The FirstCape-owned JBWere has picked up oversight of almost all asset classes in KiwiSaver and investment funds offered by medical sector financial services specialist, MAS, in a move that also saw its long-time NZ fixed income and cash manager dumped.
Under the changes revealed last week, Bancorp has been replaced by JBWere as investment manager for the MAS cash and global bonds as well as currency hedging duties.
The MAS external global fixed income manager, PIMCO via Hunter, remains in situ following the shake-up but JBWere assumes control of the cash and forex assets previously handled by Bancorp. Hunter falls under the FirstCape funds entity, Harbour Asset Management.
MAS also appointed Nikko Asset Management as both investment manager and underlying manager for NZ fixed income, again a service formerly provided by Bancorp.
In a statement, Helen McDowall, MAS chief investment products officer, said Nikko’s “active management approach will support the performance of the Schemes”.
“MAS is confident that this partnership with Nikko Asset Management will benefit our members, and reinforces our commitment to offering high quality, effective investment solutions,” McDowall said.
The healthcare industry focused group previously branded as the Medical Assurance Society runs about $2.7 billion across its KiwiSaver and traditional superannuation schemes, split about evenly.
Collectively, the two schemes reported about $240 million in NZ fixed interest and $55 million in cash as at the end of September.
In 2021, MAS morphed into a full retail KiwiSaver provider from its previous restricted scheme status. Last year the group also launched an unlocked suite of retail funds that mirror the KiwiSaver investment menu.
Also last week, boutique KiwiSaver firm, Kōura Wealth, joined the up-risking trend with the addition of a new high growth fund to its investment options.
The new Kōura Strategic High Growth Fund aims to “provide investors a global stock market exposure, taking advantage of global and domestic investment trends and opportunities that the Fund Manager may identify”, according to scheme documents.
“The manager intends to work with strategic partners and conduct its own research to identify potential opportunities that the fund may then look to invest in to take advantage of those opportunities.”
In recent years several other scheme managers including ANZ, ASB, Westpac and Simplicity have tacked on high-growth or aggressive funds to tap into investor appetite for risk.
Priced a 1.1 per cent, the new Kōura investment option joins nine other funds offered in the scheme that cover various asset classes as well as thematics such as a bitcoin vehicle.
Earlier this year, the scheme also formally created a range of four diversified funds after demand from advisers.
Historically, Kōura has used BlackRock exchange-traded funds to access global assets while managing local equities and fixed income in-house.
Launched by Robert Carlyon in 2019, the business is now almost half-owned Select Investment Services – a partnership between adviser aggregator firm NZ Financial Services Group (a subsidiary of an Australian firm) and Crest Holdings. Foundation shareholder, Hobson Wealth, sold out earlier this year after it was absorbed into Forsyth Barr.
Kōura KiwiSaver reported about $213 million under management as at the end of September, according to Morningstar data.
Elsewhere last week, Castle Point Funds co-founder, Jamie Young, has resurfaced at Forsyth Barr just months after the boutique sold to Perpetual Guardian.
Young reconnects with fellow Castle Point co-founder, Richard Stubbs, who joined Forsyth Barr as director institutional wealth management in October.
He takes on the role of senior analyst wealth management research at the largest advisory network in NZ as measured by adviser numbers.
Castle Point sold to Perpetual Guardian this June after the fund business, founded in 2013 by four ex Tower investment specialists, lost a key mandate with BNZ.
Post sale, three of the four co-founders have departed Castle Point, leaving Gordon Sims as the sole member of the original leadership team in situ.