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Last Article Uploaded: Thursday, December 2nd, 6:32PM

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Crypto out, but new funds in

Generate explains why it’s not interested in cryptocurrencies, instead it has plans for some new funds.

Thursday, September 30th 2021, 10:49AM

While cryptocurrency technology is interesting it is not suitable for retirement savings as it has too much volatility.

"For this reason the volatility means its probably not suitable for an investment account that has the goal of saving for retirement," said Generate's fixed interest portfolio manager Ayrton Oliver at an adviser conference last week.

He also says there are questions around the regulation of crypto and its high energy use.

Portfolio manager Sam Goldwater said Warren Buffett called Bitcoin “rat poison squared.”

Goldwater says no one has any idea where crypto will go in the years ahead as it is impossible to value.

“If you can’t value something then it is just speculation,” he said.

“Speculative activities are not appropriate for retirement savings.”

While there is an argument crypto offers diversification benefits as it has a low correlation to equity markets, Goldwater disagrees.

“Betting on horse five in race seven at Ellerslie also has a low correlation to equity markets [but] that doesn’t mean KiwiSaver funds should set up an account with the TAB.”

Generate, which has $3 billion in funds under management, is adding additional funds to its product line up.

Chief executive Henry Tongue says the new funds will mean the firm has products in all risk categories and fills the gaps between the current conservative, growth and focused growth strategies.

Its KiwiSaver scheme would offer defensive, moderate and balanced funds to complement the existing three strategies.

Tags: cryptocurrency Generate KiwiSaver

« Manager salts up its fund menuMann on a mission to diversify financial advice »

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Last updated: 2 December 2021 9:14am

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