News

In its own inquiry into banking, but without Australia’s dirty linen, New Zealand’s Financial Markets Authority (FMA) could be handed more direct powers to govern bank conduct in the wake a joint regulatory report released last week. Following a nine-month probe into 11 NZ financial institutions – a collaboration between the FMA and the Reserve…

QSuper, the Queensland-based public sector fund, is to appoint Northern Trust as its new securities servicing provider following a review of its arrangements led by former Mercer Sentinel consultant Matthew Heeney. Heeney, who joined QSuper as head of investment operations from Mercer in January 2016, declined to comment on the move via the fund’s public…

The Government is looking to improve the superannuation system with respect to “excessive fees”, “inappropriate insurance premiums” and “inefficiencies”, according to the new Minister. Good luck with that. Neither governments nor their regulators have a great track record in any of those areas. In his first major speech to the industry, at the SuperRatings/Lonsec ‘Day…

The issues raised at the Royal Commission are not new or unique, Jeff Bresnahan said before announcing the SuperRatings Fund of the Year – UniSuper – at a gala dinner in Melbourne last week. “Some organisations seem to have a sense of self-entitlement that overrides members’ interests.” Bresnahan also said that if the “two commissions”…

Sam Harris, HESTA’s general manager for ‘insights and customer experience’, has taken out the Pendal Group ‘Retirement Innovation Award’ at the annual SuperRatings/Lonsec Awards night last week. The enhanced technology better monitors member feedback in a range of fields and media. Harris was also a finalist for this award last year – which was won…

by David Chaplin AMP Capital has created a new ‘public markets’ business to be headed by Sydney-domiciled Simon Warner, previously global CIO for fixed income. The London-based equities CIO, David Allen, will report to Warner. Multi-asset group (MAG) New Zealand-born chief, Sean Henaghan, heads off an a 15-month “sabbatical” next March with his direct reports…

If ever there is an asset class that has come into its own in recent months, at least in theory, it’s emerging markets bonds. Emerging markets equities have suffered outflows, credit and other higher-alpha fixed income strategies are looking wobbly and yet investors of all shapes and sizes are looking to go defensive. What to…

TCorp, the big NSW Government-related fund, has rounded out its investment team with three new appointments including that of head of portfolio construction. Tanya Branwhite. Branwhite will be joining TCorp after about 25 years of investment management experience, most recently from the Future Fund, where she had the heady titles of ‘director of listed equities…

ASIC has acted against the Gold Coast-based hedge fund manager Goldsky Asset Management following a claim against the fund by the SEC in the US. ASIC had previously assisted the SEC with their enquiries. ASIC last week confirmed it had frozen Goldsky’s assets because the firm had no licence and operated an unregistered investment scheme….

by Greg Bright For the past few months, Martin Currie Investments, the big Edinburgh-based equities manager, has been revamping its flagship global equities strategy. The results were unveiled in a series of meetings in Australia last week. Plus, the firm has flagged the formation of a new long-term research institute. Willie Watt, the chief executive…

There are 27 open class actions in Australia at the moment, accounting for roughly 10 per cent of the market capitalisation of the ASX 200. Australia has become the second-most important market for investor class cations in the world. Investors need to take note. Whether or not it is an emerging asset class, there is…

RBC Investor & Treasury Services has unveiled a revamped ‘strategic intent’ which upgrades Australia to one of its three core markets, outside of Canada, to become a leader in its field. Backed by a massive new technology roll-out, RBC has gone to a new level in asset servicing. In Australia last week, coinciding with the…