Sargon NZ has been sold as part of a package deal brokered by the Australian parent group’s administrator, EY, according to reports across the Tasman last week. The NZ business, which includes the licensed supervisor previously known as Heritage Trustees, is one of eight Sargon subsidiaries bundled in a fire-sale agreement with an unnamed buyer,… [Read More…]
kiwisaver
O’Loan returns as Nikko adds two equity analysts, BNZ wealth refuels
Nikko Asset Management has hired two new equity research analysts, including a familiar face who previously worked the fixed income side of the street for the almost $7 billion manager. Both Tim O’Loan and Owen Batchelor officially join the Nikko crew early in April – the former for a second time. O’Loan was a fixed… [Read More…]
IIS IT governance man steps down; long-time Pie director resigns; more on board for Public Trust
Implemented Investment Solutions’ (IIS) ‘six million dollar governance man’, Lee Mauger, has separated from the board after landing a senior IT role with ANZ. IIS founder, Anthony Edmonds, said Mauger stepped down due to a potential conflict of interest with his new employer. “Given ANZ and IIS compete in some product spaces – especially now… [Read More…]
Extreme green, lean and mean: government to turn the screws on KiwiSaver defaults
Government will forcibly transfer auto-enrolled KiwiSaver members from any existing provider cut from the next default fund appointment round, a release confirmed today. The transfer threat was among a raft of proposed radical changes to the KiwiSaver rules that will also see all default funds exclude fossil fuel investments and switch to a balanced asset… [Read More…]
Lower NZ ETF fees ahead; active stands up for itself
Smartshares will launch the country’s cheapest NZ equities true index-tracking fund in April among a new tranche of low-cost exchange-traded funds (ETFs) targeting ‘core’ asset classes. Hugh Stevens, chief of the NZX-owned funds management division, let slip the news during the passive v active ‘great debate’ hosted in Auckland by the Financial Markets Authority (FMA)… [Read More…]
Bishop moves with purpose; Principal gains at NZ Funds; Metrics lines up ex ASB trio for Auckland office
Kiwi Wealth chief customer officer, Joe Bishop, is to leave the business following a eight-year stint with the government-owned investment firm. In a diagonal career move, Bishop takes over as chief executive of the Police and Families Credit Union (PFCU) on April 14, replacing the group’s inaugural CEO, Helen Hatchard. He first joined the-then Kiwibank… [Read More…]
FNZ chief cues Consilium for first NZ upgrade
Consilium will be first uber off the app as FNZ upgrades its NZ clients to global standards, the investment platform founder, Adrian Durham, confirmed last month. Speaking at the recent Consilium annual adviser conference in Christchurch, Durham said the group would be the “first partner to go live here to reunify our New Zealand business… [Read More…]
COOs move out of back-office shadows
The chief operating officer (COO) role is emerging from behind the scenes to take on leading client duties in the financial services industry, according to new research from BNP Paribas Securities Services. “Historically, the COO may have been seen as a back-office role, with other executives, such as the Chief Executive or Chief Information Officer,… [Read More…]
Craigs to go all-in on NZX platform; Smartshares has super year
The NZX-owned Wealth Technologies is poised for an influx of $20 billion or more after signing a ‘letter of intent’ to transition all Craigs Investments Partners custodial assets to the platform. In its annual results presentation last week, the NZX confirmed Craigs had committed to the previously-flagged platform move. Craigs was the foundation client for… [Read More…]
‘Help’ is on its way: AMP NZ sale edges closer
Buried deep on page 20 of the 22-page ultra soft-focus annual report (titled ‘Help’), AMP Wealth Management NZ finally gets to the point. AMP Group, the report says, ”is exploring divestment of AMP Wealth Management New Zealand (our business), including our majority owned subsidiary AdviceFirst”. “This would enable our business to pursue further growth opportunities… [Read More…]
Fisher fills COO, distribution holes as gaps open at BNZ wealth
BNZ wealth management has lost two senior staff to Fisher Funds and the NZ Superannuation Fund (NZS), respectively. Long-time BNZ head of wealth strategy and product, Sharon Mackay, moves to Fisher next month, replacing Michael Raynes as head of third-party distribution. Raynes resigned from Fisher in January to take up a financial adviser role with… [Read More…]
September sprint sees Milford enter top 5, AMP limps on
Milford Asset Management leapt above Fisher Funds into the top five retail NZ fund managers ranking following a stellar September quarter. The latest NZ retail market share figures from Australian research house Plan For Life (PFL) show Milford grew almost 11 per cent in the September 2019 quarter, pushing funds under management (FUM) to just… [Read More…]
UPDATED: Generate stung by data attack, 26,000 members potentially hit
The online data breach reported by Generate last week is unlikely to reflect a systemic problem across the industry, according to chief executive, Henry Tongue. It is understood other KiwiSaver providers and fund managers are reviewing security procedures following the Generate client data leak. However, Tongue said the hack exploited a “specific issue with our… [Read More…]
Mosaic snares NZ Funds COO as partner; Stechman resigns Harbour board; ForBar buys lakeside advice firm
NZ Funds chief operating officer (COO), Phil Doak, has joined Auckland-headquartered consultancy firm, Mosaic Financial Services Infrastructure as a partner. Myles Allan, Mosaic founder, said Doak is the third full partner for the fast-growing financial technology consulting firm, which will celebrate its 10th anniversary later this month. Allan said Doak’s experience across the full gamut… [Read More…]
KiwiSaver now: fund platform confirms scheme plans
Direct-to-consumer fund platform, InvestNow, plans to roll out a KiwiSaver scheme in the next financial year joining a slew of new providers on the scene. The platform, owned by Wellington-based Implemented Investment Solutions (IIS), would offer members access to a range of fund managers – with some bundled into risk-weighted portfolios à la the standard conservative, balanced… [Read More…]
Solid September quarter boosts local KiwiSaver boutiques
Home-grown investment boutiques Milford Asset Management and Booster are both rapidly closing in on Mercer in the KiwiSaver funds under management (FUM) race, according to the latest data from Australian research house Plan for Life (PFL). The PFL figures show Booster and Milford neck-and-neck with FUM of more than $1.9 billion apiece as at September… [Read More…]
Membership tops 3m as KiwiSaver repopulates
KiwiSaver officially breached the 3 million-member mark in November, Inland Revenue Department (IRD) figures confirm. The IRD statistics show KiwiSaver membership grew by a net 7,040 in November, tipping the quasi-compulsory savings regime just above the 3 million level. Following the latest burst of growth, KiwiSaver has captured about 60 per cent of the total… [Read More…]
KiwiSaver membership to hit 3 million in November
KiwiSaver membership is on track to top the 3 million mark this month after falling just 1,500 shy of the watershed figure as at the end of October, according to the latest Inland Revenue Department (IRD) statistics. Over the last year, KiwiSaver has been grinding out regular monthly net member gains of about 7,000 to… [Read More…]
Mirror-image products see NZ Funds unlock KiwiSaver
NZ Funds has cut-and-pasted its KiwiSaver offering to create a new unlocked product suite. The NZ Funds WealthBuilder range is an exact replica of the Auckland boutique’s KiwiSaver products “down to the last basis point of fees”, according to chief executive, Michael Lang. Lang said the new set of funds, which officially launch on November… [Read More…]
Mercer keeps NZ in retirement B-class; calls for KiwiSaver home restraint
NZ has nudged up slightly in the latest Melbourne Mercer Global Pension Index (MGPI) released today but the country’s retirement system remains hamstrung by “sustainability” issues, according local chief, Martin Lewington. The 11th edition of the MGPI (summarised here) sees the NZ total score rising from 68.5 in 2018 to 70.1 in the latest study… [Read More…]