Australia’s two largest financial adviser bodies merged last week, bringing together the investment and insurance arms of the industry into a single entity. Historically, the Association of Financial Advisers (AFA) and the Financial Planning Association (FPA) have broadly represented the interests of advisers focused in the respective insurance/mortgage, and investment sectors. But dwindling Australian adviser… [Read More…]
Investment News
Investors hit out on pay today as AMP forgets yesterday
“We have embedded our purpose – helping people create their tomorrow – throughout our business over the past 12 months,” AMP chief, Alexis George, told the crowd at the group’s AGM last week. But the new sense of purpose failed to sway investors to fully endorse the generous executive pay plans for a company that… [Read More…]
Vanguard breach highlights trans-Tasman compliance gap
Australian fund managers have been served a mild alert to tidy up their NZ paperwork for products issued under trans-Tasman Mutual Recognition (TTMR) exemptions. Last week the Financial Markets Authority (FMA) handed Vanguard a formal warning for failing to notify NZ investors of a recent greenwashing allegation by the Australian regulator. But the FMA fired… [Read More…]
Frontier makes first moves at TECT
The $1 billion Tauranga-based charitable trust, TECT, has tweaked its investment portfolio, adding three managers to the line-up in a first change advised under new asset consultant, Frontier. TECT (formerly the Tauranga Energy Consumer Trust) has named Edinburgh-based Skerryvore Asset Management to run an emerging markets equities allocation with Australian real estate investment firm, Resolution… [Read More…]
JMI rehomes Macquarie NZ strategist; Brockers retires from IIS; Antipodes hires from Magellan; Calastone sharpens leadership; FMA, MAS hunt investment heads
Macquarie Asset Management NZ refugee, Michael Gray, has resurfaced as an investment strategist at JMI Wealth. Gray ended a two-year stint as head of investments at Macquarie last month as the firm, previously known as AMP Capital NZ, handed over management rights for most of its funds to Mercer NZ. He joined AMP Capital NZ… [Read More…]
Made to measure (differently): Russell exposes global index quirks
Fund global equity index choices have exposed NZ investors to widely different risk exposures and environmental, social and governance (ESG) factors despite ostensibly targeting the same asset class, a new Russell Investments NZ analysis found. A footnote study to the recent Russell benchmarking series shows coverage of international share markets ranges from 99 per cent… [Read More…]
Kaplan joins Massey in degree-starter advice diploma
Massey University has hooked-up with Australian specialist education group, Kaplan Professional, to offer a new online financial advice diploma designed for the full-licensing regime. In a release last week, the joint-venture partners said the Diploma in Business Studies (Financial Advice) is open to anyone “who has completed an eligible and equivalent level 5 qualification from… [Read More…]
Low on energy: why the transition will be fossilised
Will Low is bullish on the clean energy transition. But the Nikko Asset Management global equities portfolio manager highlights a “paradox” buried in the green energy story. “We need more alternative energy sources,” Low said, “but we also need more fossil fuels now to build the enormous amount of infrastructure necessary for any transition.” Green… [Read More…]
Fixed-up: Wellington sees bond repairs underway
Bonds blew a big hole in portfolios in 2022 but the reset has left the asset class poised to reclaim its diversifier reputation and deliver decent long-term returns, according to a new Wellington Management paper. Investor faith in fixed income was tested last year as the sector sank about 13 per cent in tandem with… [Read More…]
ASX hit with legal probe over CHESS mess
The Australian Stock Exchange (ASX) is facing further regulatory heat over its ill-fated bet on a now-binned blockchain clearing solution. In an announcement last week, the ASX said the Australian Securities and Investments Commission (ASIC) was probing the exchange over “suspected contraventions” of two laws. “ASIC will be investigating whether ASX Limited, ASX Clear Pty… [Read More…]