion manager. Under the arrangement, the Trust ESG International Bond Fund will allocate an initial $55 million to the actively managed Nuveen Global Core Impact Bond Fund, replacing the incumbent BlackRock index-style,… [Read More…]

FNZ has tapped existing institutional shareholders for a further US$0.5 billion following a US$1 billion capital-raise and more than US$2 billion of debt restructure last year. In a release, the global financial technology firm established in NZ says the significant capital top-up would “provide financial strength to support FNZ’s long-term business plan”. The company attracted… [Read More…]

Harbour Asset Management has seen the departure of two veterans with the exits of long-time chair, Graeme Wong, and executive director, Ainsley McLaren. McLaren has served as executive director client engagement at Harbour for about eight years following an almost 30-year career in the local institutional funds sector including senior investment positions at ASB and… [Read More…]

Australia-based global equities manager, Munro Partners, has formally opened a portfolio investment entity (PIE) vehicle for wholesale NZ clients. Hosted by Adminis, the Munro Global Growth Climate Leaders PIE, invests into a concentrated portfolio of stocks expected to “enable or benefit from the decarbonisation of the planet”, according to fund documents. It is understood the… [Read More…]

Insourced admin is out and outsourced admin is in, the Inland Revenue Department (IRD) has determined in a new GST ruling likely to disappoint the local boutique funds management community… again. The IRD ‘interpretation statement’ handed down last week largely repeats the position laid down in a draft consultation paper published last August aimed at… [Read More…]