tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, March 5th, 1:12PM

Investments

rss
Latest Headlines

Fidelity dumps ING as fixed interest manager

Fidelity has replaced ING as one of its fixed interest managers and instead given the $34 million mandate to Grosvenor Financial Services.

Monday, September 21st 2009, 9:35PM 1 Comment

ING has managed 40% of Fidelity Life's domestic corporate fixed interest pool for the past 12 years.

Fidelity says the appointment follows a review of fixed interest managers operating in New Zealand, in line with Fidelity Life's investment policy.

"There was no change to Fidelity's lead fund manager, Tyndall, which is achieving excellent results. Tyndall also manages Fidelity's Options portfolio, which has had a strong run this calendar year," Fidelity marketing manager Peter Lee says.

Grosvenor is an independent locally-owned investment manager administering more than $1.5 billion in New Zealand and Australia.

Although Grosvenor is well known for its wrap platforms, it has also built an excellent track record in managing and administering direct fixed interest portfolios over the last 10 years, Lee says.  "This deal will boost Grosvenor's total New Zealand fixed interest funds to well over $200 million."

Grosvenor chief investment officer David Beattie says the company has avoided "many of the pitfalls stemming more recently from the global credit crisis."

Grosvenor's reward to risk ratio was the best of eight funds whose publicly available performance was examined over the three years to June 30. Although absolute performance was second best, its standard deviation was lowest and did not rely on swaps to generate a superior return.

Fidelity Life says Grosvenor's style will complement its other fixed interest manager, Tyndall.

 

« SCF placed on CreditWatch negativeRBNZ will decide results of TD war »

Special Offers

Comments from our readers

On 23 September 2009 at 8:43 am bob brown said:
When are you going to pay overdue interest
Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 5.25  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com