Update
Key Budget initiative flies underneath the radar - A Brief note from the Chief Economist, June 2010.
In managing the new relationship with its' Investment Manager (AXA), the Board has resolved to stage it's investment into AXA. TET and AXA have jointly set measured asset allocation benchmarks to outperform general financial institutions.
View the July AXA performance report here.
Background
AXA Global Investors has been appointed TET’s Investment Manager and operates as a manager of managers selecting the best of breed fund managers for each investment
Sector (e.g. NZ shares, global shares etc.). Established in 1999, AXA GI manages over NZ$4 billion of assets across the major asset categories of global and domestic equities, listed property companies, infrastructure assets, local and offshore fixed income securities, and cash.
AXA will work in conjunction with the investment committee to manage and grow the Tuhoe capital base and return an agreed real return annually for operational and distribution needs. With capital being managed in excess of $60m, Tuhoe is considered a major client with investor privileges
AXA role is to:
1. Establish solid working relationships
2. Develop a Statement of Investment Policies and Objectives
3. Construct a portfolio which best fits purpose, risk appetite and return requirements
4. Manage entry into investment markets
5. Establish agree reporting requirements
6. Investment Education of Trustees and Tuhoe iwi members
7. Funds Management
People:
Peter Verhaart — General Manager
Peter Verhaart is responsible for overall investment activities of AXA Global Investors. He chairs the AXA NZ Investment Strategy Committee and also sits on the AXA Australia Investment Management.
Bevan Graham - Chief Economist and Head of Client Relations
Bevan Graham is Chief Economist and Head of Client Relations at AXA Global Investors. Bevan has held a number of senior economist positions across both the private and public sectors.
He began his career in financial markets at the ANZ Bank before a move to Westpac where he was Chief Economist from 1994 to 2000. In 2000 he became Chief Economic Advisor to the Leader of National, a position he held until the 2002 election.
Is contagion risk overdone?
6 May 2010
Political dithering meant bond markets were starting to dictate the course of events, which is not healthy. Political realism saw through in the end. In our view, recent fiscal contagion has been more a political than an economic phenomenon. There are, however, still significant fiscal risks.
Yuan policy change imminent?
12 April 2010
Chinese authorities appear poised to allow the Chinese Yuan (CNY) to appreciate, after being pegged against the United States dollar since July 2008.
In a November 2009 Research Note Yuan and Global Rebalancing, we argued an appreciation in the CNY would benefit the desired rebalancing in global growth by making China imports cheaper and thus boosting consumption.
AXA wins Morningstar KiwiSaver 2009 Fund Manager of the Year
4 March 2010
“This Award reflects positively on the professionalism and hard work of everybody involved in the AXA KiwiSaver Scheme” said AXA Chief Executive Ralph Stewart in accepting the Morningstar KiwiSaver 2009 Fund Manager of the Year award in Auckland last night.
“Our industry has come in for some tough criticism in recent months, so to accept an award for excellence reflects well on the entire AXA business. To be recognised as providing New Zealanders with an excellent product, market leading returns and promoting financial education shows the commitment AXA is making to help ensure our members enjoy a better standard of living in their retirement.
Quarterly Strategic Outlook - QSO March 2010
Executive Summary The global economic recovery continues to build. It is proving to be hard work, but structural change was never going to be easy. The early signs are that the necessary rebalancing in growth we need to see for a sustained recovery is also starting to occur. There is still a long way to go, but should the next set of risks be successfully traversed, we could in future look back on recent developments as the dawning of a new age of global prosperity.
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