David Chaplin
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Articles by David Chaplin
Marsh to expand ex Mercer empire with Wilshire takeover
Jason Schwarz: Wilshire chief US-listed multi-purpose professional services firm, Marsh, is to buy out investment advisory specialist, Wilshire, for an undisclosed sum. The deal brings Wilshire under the same corporate umbrella as the global investment consulting and multi-manager business formerly known as Mercer.
Praise the gourde and pass the dollars: Why currencies aren’t going away
Opinion by David Chaplin Columnistnzme 9 Nov, 2026 4:00pm5 mins to read David Chaplin is a BusinessDesk columnist and financial-services journalist, writing on investment, funds management and wealth. The New Zealand dollar sank to a 17-year low against its US counterpart last week, to just over 0.55. But in less-covered news, the kiwi is trading near its 10-year high versus the Haitian gourde (III).
Disaster fund hits ~$900m as third-party mandates start to flow
Chris Chainey: National Hazard Commission CFO The recently reconstituted Natural Hazards Fund (NHF) has placed about a quarter of its now almost $900 million investment pool with underlying managers as part of a new asset allocation process. As at September 30, the NHF still held about $690 million in cash and term deposits with the remainder outsourced to third-party managers in fixed income ($134 million), shares ($40 million) and cash ($25 million) portfolios.
AA drives super to Smart; Clarity wheels out multi-manager funds
Ivy Valderrama: Smart head of corporate Another standalone workplace savings scheme has handed in its keys with the NZ Automobile Association (NZAA) hopping aboard the NZX-owned Smart superannuation master trust. Established in 1992 for NZAA staff retirement savings, the circa $47 million scheme reported 416 members as at March 31 this year.
FMA books surplus, reads the room…
Samantha Barrass: former FMA chief The Financial Markets Authority (FMA) ended almost $4.4 million under budget for the 12 months to June 30 during a tumultuous reporting year for the regulator. Figures from the FMA annual report filed last week show the regulator booked a surplus of about $2.6 million against a “budgeted deficit of $1.75 million”, mostly as staff costs fell $5.7 million below projections.
… publishes fee disclosure findings
Louise Unger: FMA executive director response and enforcement Between about a quarter and 50 per cent of various licensed entity types probed by the Financial Markets Authority (FMA) displayed some kind of fee disclosure flaw, a new regulatory report reveals. In an early shot across the bows of fund managers, discretionary investment management scheme (DIMS) providers and financial advisory firms, the FMA uncovered a range of sub-standard fee-reporting practices following the investigation.
Kernel finds ops head in ASB; Apex APAC head exits; Harbour confirms Hardwick hire; Weld takes Aurellan stake; ChCh law firm hires ex FMA director; State Street fills regional role
Nigel Grant: Kernel head of investment operations and governance Kernel has poached Nigel Grant from ASB to take on the head of investment operations and governance role. Grant moved to Kernel last week from ASB, ending an almost nine-year career at the investment arm of the bank. Most recently he was ASB head of wealth products after joining the business in 2017 as a marketing manager.
Lifetime rules Britannia; Magellan bows to Barrenjoey
Ralph Stewart: Lifetime Retirement Income founder Lifetime Asset Management completed its takeover of the Britannia UK pension transfer funds business last week bringing about $900 million into the fold. The retirement income-focused Lifetime firm founded by Ralph Stewart now boasts more than $2 billion under management, largely acquired through a number of legacy scheme buyouts over the last few years.
Value ascending (but price isn’t everything)
Rob Arnott: Syzygy Asset Management chair Planets aligned for value investors over the last 12 months. As the latest Melville Jessup Weaver (MJW) investment survey notes, value-styled managers outperformed growth counterparts again in the September quarter to “built quite a lead over the trailing twelve months”. The value resurgence “has gone some way to bring the styles on par over the medium term” after more than a decade of growth in the ascendant.
Change agents: how tech plus design can grow advice
Ryan Edwards: TAP managing director Technology such as ‘agentic’ artificial intelligence (AI) could help fill the NZ financial advice gap by expanding the service capacity of businesses while reducing administrative drag, according to the head of an adviser support firm. But Ryan Edwards, The Adviser Platform (TAP) managing director, said advisory practices need to carefully design workflows to maximise any tech-driven benefits.
Frontier maps out route through TPA confusion
Paul Newfield: Frontier specialist services director A significant minority of institutional investors are unsure if the much-touted total portfolio approach (TPA) is real or just a marketing veneer, according to a new report by Australian asset consultancy, Frontier Advisors.
Adminis serves up NZ first with GAM PIE
Eric Finnell: GAM Australia and NZ managing director Swiss-listed fund manager, GAM Investments, has cut the ribbon on the first retail catastrophe bond product tailored to NZ tax conditions in a hosting arrangement with Adminis. The GAM Swiss Re ILS Income NZ portfolio investment entity (PIE) fund officially opens for business on November 6, feeding into an Irish-domiciled UCITS strategy established in 2011 that now manages about US$3 billion.
Māpua takes Helm portfolio manager; Frontier adds RI resource; FSC looks forward to 2027
Aniket Ghatak: Māpua investment associate Helm Wealth has lost another investment specialist after Aniket Ghatak decamped to consultancy firm, Māpua Wealth, last week. Ghatak joined Māpua as investment associate, ending a brief turn as an assistant portfolio manager at Helm, which was known as Alvarium when he was appointed last November to replace Jeremy Ward.
Fisher, ANZ fade in dull quarter for KiwiSaver
Greg Bunkall: Morningstar data strategy director APAC ANZ and Fisher Funds led a handful of KiwiSaver schemes going backwards in absolute terms during a drab September quarter, according to new Morningstar data. The latest Morningstar KiwiSaver quarterly report shows ANZ market share shrank by 0.4 per cent in the quarter as its total funds under management dropped by $127 million in the three-month period.
Public Trust fills corporate coffers, chief schedules exit
Glenys Talivai: outgoing Public Trust chief Government-owned estate management and corporate trustee business, Public Trust (PT), saw funds under supervision spike by about $25 billion year-on-year to reach more than $151 billion by June 30, spurred largely by growth in the KiwiSaver market.
Lifetime rehoming project approved; Simplicity reports full building
Paul Foley: Booster executive chair Booster completed a takeover of Lifetime Group last week after shareholders in the national advisory chain unanimously approved the deal. Under the proposal floated this September, Booster offered to buy the financial advice provider (FAP) outright in a move that required majority shareholder support. The Booster Tahi fund already owned 31 per cent of Lifetime but managed its part in the sales process on an arms-length basis, according to a release.
Investment architecture in the AI age: why factor houses don’t fear garage tech
Brendan Bradley: Acadian chief investment officer Can three guys in a garage wielding artificial intelligence (AI) tools steal alpha from the quant establishment with a few punk agents? While the punks might be able to knock out a rough portfolio or two, the quants are likely safe for now if Brendan Bradley, Acadian chief investment officer (CIO), is right.
ASIC has fine time as penalties surge
Sarah Court: ASIC chair The Australian financial services regulator reported an almost 60 per cent rise in “fees, fines, charges, penalties and levies” collected on behalf of its government over the 12 months to June 30. According to the Australian Securities and Investments Commission (ASIC) 2026 annual report, the regulator sent off A$3 billion (2025: A$1.9 billion) to the federal government sourced from various fund-raising activities including A$830 million in civil court-ordered penalties.
Nuveen touts ESG advantage for private assets
Enrico Colombo: Nuveen responsible investing stewardship strategy lead Private could beat public as a vehicle to influence corporate behaviour, according to a just-published Nuveen study, if the sector can develop standardised engagement practices. The Nuveen report says the “direct access to management and long holding periods [of private market assets] should make engagement more effective than in public markets”.
The Resolution Capital X-factor: why global listed infrastructure is lifting off
Jan de Vos: Resolution Capital global listed infrastructure portfolio manager Australian real asset manager, Resolution Capital, launched into the global listed infrastructure space five years ago, spinning off a NZ satellite PIE in 2025. But opportunities abound for active investors in an asset class that is no buy-and-hold index ride… Elon Musk shook the telecoms market in the inaugural SpaceX earnings call this August with a throwaway comment about cell towers.
NZ retirement savings system scores a pass (but don’t mention the pension)
The New Zealand retirement savings system got its exam results back last week, earning an okay mark in a long-running annual review of global pension arrangements. According to the 18th edition of the Marsh CFA Institute Global Pension Index, New Zealand ranked 15th of 55 countries based on a qualitative assessment of retirement regimes across three factors: adequacy; sustainability; and integrity.
Bonds whack conservative funds, MJW
Ben Trollip: MJW principal Conservative-leaning KiwiSaver funds took a hit during the September quarter as tough bond markets ate into returns, new Melville Jessup Weaver (MJW) data shows. In fact, almost all KiwiSaver diversified funds other than growth-oriented strategies fell into the red for the three months to September 30, according to the MJW quarterly investment report.
ASB drops CIO, tipped for active add-on; Orbis enters Heathcote orbit
Frank Jasper: ex ASB CIO Frank Jasper has stepped down as ASB chief investment officer (CIO) just over a year into the role created last June at the $32 billion plus manager. Jasper, previously Fisher Funds CIO, took on the executive job at ASB three years after joining the bank-owned fund group’s investment committee.
FNZ nixes appeal as staff-shareholders ready for long legal battle
Mike Stevens: FNZ shareholder The FNZ legal drama is poised to play out for months, and likely years, as employee-shareholders and institutional owners regroup following a split decision in the Wellington High Court. Under the ruling published last week, the ‘unfair prejudice’ claims lodged against the FNZ corporate body over a series of dilutive institutional owner equity-raises have been shunted off to the UK for private arbitration.
Milford takes tiny (relative) step back as NZ retail funds boom in June
Almost all of the top 10 largest NZ retail fund managers lost market share or held steady in the June quarter as challenger brands gathered steam, according to new Plan for Life (PFL) numbers. The PFL data shows only FundRock (which houses multiple underlying managers) and Simplicity among the big-10 lifted market share during a three-month period when even leader, Milford, slipped backwards for the first time.
NZ Super recalibrates risk as $100bn beckons
Jo Townsend: NZ Super Fund chief The NZ Superannuation Fund (NZS) has lowered active risk parameters as part of its recent reference portfolio review in a move that trims expected long-term alpha by 10 per cent. According to the NZS 2026 annual report released last week, the almost $100 billion fund has set a new “through-the-cycle active risk budget” of 3 per cent, down from 4 per cent, while reducing the maximum above-benchmark bets to 6 per cent from the previous 8 per cent.
Marsh calls for ‘flexible’ retirement age, keeps NZ in B-grade
Tim Jenkins: Marsh Australia partner A fixed, single retirement age is increasingly unworkable as demographic forces skew the population older, according to the latest Marsh review of global pension settings. The 18th iteration of the study, previously known as the Mercer CFA Global Pension Index (GPI), notes that a one-age-fits-all retirement date is “not a sustainable outcome over the longer term” as the worker-retiree ratio continues to shrink.
Wedge looks to bigger edge as PIE tops $200m
David McLeish: Wedge co-founder Wedge has ticked over a new milestone as investors gradually warm to the cash portfolio investment entity (PIE) vehicle founded by former Fisher Funds fixed income head, David McLeish. McLeish said the Wedge PIE, which offers a daily fixed return rate, has just passed through the $200 million mark, up from the $114 million recorded on June 30 this year.
From efficiency to outperformance: next steps for the human-AI investment collab
Dan Mead: MAS investment manager Artificial intelligence (AI) has yet to show up in fund manager outperformance but should over time, according to MAS head of investment, Dan Mead. Mead said for now investment managers are mostly using AI to squeeze efficiencies out of research and analytical processes. “It’s too early to say whether AI has helped with performance,” he said.
FNZ wins jurisdiction battle as judge sends case for UK arbitration
Adrian Durham: FNZ founder The FNZ dispute with staff-shareholders will head off to London after a Wellington High Court ruled in favour of the company. In a ruling handed down today, Justice Heine rejected NZ as the jurisdiction to hear claims that institutional owners unfairly diluted employee-shareholder equity.
Fisher union goes to Plan; Huxford arrives as CIO
Jody Kaye: Fisher chief product and strategy officer Earlier this month Fisher Funds reached a long-awaited KiwiSaver back-office nirvana after rehousing the final batch of members into unified administrative lodgings. The October move saw 135,000 plus members of the original Fisher Funds KiwiSaver scheme and about $5.3 billion teleported across to the final resting place inside the Fisher Funds KiwiSaver Plan.
Marsh NZ investment leader exits; Hyde emerges in Abu Dhabi; broker body names new head; Cross to chair Milford charity
Adam McKenzie: outgoing Marsh NZ head of investments and retirement Adam McKenzie has left the business formerly known as Mercer (now Marsh) after more than 20 years with the company in Australia, the UK and, more recently, NZ. It is understood McKenzie finished last week as head of the Marsh/Mercer NZ investment and retirement arm, ending an almost eight-year term in the role.
Bigger, cheaper, more competitive: MJW finds KiwiSaver market in fine form
Ben Trollip: MJW principal The fast-expanding KiwiSaver universe has become cheaper and more diverse over the five years to March 31, 2026, according to the latest Melville Jessup Weaver (MJW) sector analysis. The 2026 annual MJW ‘KiwiSaver market review’ found the average cost of the regime compared to funds under management (FUM) fell from 0.93 per cent in the 2020/21 period to 0.75 per cent at the latest count, equating to a relative expense decline of about one-fifth.
Dentons drops in to see what condition the conditions are in
David Ireland: Dentons partner Legal firm Dentons called out a couple of financial advisory business-related flaws in an otherwise positive review of the proposed revamp of licensee ‘standard conditions’. As reported last week, the Financial Markets Authority (FMA) plans to consolidate the current jumble of ‘standard conditions’, which set operational limits for various licensed entities, into a single document with a number edits here and there.
Incidents will happen: FMA, RBNZ push finance sector to prep for AI attack
Louise Unger: FMA executive director response and enforcement NZ financial firms will need to up their game to fend off gathering risks from the rapid march of ‘frontier’ artificial intelligence (AI), local regulators said last week.
Move slow and make things: why NZ is taking the right route to tokenisation
Vincent Turcotte: Apex Digital Asia Pacific sales director NZ is set to benefit from its “measured” principles-based approach to regulating tokenised assets, according to a senior Apex Group executive. In a recent article, Apex Digital Asia Pacific sales director, Vincent Turcotte, argues that fast-tracking rules aimed at technology rather than the core financial function could stymie innovation.
US regulator plots Western finale, warns managers off joint activism
Ken Leech: former Western Asset Management co-CIO The US Securities and Exchange Commission (SEC) has fired its last round at Western Asset Management and ex co-chief investment officer, Ken Leech, in a final settlement inked earlier this month. Under the deal, Leech agreed to cop a $3 million fine without admitting to SEC claims that he had breached the law through ‘cherry-picking’ bond trades that favoured some clients at the expense of others.
Insto index outflows blot blowout year for US$15.5tn BlackRock
Larry Fink: BlackRock chief Institutional investors continue to rotate out of BlackRock index strategies with net outflows of more than US$115 billion from the style in the 12 months to September 30. During the September quarter, institutions withdrew a net US$27.4 billion from BlackRock index funds in the only negative flow category for the mega-manager over any period up to 12 months.
Why 2026 could be peak competition for KiwiSaver
Whatever the underlying reasons, the competitive trend hasn’t faded yet.
ACC brings the alpha again
David Iverson: ACC chief investment officer The Accident Compensation Corporation (ACC) fund has handed in another above-benchmark annual investment performance to sustain a reference-beating record that has only been blotted twice in its 34-year history. According to the ACC annual report published last week, the almost $54 billion fund ended the 12 months to June 30 up 10.45 per cent before costs compared to the composite reference portfolio return of 10.07 per cent.
Amova gets Smart; Sharesies adds Nasdaq, expands fund suite; Hive re-benchmarks; Munro doubles PIE range; ANZ gives credit mandate to Morgan Stanley
Sam Bryden: Amova head of distribution Amova Asset Management has introduced a passive flavour to the panel of funds on its ‘curated’ GoalsGetter KiwiSaver scheme with two Smart products. The Smart balanced and high-growth funds supplement the current actively managed GoalsGetter options offered by Generate, Pathfinder, Milford and Salt as well as in-house Amova strategies. Earlier this year, Amova dropped two Harbour Asset Management funds from GoalsGetter.
Wealth, investment admin move closer at Apex; The Curve names compliance leader; MAS head of risk exits; Sodor NZ opens doors
James Page: Apex NZ head of operations and (Australasia) custody Apex has unified its investment and wealth administration in a single reporting line under the newly promoted James Page. Previously Apex head of custody for Australia and NZ, Page assumed the wider wealth responsibilities, too, following the departure last month of long-time platform specialist, Nikki Drew.
FMA floats shake-up of licence conditions
The Financial Markets Authority (FMA) has slated an overhaul of compliance obligations for all licensed entities in a move set to collapse multiple ‘standard conditions’ forms into a single document. But in a consultation released last week, the proposed FMA rejig would also saddle new duties on some entities while relaxing arrangements for others.
Russell study highlights ‘invisible’ value of advice
Neil Rogan: Russell Australia and NZ head of distribution Behavourial coaching, or stupidity management, remains the biggest value-add of professional financial advice even if clients don’t appreciate it, the latest Russell Investments review of the NZ sector shows. The 2026 NZ edition of the Russell ‘Value of an adviser’ report says behavioural coaching added 3.7 per cent to long-term returns for clients versus non-advised investors.
To tinker or build: how the ‘KiwiSaver election’ can remake NZ
Kirk Hope: FSC chief KiwiSaver has emerged as a central issue in the 2026 general election with all parties floating policy balloons. But the long-term success of KiwiSaver requires more than political hot air, according to Financial Services Council (FSC) chief, Kirk Hope Election campaigns are notorious for producing plenty of promises, slogans and photo ops. But underneath all that sits a more serious question: what sort of country are we setting ourselves up to be in 10, 20 or 30 years?
AI infiltrates client-planner chat, business models – survey finds
Nick Hakes: Financial Advice NZ chief Large language models have changed the client-adviser conversation, according to a new study released by the Financial Planning Standards Board (FPSB) last week, with mixed outcomes. The second annual FPSB global survey on the impact of artificial intelligence (AI) on the financial advice sector found the new technology has armed clients with more, if not always accurate, talking points to spice up interactions.
Instos miss benchmark for third year in succession, CEM
Rashay Jethalal: CEM Benchmarking chief About two-thirds of global institutional investors failed to meet performance targets last year, according to preliminary data compiled by benchmarking specialist, CEM, capping off a relative lost decade for the sector. The CEM analysis of return figures from its extensive institutional investment database, comprising pension funds and the like, found only 35 per cent of the sample “beat their overall benchmark” during 2025.
Scale KiwiSaver advice without sacrificing consistency or efficiency
Greg Hansen: OMNIMax general manager For many advice businesses, KiwiSaver can quickly become a significant part of the practice. As client numbers grow, so does the need for an efficient and repeatable advice process. OMNIMax’s KiwiSaver Adviser Tool helps advisers manage the entire KiwiSaver advice journey, from Fact Find through to Statement of Advice, client approval, and ongoing reviews.
‘Acceptable’ visa funds face cull as Invest NZ cleans up
Robert Wall: Invest NZ head In a belated national reputational risk management move, Invest NZ has tightened the criteria for ‘acceptable’ investments under the fast-track visa program aimed at wealthy immigrants. The Active Investor Plus (AIP) changes will see managed funds vying for a spot on the ‘acceptable’ list face closer scrutiny of underlying investments and marketing claims in what has been to date a loosely policed collection of disparate wholesale products.
Aegis-MMC-Apex veteran jumps to NZX platform
Nikki Drew: NZX Wealth Technologies head of product The NZX-owned Wealth Technologies has landed a coup after hiring long-time investment platform specialist, Nikki Drew, from rival Apex. Drew joined Wealth Technologies as head of product at the end of last month after almost 30 years in key platform roles at Apex NZ and predecessor firms, MMC and Aegis.
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