Forsyth Barr has joined fellow stockbroking firm, Craigs Investment Partners in launching a rebranded KiwiSaver scheme.
The freshly-named Summer KiwiSaver features high-profile financial adviser, Martin Hawes, as chair of the investment committee.
According to the Summer KiwiSaver product disclosure statement (PDS), the investment committee “provides advice to us on the investment mix for the Summer Investment Selection”.
“Martin also contributes to communications to members about the Scheme,” the PDS says.
The Summer Investment Selection, which is the default option, will have exposure to all of the scheme’s underlying funds covering New Zealand cash, fixed interest and equities as well as global fixed interest, Australian equities, listed property and global equities.
While Summer may invest in underlying funds the scheme, which favours active management, list Forsyth Barr as investment manager. Trustees Executors acts as administrator, custodian and supervisor.
According to the latest Forsyth Barr KiwiSaver report, the scheme boasts about $50 million under management on behalf of almost 2,500 members
Craigs Investment Partners has spun out one of its two KiwiSaver schemes to its wholly-owned subsidiary, QuayStreet Funds Management.
Under the new arrangement, which took effect last week, the Craigs kiwiSTART Defined product has been renamed the QuayStreet KiwiSaver Scheme.
According to the QuayStreet KiwiSaver trust deed, QuayStreet Asset Management replaced Craigs Investment Partners Superannuation Management as scheme manager as at September 12.
“The Scheme only invests in the QuayStreet Funds,” the QuayStreet KiwiSaver product disclosure document says. “The QuayStreet Funds were established under a Master Trust
Deed dated 19 September 2007… together with separate Establishment Deeds for each QuayStreet Fund. The Master Trust Deed and each Establishment Deeds were consolidated and amended on 1 June 2016.”
Craigs established the QuayStreet business in June 2014, hiring James Ring and Andrew South to take over as investment managers for its portfolio investment entity (PIE) funds. The sharebroking firm, half-owned by Deutsche Bank, launched the funds business in 2007 under the-then ABN Amro Craigs Investment Management brand, principally to house KiwiSaver and superannuation fund investments.
As at March this year, QuayStreet reported total net funds under management of about $480 million. According to the latest respective accounts, the combined Craigs KiwiSaver and super scheme products reported funds under management (FUM) of about $480 million with the super fund (mostly a UK pension transfer vehicle) accounting for $245 million of the total.
The Craigs Defined scheme (now QuayStreet KiwiSaver) reported FUM of just under $100 million and membership of 5,317 as at March this year. Meanwhile, the Craigs kiwiSTART Select KiwiSaver scheme, which unlike its Defined cousin allows members to invest in a range of self-chosen securities, recorded FUM of almost $150 million spread across 4,474 members as at the same date.
Craigs continues to market the kiwiSTART Select under its own steam. According to the kiwiSTART Select accounts, the scheme “primarily” invests into underlying QuayStreet funds.