Investment News

AMP has lost a pivotal class action case in Australia that could cost the group $100 million or more in settlements with financial advisers over disputed practice buy-out prices. In a judgment handed down in the Australian Federal Court, Justice Moshinsky found in favour of two representative AMP financial advice businesses, Equity Financial Planners and… [Read More…]

Annuitas has hired former Mint Asset Management chief investment officer (CIO), Anthony Halls, to fill the same role at the government funds management house. Halls left Mint last August after nine years with the firm for family reasons. He takes on the responsibilities previously held by general manager investments, Paul Bevin, who resigned in January… [Read More…]

The NZ Defence Force (NZDF) has updated an agreement with Milestone Direct successor firm, Become Wealth, to supply financial advice to military staff and families. Under a deal first struck in 2015, NZDF selected Milestone Direct as advice provider alongside Mercer, which won the military staff investment funds contract earlier in the same year. Mercer… [Read More…]

Generate has carved out two in-house equities strategies as stand-alone funds, bringing the group’s non-KiwiSaver product suite to five. The launch of the Australasian equities and Thematic global shares funds, both carrying a 1.29 per cent sticker price, marks a departure for the $4 billion plus Auckland boutique that has to date marketed only diversified… [Read More…]

Global financial rule-designers have laid out new proposals aimed at bolstering fund liquidity management measures to ride out periods of market stress as well as ensuring greater equity for investors in general. Under the Financial Stability Board (FSB) and the International Organization of Securities Commissions’ (IOSCO) proposed reforms released last week, open-ended managed funds would… [Read More…]

In a half-year review of market risks and opportunities, Harbour Asset Management has tipped shares to play a quieter game over the following six-months compared to the goal-fest of 2023 to date. “Looking forward to the rest of the year, we think the path higher looks tougher. Positioning is back to more normal levels and… [Read More…]

The regulator has hosed down concerns that third-party distributors would face extra legal burdens under the new Financial Markets (Conduct of Institutions) Amendment Act 2022, or COFI, regime. In its feedback on the ‘intermediated distribution’ COFI consultation process, published last week, the Financial Markets Authority (FMA) says several submissions argued draft guidance referring to ‘shared… [Read More…]

Higher rates and tougher tax rules have triggered a spike in interest from investors and financial advisers in managed cash portfolio investment entity (PIE) funds. Stuart Williams, Nikko managing director, said the $8 billion investment firm had seen a flurry of activity from financial planner groups, retail investors and institutions seeking more tax-effective returns from… [Read More…]

The NZ Superannuation Fund topped the 2023 Global SWF governance, sustainability and resilience (GSR) charts, earning a perfect score along with three other institutions. Singapore’s Temasek is the largest investor in the gang of four with 100 per cent in the latest Global SWF GSR scoreboard, in a group that also includes Canada’s CDPQ and… [Read More…]

Investors will have to rethink asset class assumptions while remaining nimble as long-term mega-trends etch indelible changes on markets and society, Salt Funds argues in a new paper. The Salt ‘Structural themes 2023’ report updates the inaugural edition published two years ago, laying out the investment implications of 10 overarching global trends. Greg Fleming, Salt… [Read More…]