Online share-trading platforms across the Tasman have been put on notice to hose-down low-fee claims, tighten custody arrangements and turn down gamification features following a regulatory review of the sector. In a report published last week, the Australian Securities and Investments Commission (ASIC) noted several areas of concern in the burgeoning direct-to-consumer trading platform market… [Read More…]
Investment News
Vanguard offloads US$60bn implemented consulting unit to Mercer
Mercer has added almost US$60 billion to its global implemented consulting business after buying the specialist Vanguard US division last week. Under the deal, Mercer is expected to onboard about US$59 billion and 120 staff from the Vanguard implemented consulting business, a style known as outsourced chief investment officer (OCIO) in the US. Globally, Mercer… [Read More…]
UK pension specialist sells to ex-Smartshares chief
Former Smartshares chief and current Betashares NZ executive director, Hugh Stevens, has emerged as the new owner of UK pension transfer outfit, i-Select. In a deal confirmed on Thursday night, the Stevens-owned vehicle, ARG, purchased i-Select for an undisclosed sum. Founded by Canterbury-based account, Chris Heffernan, in 2006, i-Select manages about $340 million across its… [Read More…]
ANZ finds new CIO in NZ Super
NZ Superannuation Fund (NZS) general manager portfolio completion, George Crosby, has been named as ANZ Investments chief investment officer, replacing incumbent, Paul Huxford. Crosby, a 15-year NZS veteran, will officially join the ANZ investment team early next year. After resigning in August Huxford was due to step down at the end of this year. At… [Read More…]
Hobson sold to Forsyth Barr
Forsyth Barr has bought Hobson Wealth in an open secret officially confirmed today. Headed by Warren Couillault, Hobson has been in play for the last couple of months with several parties understood to have run the ruler over the wealth management firm. Hobson would add more than $4 billion under management and 35 advisers to… [Read More…]
Local FNZ chief exits after short stay
FNZ has a new local chief following the surprise departure of incumbent, Angela Vale. Vale joined the NZ arm of the global investment administration behemoth only this May after a short turn as head of Flint Wealth, the fund platform joint venture between Trustees Executors, Harbour Asset Management and ResearchIP. “We can confirm that Angela… [Read More…]
Wealth merger vote slated for Jarden, reports
Jarden is readying to approve a much-mooted wealth management merger, according to Australian media reports. It is understood Jarden shareholders are due to vote on the restructure proposal next week that would see the NZ wealth business folded into a new trans-Tasman entity with a 75 per cent majority necessary to carry the deal. Under… [Read More…]
Sharesies to look for KiwiSaver support from advisers
Sharesies will be sounding out financial advisers to distribute its KiwiSaver scheme, which went live in full ‘self-select’ mode last week. Matt Macpherson, Sharesies KiwiSaver head, said the group has already had tentative discussions with advisers about using the scheme that now allows members to pick individual NZX-listed stocks and exchange-traded funds (ETFs). “We think… [Read More…]
BNZ adds pure equities option to fund mix
BNZ has turned up the equities dial to 11 with the launch of new high growth options in its KiwiSaver and retail YouWealth schemes. The BNZ move follows recent high-octane fund releases by ASB and Simplicity targeting risk-aware investors in KiwiSaver and retail markets. However, the new BNZ high growth funds target a 100 per… [Read More…]
Pension funds to get tougher on ESG mandates
More than two-thirds of investment managers were rated as ‘poor’ for environmental, social and governance (ESG) skills, according to a new survey of global pension funds. The Create pension fund study, produced in association with French investment giant, Amundi, found fund managers have struggled to keep up with demand for ESG expertise from institutional asset… [Read More…]