About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Friday, August 17th, 12:17AM
rss
Latest Headlines

Legg Mason launches fund

Investment manager Legg Mason is expanding its presence in the New Zealand market with the launch of a PIE fund targeting retail investors for the first time, as well as institutional investors.

Monday, February 12th 2018, 10:34AM

Australia managing director Andy Sowerby said the Legg Mason Brandywine Global Opportunistic Fixed Income Fund stood out as the obvious choice for the group’s first PIE on the rack given its already substantial support from NZ wholesale investors.

“Legg Mason’s NZ clients have expressed strong interest in having a PIE fund, so we are really pleased to be able to meet this demand,” Sowerby said. “NZ investors have already entrusted more than $NZ800 million invested in the Brandywine Global strategy and a sizable portion of this money is expected to move across to the new PIE fund.”

The flagship Brandywine Global Opportunistic Fixed Income Fund, renown for a "benchmark agnostic" concentrated portfolio approach, has attracted more than US$28 billion from investors worldwide.

Sowerby said the new Brandywine Global NZ PIE fund would be registered under the Financial Markets Conduct Act regime, allowing retail investors and their advisers to invest alongside Legg Mason’s wholesale clients – a first for the group in New Zealand.

“Having a PIE fund provides a solution that is open to both wholesale and retail investors, while also providing regulatory oversight and the tax benefits associated with the regime,” he said. “We look forward to building relationships with financial advisory groups, investment platforms and retail clients with this commitment to the New Zealand market.”

The move to offer a global investment product tailored specifically for the local audience has been welcomed by both wholesale and retail investment consultants in NZ.

Ben Trollip, principal and head of investment consulting for Auckland-based Melville Jessup Weaver (MJW), said the Legg Mason PIE announcement was a vote of confidence in the NZ market from one of the world’s best-known fund management houses.

“It is very pleasing to see the launch of a PIE vehicle for Legg Mason Brandywine,” Trollip said. “From an investment consultant’s perspective, this gives us further tools with which to tailor NZ clients’ portfolios.”

Chris Douglas, Morningstar Asia-Pacific Director Manager Research Ratings, said the arrival of the Legg Mason Brandywine Global product in retail-friendly PIE form would benefit investors and advisers looking for alternative fixed income solutions.

“High quality active global fixed income PIE funds are hard to find in New Zealand, especially those with a competitive price,” Douglas said. “It’s very pleasing to see Legg Mason bring their highly successful Legg Mason Brandywine Global Opportunistic Fixed Income Fund to New Zealand investors in a PIE structure and hedged back to NZD.”

Legg Mason has teamed up with Wellington-based Implemented Investment Solutions (IIS) to create the PIE fund wrapper. IIS head, Anthony Edmonds, said that his team is delighted to be working with Legg Mason.

“Legg Mason has a big footprint in the NZ market with wholesale clients, so it’s exciting to see them build on this presence by launching a PIE fund,” Edmonds said.

He said the door was now open to launch other Legg Mason-affiliated manager products under the PIE format.

“Within the Legg Mason investment group there are managers such as Western Asset Management, QS Investors and Martin Currie sitting alongside Brandywine that are also well known to NZ wholesale investors,” Edmonds said. “The fact that a global funds giant like Legg Mason has opted to structure a product specifically for the NZ market – rather than taking the usual route of offering an offshore-domiciled fund – is also evidence of the growing attractiveness of NZ as an investment destination.

“Its great to see international fund managers competing directly in NZ with locally-designed products – we expect other firms will follow suit.”

For the time-being Legg Mason would focus on growing the Brandywine PIE fund as “first cab off the rank” but Sowerby said the group would consider offering other NZ-domiciled products over time.

 

Legg Mason is one of the world's largest funds management groups overseeing A$962 bilion invested across its nine ‘affliate’ managers.

« Dispute schemes: Fees are fairAdvice penalties increase »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Shanks meets Faafoi
    “Actually Tash the article only refers to an "Adviser" no mention of what type so we shouldn't assume it's an investment adviser....”
    12 hours ago by gavin austin adviser business compliance
  • Shanks meets Faafoi
    “What adviser? An investment adviser won't help Life advisers and vice versa. Really need two or three advisers on the Code...”
    16 hours ago by Tash
  • Shanks meets Faafoi
    “@Ron Flood, I agree that ideally we SHOULD have presence on the committee. However I question what "balance" would come...”
    17 hours ago by Eyeinthesky
  • Shanks meets Faafoi
    “Eyeinthesky & Pragmatic, I don't agree that it is a lost cause. Having an adviser presence within the committee at this late...”
    19 hours ago by Ron Flood
  • Shanks meets Faafoi
    “Won't someone need to wake up Minister Faafoi. Pretty sure he is fast asleep at the wheel here....”
    19 hours ago by Roderick
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.79 4.99 5.35
ANZ Special - 4.29 4.49 4.85
ASB Bank 5.80 4.69 4.89 5.19
ASB Bank Special - 4.29 4.49 4.79
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.29 4.49 4.85
BNZ - Std, FlyBuys 5.90 4.89 5.05 5.49
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.45 5.50 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 5.00 5.20 -
Housing NZ Corp 5.79 4.79 5.05 5.29
HSBC Premier 5.89 3.99 4.19 4.69
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.69 4.89 5.35
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.19 4.39 4.85
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.19 4.49 4.85
Sovereign 5.90 4.69 4.89 5.19
Sovereign Special - 4.29 4.49 4.79
The Co-operative Bank - Owner Occ 5.75 4.24 4.49 4.85
The Co-operative Bank - Standard 5.75 4.74 4.99 5.35
TSB Bank 5.80 4.74 4.99 5.35
TSB Special - 4.24 4.49 4.85
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.99 5.05 5.44
Westpac - Offset 5.95 - - -
Westpac Special - 4.29 4.49 4.85
Median 5.89 4.69 4.89 5.19

Last updated: 16 August 2018 6:23pm

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

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