FSLAA to cull 900-plus advisers; final boarding call for AFAs
Over 900 advisers will leave the industry once the Financial Services Legislation Amendment Act (FSLAA) comes into force, according to government estimates. The Ministry of Business, Innovation and Employment (MBIE) figures – just published in its transitional licence fee impact statement – forecast an FSLAA-era ‘financial adviser’ force of almost 8,200, comprising the remnant authorised...
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MyFiduciary ramps up on Morningstar platform
Auckland investment consultancy firm, MyFiduciary, will offer a tailored version of the Morningstar adviser platform in NZ after inking a deal with the research house last week. Under the agreement, MyFiduciary will market the Morningstar Adviser Research Centre (ARC) tool to NZ financial advisers overlaid with its own portfolio construction and asset allocation models. Chris...
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Nikko trials fee-in-product solution
Nikko Asset Management NZ is testing a new method of paying advice fees at the product level that removes potential conflicts, avoids fund-level inequities and hands more power to consumers. George Carter, Nikko NZ chief, said under the plan advisers could agree fee levels – including ongoing payments – with clients that the fund manager...
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Harbour finds ESG link with NZX performance; bolsters fixed income and advice teams
Environmental, social and governance (ESG) factors have a clear influence on the performance of NZX-listed companies, according to a new Harbour Asset Management analysis. The Harbour study compared its in-house ESG overlay to the Armillary Private Capital return on capital employed (ROCE) data on NZX50 firms from 2011-2017. Results from the “statistical analysis revealed a...
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Aussie online share trader stakes out NZ
The Kiwi Wealth-owned Hatch is set to face some stiff competition as Australian-based discount US stock-trading platform Stake is poised to launch in NZ later this year. Stake offers brokerage-free access to the US share market with foreign exchange fees as low as 30 basis points (bps); Hatch has per-trade fees between US$3 to US$8...
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Another NZ bond manager defects to Bloomberg index
Fisher Funds has joined the now-majority of local fixed income managers to benchmark against a composite index. In a note to clients last week, Fisher chief investment officer, Frank Jasper, said the manager would adopt the Bloomberg NZ Composite 0+ Year Index for its local fixed income funds from July 1. Currently, Fisher uses the...
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Link Group upbeat despite Woodford distraction
While presenting a generally upbeat outlook for its continued expansion globally, Link Group addressed brokers and investors in London last week on the issue of its regulatory issue regarding the failure of one of its glamour clients, the Woodford Global Equity Income Fund. In his presentation, John McMurtrie, the global chief executive, said that Link...
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Global government investors play it safe in risky times
External fund managers barely get a look in on the US$37.8 trillion held under the auspices of large government-owned investors globally, a new report has found. According to the Global Public Investor 2019 study, almost 70 per cent of the institutions captured by the survey – that includes sovereign wealth funds, central banks and pension...
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Emerging markets debt the popular new alpha in fixed income
Two global managers with big specialist emerging markets debt teams presented at Teik Heng Tan’s i3 (Investment Innovation Institute) fixed interest conference in Sydney last week. They were both very persuasive about the future important role of the asset class. The i3 ‘Fixed Income, Credit & Currency Forum’ was held on June 19 and included...
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