Analysis

(pictured: Carol Geremia) For as long as there have been performance surveys, starting with Bruce Cook’s Mercer Campbell Cook & Knight in the 1980s, short-termism has been a problem for big super funds. They continually tell themselves not to think that way, but it seems, short-termism is very difficult to avoid. A big international survey undertaken…

(pictured: Susanne Willumsen)  As demand for smart beta strategies grows, so does the range of offerings from managers looking to assist further in the evolution of quantitative investing. For some, such as Lazard Asset Management, this involves blending factors and staying one step ahead of the herd. Susanne Willumsen, Lazard Asset Management director, portfolio manager…

The KiwiSaver cluster-bomb incident should serve as a warning to other jurisdictions, according to global ESG research firm, Sustainalytics. Vanguard and other index providers in New Zealand are already being affected. In a paper published last week, Sustainalytics says the KiwiSaver cluster-bomb debate – that saw a range of providers ultimately change some underlying index…

(pictured: Michael Aked) When investors think about mean reversion they normally think about asset valuations. They should also think about liquidity, because transaction costs associated with liquidity also mean revert. They are currently at all-time lows and are set to shoot back up. A report by Research Affiliates of the US says that the costs to trade…

Perhaps it’s time for big super funds to elevate their retirement solutions staff with the appointment of a ‘chief retirement income officer’ to complement the role of chief investment officer, according to a report produced jointly by KPMG and Challenger. Funds have been working on the problematic retirement incomes issue for years now, well aware…

Believe it or not, the funds management industry is in better shape than it has been for years. However, disruption, due to a raft of technological developments, is happening now. Managers have to adapt quickly in order to survive, according to a paper by SEI Investment Manager Services. SEI, a major US-based fund manager, administrator…

(pictured: Mike Baird) by Greg Bright He may have been on the back foot over shark deterrents on NSW beaches and the cruel world of greyhound racing, but last week the NSW premier, Mike Baird, was able to stand proud before the Australian investment community on a much more important subject. He told the annual Impact…

(pictured: Rod Sims) Analysis by Greg Bright It’s not just the Link Group’s board and management that are displeased at the ACCC interim view on the proposed Pillar purchase, announced last Thursday. The NSW Government, too, along with Pillar staff, may well be the biggest losers. The final date for bids has been pushed back a…

(pictured: Martin Gilbert) by Greg Bright In these days of increasing variety in investment structures, from traditional LICs to listed investment trusts, to ETFs to SMAs and IMAs, to mFunds and, most recently, to exchange quoted managed funds, it’s the traditional – the LIC – which investors and managers alike still tend to favour. For some…

There are lots of theories about the best way to manage money but one of the most enduring is to adopt long-term thematic bets resulting in idiosyncratic concentrated portfolios. Enter Guardian Capital to the Australian market. Guardian has become a client of third-party marketer Allen Partners and has committed to offering its style of investing,…

(pictured: Jack Inglis) Hedge funds don’t rate highly in the court of public opinion, said Jack Inglis as he opened the annual AIMA Forum in Sydney. And their image is not helped by the media. But the truth about what hedge funds can deliver is far more nuanced than that. Inglis provided a warts-and-all look at…

(pictured: Tom Garcia)  The big topic of “capital stewardship”, as a kind-of overlay for responsible investing and ESG that have been embraced by super funds and other fiduciaries, was a key theme at last week’s AIST Australian Superannuation Investment annual conference in Cairns. Tom Garcia, AIST chief executive, said the 430 capped-attendance to what is…