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News Round Up: June 13

FMA and FAA levies announced: Morningstar moves to new ratings; Devon goes with BNP Paribas.  

Monday, June 13th 2011, 7:11AM 1 Comment

FMA and FAA levies announced
The Mininstry of Economic Development released a discussion document on Friday with proposals around levies to fund the FMA and its adviser regulation responsibilities.

Good Returns has a report on the document, plus the full document here.

There are a number of proposals raised. We hope to get some clarification from MED today on the ideas. In the meantime if you have any  questions drop an email to editor@goodreturns.co.nz. We would also like to know what advisers think about the size of the levy? Is it what you were expecting?

Morningstar moves to new global fund rating scale
Morningstar is changing the way it rates funds in Australia and New Zealand. The new model brings its ratings onto a new global fund ratings scale it applies worldwide.

"The move to a common rating system will further emphasise the global depth of our fund research, and make it easier for the growing number of our clients who use our research across multiple markets," Morningstar Australasia chief executive Anthony Serhan says. "Importantly, the new rating scale will not change the underlying approach we already have, nor will it have a dramatic impact on the relative rankings of the funds we cover."

The new analyst ratings and reports will continue to be based on analysts' convictions about a fund's ability to outperform its peer group and/or a relevant benchmark on a risk-adjusted basis over the long term.

The new Morningstar Analyst Ratings for funds will be assigned as one of five ratings; AAA, AA, A, Neutral or Negative, and Morningstar analysts' arrive at a rating through an evaluation of five key pillars the company believes predict the future success of a fund; people, process, parent, performance and price.

"As well as creating a global framework for our local efforts, it will enable us to provide leading-edge analysis of offshore investment strategies available in the Australian and New Zealand markets more quickly and effectively, and fulfill the needs of local financial advisers and investors by providing quick, timely analysis from a globally trusted source."

Devon Funds selects BNP Paribas
Devon Funds Management has selected BNP Paribas to provide custody and fund administration services.

The company, which specialises in New Zealand and Australian equities, appointed BNP Paribas with respect to the fund manager's two new wholesale unit trusts, created to complement its growing product offering in New Zealand.

Devon Fund Management's Mel Firmin cited BNP Paribas' strong global platform, local expertise in custody and fund administration for portfolio investment entities as crucial factors in the selection.

"Fund managers in New Zealand are currently facing unprecedented regulatory change couples with increasing demand for systems and operations enhancements. We feel that we are ideally positioned to partner with and support them through this period of change and in meeting the increasingly sophisticated market reporting requirements,"head of BNP Paribas New Zealand, Hugh Stevens.

 

 

« Paying the piper – how much you could have to pay for the FMAKiwiSaver mismatch a 'huge challenge' for advisers »

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Comments from our readers

On 14 June 2011 at 5:54 pm Collin said:
Morningstar's new fund rating system seems like 'advice' to me. Surely subjective views on the future prospects of funds is not 'analysis' but 'advice'.
Commenting is closed

 

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