An independent review has called for a governance and investment upgrade at the NZ Government Superannuation Fund after finding the fund’s management and board had been at odds over recent performance. In its five-year statutory review, the Australian arm of global consultancy Willis Towers Watson (WTW) found the GSF, a NZ$4.2 billion (A$4.0 billion) fund…
Following its BNZ win in May, State Street Global Advisors (SSGA) has picked up the final large passive institutional mandate abandoned by Vanguard in New Zealand. According to new disclosure documents, ASB will shift its indexed Australasian equities portfolio – of an estimated NZ$4 billion plus – from current manager Vanguard to SSGA this month….
A new financial advisory firm-run KiwiSaver scheme is set to launch with former AMP Capital multi-asset CIO Sean Henaghan in charge of investments. Henaghan, well known in Australia for his 15 years at AMP Capital, was an ex-pat Kiwi stranded back home last year under covid-19 border restrictions. He returns to active duties at Aurora…
The long-awaited mega-merger between two global financial services giants, Aon and Willis Towers Watson, has hit a major snag as the US Department of Justice moved to block the transaction. In a statement last week (June 16), the Department of Justice (DOJ) says it had “filed a civil antitrust lawsuit today to block Aon’s [US]$30…
The NZ Government will release climate risk scenario guidance for the financial and corporate sectors by year-end to support impending new carbon reporting standards. Alex White, Ministry for the Environment (MFE) sustainable finance team leader, told a funds industry gathering in Auckland last week that the in-production scenario analyses would help NZ investors better understand…
Asia-Pacific financial markets could experience some turbulence as bond issuers globally switch to new pricing mechanisms later this year. According to a new report published by Bloomberg and the International Capital Market Association (ICMA), up to US$190 billion (A$246 billion) of bonds issued in the APAC region could remain linked to the traditional LIBOR benchmark…
Index operators could face tighter regulatory controls in the US after a major provider copped a multi-million dollar fine last week. In a settlement announced last Monday (May 17), the Securities and Exchange Commission (SEC) fined S&P Dow Jones Indices (S&P DJI) US$9 million (A$11.6 million), alleging a hidden feature in one of the firm’s…
BNZ, NAB’s NZ subsidiary, has appointed State Street Global Advisors to replace Vanguard as its core international assets index manager among a raft of investment mandate changes. In disclosure documents filed last week (May 19), BNZ named SSGA to take over passive management duties from Vanguard in global equities and fixed income covering its KiwiSaver…
ANZ, ASB, AMP, Fisher and Mercer have all been dumped as the KiwiSaver default schemes following the latest government review. In a release last Friday (May 14), NZ Finance Minister, Grant Robertson, confirmed the default provider numbers would shrink to six with two new players – Smartshares and Simplicity – joining incumbents Westpac, BNZ, Booster…
Institutional investors are pushing companies for disclosures that clearly detail how climate-related risks impact the bottom line, according to a new global survey. The sixth annual Institutional Investor Survey carried out by specialist consultancy firm Morrow Sodali confirmed environmental, social and governance (ESG) factors are now firmly entrenched across industry practices. Almost 100 per cent…
