• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Subscribe
  • Twitter
  • RSS Feed

Investment News

  • Home
  • News
  • Subscribe
  • About
  • Advertise
  • Contact
You are here: Home / Investment News / Stewart to press go with $4.5m

Stewart to press go with $4.5m

June 1, 2015

Ralph Stewart: NZIG founder
Ralph Stewart: NZIG founder

The Retirement Income Group should have its annuity-style product officially on the market well before year’s end, according to founder, Ralph Stewart.

Stewart said after a hectic round of capital-raising – including a last-ditch attempt via ‘crowdfunding’ website Equitise – the company met its funding target.

“We were 110 per cent oversubscribed. Our target was $2.25 million and we raised $2.5 million,” he said. “Total capital now is $4.5 million, of which $3.5 million is regulatory and $1 million in working capital.”

Stewart said the next step would be to apply to the Reserve Bank of New Zealand (RBNZ) to approve its product offering.

“We’ve got the product documents ready to go,” he said.

In April the RBNZ formally approved a regulatory structure for variable annuity (VA) products – essentially a life policy linked to a managed investment – including solvency standards.

In addition to meeting the solvency standard, the RBNZ says VA providers must: link to a separate statutory fund; have an up-to-date risk management strategy, and; hire an independent actuary.

The investment component of the product will be managed on a passive basis by Vanguard with Harbour Asset Management also understood to be involved.

Stewart started building the variable annuity business in 2013, hoping to tap into a potential demand for guaranteed income products from the bulge generation of New Zealanders retiring over the next two decades.

He said a growing number of people were also forecast to retire with large lump sums generated in KiwiSaver schemes.

 

Twitter0
LinkedIn0
Google+0
Facebook0

Read More » Investment News

Done reading? Why Not Subscribe? To receive a weekly email with the latest investment news, enter your email address here.

Reader Interactions

Related Articles:

  • How ESG analysis adds value in emerging markets
  • Going up in the world: how the Indian ‘growth recession’ could end well
  • Complectus poaches Russell McVeagh partner as CEO
  • Lifetime hooks up with $30m QROPS scheme, plans Australasian reach
  • Mass KiwiSaver membership drive picked to cost under $100m

Primary Sidebar

WEEKLY NEWSLETTER

Sign up here to receive our weekly newsletter.
Learn More »

More Recent Investment News

MMC reshuffles management as new CEO climbs aboard

December 2, 2019

NZ-linked private equity pair hover over AMP

December 2, 2019

Transition ignition as 20 plus advice firms file for licence

December 2, 2019

First mortgage pool tops out at $45m for Simplicity

December 2, 2019

Investment News

  • MMC begins Aegis era with front-end refurbish plans…
  • … as Consilium showcases new-look FNZ wrap
  • Booster mulls master trust option
  • Portfolio manager re-titled at Pie; Mercer fills risk vacancy; BNZ bolsters governance; Sharesies director goes
  • Institutional investors squeeze NZ firms on carbon risk
  • Optimism, jobs on the up in Australasian wealth market
  • Bennelong confirms Janus Henderson EM defectors
  • Study finds lumps in global passive popularity
  • EY examines the trend with the ‘new’ alternatives
  • MMC reshuffles management as new CEO climbs aboard

Secondary Sidebar

Recent News

  • MMC begins Aegis era with front-end refurbish plans…
  • … as Consilium showcases new-look FNZ wrap
  • Booster mulls master trust option
  • Portfolio manager re-titled at Pie; Mercer fills risk vacancy; BNZ bolsters governance; Sharesies director goes
  • Institutional investors squeeze NZ firms on carbon risk
  • Optimism, jobs on the up in Australasian wealth market
  • Bennelong confirms Janus Henderson EM defectors
  • Study finds lumps in global passive popularity
  • EY examines the trend with the ‘new’ alternatives
  • MMC reshuffles management as new CEO climbs aboard

Copyright ©2019 InvestmentNews.co.nz — All Rights Reserved ·— Terms & Conditions