Media

Global equity markets have started this year in a truly volatile fashion. A range of factors have impacted  investor sentiment including concerns over Chinese growth, commodity price deflation and a continuation of the extraordinary monetary policies that have defined life in the post-GFC era. This past month local stocks have had the chance to step out from under the macro cloud and provide insights into how their businesses are performing by releasing their profit results.

Devon Funds Management has launched a new product aimed at the burgeoning demand for income in a low-yield environment.

The Devon Diversified Income Fund follows on the back of similar successful product issues in the space by fellow NZ boutiques, Mint and Milford.

From inception in April 2010, the Milford Diversified Income Fund has grown to almost $1.2 billion as at the end of January while the similarly-named Mint income product has accrued about $75 million since its launch less than two years ago.

Russell Investments has doubled the number of underlying managers in its NZ shares fund.

The NZ shares fund is one of the five Russell-managed portfolio investment entity (PIE) products marketed by Wellington-based Implemented Investment Solutions (IIS).

A note to Russell Investments NZ Shares Fund clients says Devon Funds Management had been awarded a mandate that would eventually see it split duties evenly with incumbent Harbour Asset Management.

The daytime temperature in Beijing in January struggles to get into positive figures and as the evening wears on it plunges into the negatives. In recent weeks a thermometer measuring those fluctuations could have been mistaken for the returns of the Chinese share indices.

Devon Funds Management has secured the Financial Markets Authority’s seal of approval.

The Auckland-based firm, which manages $1.5 billion, has received its Managed Investment Scheme licence from the regulator – a requirement introduced as part of the Financial Markets Conduct Act, which came into force last year.

The licensing process is, by all accounts, a hugely time-consuming process and Devon will be glad to have it done and dusted.

It caps off a big year for the company, which received some top industry awards in 2015.

NZSA Conference 2015 – Paul Glass, Devon Funds. Video series parts 1-3.

Half of board members say 4 per cent rise not enough in face of heavier workload and increased scrutiny.

Just on half the country’s directors aren’t happy about their pay as workload piles up and more face the axe for poor performance.

Directors Institute chief executive Simon Arcus said while there had been a “moderate” 4 per cent increase in the past year, workloads had almost doubled, reflecting an environment where boards are facing more scrutiny and regulation than ever before.

Regulator shows it means business.

The Financial Markets Authority is hammering home the message that it means business on issues such as market manipulation and insider trading.

The regulator this week issued fund managers with an information sheet, reminding them to be aware of “misconduct risks”.

It comes in the wake of market manipulation allegedly carried out by Mark Warminger, a Milford Asset Management employee against whom the FMA launched High Court action last month.

Thirty years ago New Zealand’s markets were quite rightly regarded as the Wild West of the financial world. Insider trading was rife, boards and management teams often focused more on how they could make money for themselves than for their shareholders and investing money into the equity market was like swimming through a shark-infested pool.

Tama Willis speaks to The Sydney Morning Herald. (16 July 2015)