Friday is the big day for fund managers this week. IPAC Securities will be announcing the winners of its 8th annual Fund Manager of the Year Awards on Friday morning (no dinner this year). Full details will be available on Good Returns.
The finalists for the overall title are four time winner Tower Asset Management, AMP Asset Management, and Armstrong Jones.
To see which firms have been nominated in the various sectors go to the Features section.
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Manager change 1 The National Bank Financial Services has changed the manager of its global bonds, shares and emerging markets funds.
The new manager of these funds is AMP's United Kingdom-based firm Henderson Investors.
AMP has been managing money for the National Bank since it, 18 months ago, bought the bank's wholly-owned investment management firm Southpac.
The global shares and fixed interest funds were formerly managed by Frank Russell. Frank Russell has a strategic alliance in Australia and New Zealand with ANZ Bank through the Ascent Investment Programme.
Manager change 2 JB Were has dumped Morgan Stanley Dean Witter as manager of its international trusts and replaced it with Boston-based Wellington Management.
Wellington are a highly respected international private partnership which is also used by New Zealand Funds Management.
JB Were managing director Michael Clarke says "the investment approach adopted by Morgan Stanley has resulted in substantial under-performance over recent times."
He says the changes were driven by concerns about the appropriateness of their investment style in meeting the trust's objectives.
The trusts affected by these changes are the Overseas Pooled Fund, in which the International Trust, International Wholesale Trust, Balanced Trust and Balanced Wholesale Trust hold units.
Morgan Stanley also manages international funds for Spicers Portfolio Management.
Manager change 3 Royal & SunAlliance has changed the manager in its International Fixed Interest Superannuation fund and following its takeover of New Zealand Guardian Trust.
Management has moved from Norwich Union in Australia and the UK to NZGT. The fund remains fully hedged and the hedging is also done by NZGT.
National Bank Investment Race leaders Find who is in the top 20 of the National Bank Investment race here.
Contestants in the race need to have decision form four in to the bank by July 14 (this Wednesday). Decision forms are available here and can be submitted to the bank electronically through Good Returns.
Softbank buys into Morningstar Japan's largest distributor of packaged software and hardware, Softbank Corp, is to invest $91 million in Morningstar to accelerate and expand the growth of its Internet business.
The deal will give Softbank a 20 per cent stake in Morningstar. It also owns stakes in more than 100 Internet-related companies, including Yahoo!, E-Trade, and GeoCities.
Friday is the big day for fund managers this week. IPAC Securities will be announcing the winners of its 8th annual Fund Manager of the Year Awards on Friday morning (no dinner this year). Full details will be available on Good Returns.