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Last Article Uploaded: Friday, September 4th, 9:04AM
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Milford must work harder for performance fees

Milford Asset Management is changing its performance fee charge, including a revamp of its “high water marks”.

Friday, September 4th, 6:00AM  1 comment

Its most recent financial statements show it received $20.3 million in performance fees in the 2015 year, up from $18.9 million in 2014. It earned $24.3 million in capped management fees.

High water marks are used to stop fund managers earning performance fees when they are only recovering past losses.

The new fee structure, revealed in its latest prospectus, gives Milford a higher bar to clear.

Absolute return funds will reset their high water marks after every six months of positive performance, regardless of their position relative to the benchmark ...MORE»

AFA market loses more than 100 advisers in a year

Thursday, September 3rd, 6:00AM  8 comments

UPDATED There are concerns that the number of new AFAs being authorised by the Financial Markets Authority is not keeping up with the number who are terminating their authorisation.

MORE»

Salt eyes advisers

Wednesday, September 2nd, 6:00AM

Salt Funds Management is to make a play for more adviser relationships.

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Vertical fund businesses – a broken model?

Vertical fund managers control the entire investment “ecosystem” - from manufacturing fund product through to advising the end investor.  This means the fund manager can be a “one stop shop” providing the (supposedly) perfect client solution, isolated from any alternatives.  It makes great business sense – but does it make sense for investors?

Tuesday, September 1st, 1:30PM  7 comments

In this commentary we look at implications of the vertical model.  Does capturing revenue at every step of the value chain mean there is excessive “ticket clipping”?  What about conflicts of interest between the manager and investors?  Can investors end up owning product that is second best?

Vertical integration – it’s on the FMA’s radar

In its annual “Investigations and Enforcement – Key Themes” paper, the FMA highlights “conflicted conduct” as a core risk for markets and investors ...MORE»

Hubbard investors' capital returned

Tuesday, September 1st, 10:00AM

Investors in the Hubbard Management Fund have had all their capital returned. 

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Appetite for annuities

Tuesday, September 1st, 6:01AM  3 comments

New research shows many New Zealanders nearing retirement age are interested in an annuity-type product that will give them a guaranteed income.

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Guilty verdict in mortgage fraud case

Thursday, September 3rd, 10:46AM

Vulnerable first-home buyers were the target of a woman who has been found guilty of mortgage fraud worth millions in the Auckland District Court. MORE»

Insurance Centre Sponsored by: 

ISO is no more

Friday, September 4th, 5:00AM

The Insurance and Savings Ombudsman scheme is getting a name change. MORE»

Regulation Sponsored by: 

Submission slams FMA

Friday, August 7th, 6:00AM  11 comments

SiFA has entered a searing submission in response to the Financial Advisers Act review issues paper. MORE»

People and Events Sponsored by: 

Franks joins PAA board

Friday, September 4th, 6:00AM

Management consultant and former AIA head of distribution Darrin Franks has been added to the Professional Advisers Association board as an independent member. MORE»

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Sky City issues bonds

Wednesday, September 2nd, 4:53PM

Sky City entertainment grow is to sell $125 million of seven-year bonds, paying 4.65% a year. MORE»

KiwiSaver   

FMA urges KiwiSaver check-up

Sunday, August 30th, 8:20PM

FMA wants New Zealanders to give their KiwiSaver accounts an online health check as part of Money Week. MORE»

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