This year’s top 10 stories included a peek into AustralianSuper’s international equities build out in London, AMP’s move to slash employee benefits, and plenty of hard-hitting analysis of the issues that matter in institutional investment. But the real story is how readers helped shape all of that coverage.
Orbis’ Stuart Place is riding from Melbourne to the Moon and Back to fund a treatment for the “monster of a disease” that his youngest son was born with. The investment industry is rallying behind him.
Big managers dumped in KiwiSaver shake-up
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 and Kiwi Wealth – in the new regime.
The statement says: “On the advice of an independent panel, the number of default providers reduces from nine to six: Bank of New Zealand, Booster, BT Funds Management (Westpac), Kiwi Wealth, Simplicity and Smartshares (NZX).”
NZ’s Commerce and Consumer Affairs Minister, David Clark, said the Government went to tender last October signalling the need for providers to demonstrate they would go further to deliver more for default members.
“The six default providers were selected because they offer the best value for money for their members in terms of lower fees and higher levels of service,” Clark said.
“We’ve also changed the default provider settings to enhance Kiwis’ financial wellbeing in retirement. This includes moving the default investment fund type from a conservative to a balanced setting to increase the likelihood of higher returns over the long-term.”
