(Pictured: Michael Armitage) Shock horror! Milliman says that diversification may not deliver what we have thought it would deliver since way back, since the dawn of Modern Portfolio Theory, when we were kids. A new study……download PDF……. shows that investors need a ‘multi-layered’ approach. Michael Armitage, the Sydney-based head of fund advisory services for consulting…
(Pictured: Tim Murphy) By David Chaplin Real returns achieved by retail investors generally fall below published fund performance figures, a new analysis by Morningstar Research shows. The study, to be published this week, supports the age-old notion of ‘fear and greed’. The analysis by Morningstar head of manager research, Tim Murphy, suggests the ‘fear and…
(Pictured: Fiona Mackenzie) By David Chaplin, Investment News NZ The New Zealand Superannuation Fund (NZS) has slimmed down to 36 external managers following its latest mandate cull. The big sovereign wealth fund tends to be a bellwether for others in Australia and New Zealand. After dispatching four real estate investment firms (covering five mandates) last week,…
(Pictured: Bill Priest) The best thing you can say about global, and in particular US, equity markets is that they will probably outperform bonds this year. But that is not saying much. Epoch Investment Partners’ Bill Priest has co-authored an interesting research note on the topic. Priest, Epoch’s chief executive and joint CIO who is…
(Pictured: Sarah Hayward) By David Chaplin and Greg Bright Calastone, the global fund transactions admin company, has established a beachhead in New Zealand with two foundation clients confirmed last week. The expansion will also benefit Australian-based fund managers. Calastone, via its Sydney office, signed up the Auckland investment administration firm MMC and New Zealand’s Public…
By Greg Bright Risk premia and smart beta strategies will quadruple in the next four years, according to a Citi Investor Services survey. Lars Jaeger, a pioneer in the risk premia space, held a roundtable in Australia last week. He says it’s a natural progression. Here’s why. The Citi survey of big pension funds around…
(pictured:Â Cynthia Clemson) By Greg Bright J.K. Galbraith, the radical Canadian-American economist, called it “private affluence amid public squalor”. What he was referring to, in the 1960s, was the long slow decline of much of his adopted country’s infrastructure. Since the GFC, however, things are improving, thanks in part to the evolution of the municipal bond…
(pictured:Â David Gallagher) The Centre for International Finance and Regulation, the university-backed and mainly federally funded investment research body, is likely to cease operations at the end of this year following the Government’s failure to renew its funding in last week’s Budget. Professor David Gallagher, CIFR chief executive, wrote to supporters and other stakeholders last Friday…
(pictured: Kevin O’Sullivan, MC Pauline Vamos and Warren Chant; Mark Delaney; Andrew Howard, REST, and Scott Hartley, Sunsuper) The Australian super fund industry is held up as a model for the rest of the world but “in true Australian fashion” we tend to talk down its achievements, according to Warren Chant. The Chant West Awards…
(pictured:Â Julian Poulter) Australian super funds have been ranked third in the world overall for taking action on climate change, with 10 of our funds getting into the top decile of the annual ‘Climate 500 Index’ of big funds published by the Asset Owners Disclosure Project. Local Government Super was ranked second in the world and…
