Link, Sharesies signal move into online share-broking
The NZ arm of Australian-headquartered investment administration firm, Link, is road-testing an online discount broking service for NZX shares. Dubbed ‘ShareMeUp’, the Link online service would provide access to a “selected range of NZX listed companies” with no minimum brokerage, the test site says. “Fees start at 99 cents, with a maximum fee of 2%...
[Read More...]
Mercer loses a Russell
Long-time Mercer NZ identity, Russell Garrett, is to leave the business in June. After 11 years with the group, Garrett, currently Mercer head of institutional wealth NZ, will assume the role as executive officer for the Presbyterian Church Property Trustees (PCP) mid June. He already serves as a trustee for the investment group in PCP,...
[Read More...]
Aussie veterans go as Russell simplifies, plans emulation expansion
Russell Investments has restructured portfolio management reporting lines and is looking to move to an ‘emulation’ model across its funds. Peter Gunning, Russell global chief investment officer, flagged the changes at the group’s NZ annual conference in Auckland last week. Gunning, who also serves as Russell CEO Asia Pacific, said the restructure had seen some...
[Read More...]
Head of unit pricing lands at MMC; Vanguard rep resigns; Simplicity diversifies; FMA restocks
MMC has filled its final top-level vacancy with the hire of Paul Riddick as head of unit pricing. Riddick replaces Scott McKelvie who took over as MMC head of registry last December. Due to formally join the Auckland fund administrator this week, Riddick comes by way of South Africa where he spent the last 20...
[Read More...]
CGT fund worries mount as government decision looms
Harbour Asset Management has added to the growing concerns about the potential impact of capital gains tax (CGT) proposals on the relatively-clean NZ fund environment. In a paper published last week, Harbour says the Tax Working Group (TWG) proposal to impose a CGT on Australasian shares with different treatment for funds and direct holdings would...
[Read More...]
Rich and CIMA forge new deal with eye on offshore expansion
The CIMA Society is to forge a closer association with Graham Rich’s Portfolio Construction Forum as the provider of educational services and is also looking at the possibility to expand into New Zealand and Asia, according to Pauline Vamos, the investment educational body’s chair. She advised the Society’s members, who number about 300, in March...
[Read More...]
Why investors need to think of the children
It’s all about the kids, Nikko Asset Management investment director global equity, Johnny Russell, told an NZ audience last week. Speaking at the annual Nikko NZ summit, Russell said investment in general should be targeted at building a better world for the next generations. But the current generational baton change would also determine “what and...
[Read More...]
Negative fees, future culture mooted at forward-thinking forum…
The issue of manager fees, still considered by some asset owners to be too high despite several years of compression, under the wider umbrella of general ‘compensation’, is about to get interesting. We’ve recently seen zero fees. Now, how about ‘negative fees’? Luba Nikulina, Willis Towers Watson’s (WTW) global head of manager research, told the...
[Read More...]
… as fund fees keep falling, US study finds
The average cost of US managed funds has plummeted by almost half over the last 20 years driven by the shift to indexing, rising assets under management and pressure from fee-conscious investors, new research reveals. According to the Investment Company Institute (ICI) study, the average total expense ratio (TER) for equity funds in the US...
[Read More...]
