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A well trodden path to victory

Monday 26th of November 2012

OnePath dominated the 21st FundSource Fund Manager of the Year awards last week, taking out the top prize, the KiwiSaver Manager of the Year award and a number of sector awards.

ANZ Wealth managing Director of Wealth and Private Banking John Body says: “It is an honour to be recognised with these awards, which are a tribute to the excellence of our investment management team, who have consistently delivered excellent returns compared with our peers. Winning five awards shows we’re strong right across the board.

“With KiwiSaver now five years old, and established as the main savings vehicle for the majority of New Zealanders, our KiwiSaver award is further industry recognition of our market-leading position and outstanding offering for customers.”

Judging for the FundSource Fund Manager of the Year award is based primarily on a combination of fund manager performance, their risk-adjusted track record in the medium to longer term, and qualitative analysis.

The FundSource KiwiSaver Scheme Manager of the Year award is given to the provider which offers the best solution for New Zealand’s retirement savings across diversified, balanced, conservative and growth sectors.

The results

Fund Manager of the Year
Winner: OnePath
Finalist: TOWER

KiwiSaver Manager of the Year
Winner: OnePath
Finalist: ASB Group Investments Ltd
Finalist: Mercer NZ

SECTOR AWARDS
Cash
Winner: ASB Cash Fund
Finalist: TOWER Cash Fund

NZ Property
Winner: OnePath Property Securities Fund
Finalist: Mint Australia NZ Real Estate Investment Trust

NZ Equity
Winner: Fisher Funds NZ Growth Fund
Finalist: OnePath New Zealand Share Fund

Australasian Equity
Winner: Mint Australia NZ Active Equity Trust
Finalist: OnePath Equity Selection Fund

International Equity
Winner: OnePath International Share Fund
Finalist: Elevation Capital Value Fund

NZ Fixed Interest
Winner: OnePath Secure Income Fund

International Fixed Interest
Winner: TOWER BondPlus Fund

Comments (9)

Clayton Coplestone

I reckon that the industry needs to move away from this form of self adulation, and start working towards the reinstatement of consumer confidence. Whilst I'm unsure of the exact criteria for eligibility, it would be another blow to the industry’s credibility if consumers discovered that eligibility was due to some form of undisclosed sponsorship, subscription or payment.

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12 years ago

Philip Macalister

Guys You do need to put your cynics hats away on this. Things like sponsorships aren't part of the process. It is a good question about whether there should be awards like this. My view is yes. It is a good idea to recognise funds and managers which are doing a good job. Wouldn't you rather know about and promote these sorts of funds as opposed to Ross Asset Management and its DIMS? Here is what FundSource to say on the process. The structure of the Awards process reflects FundSource’s broad desire to; a) ensure the Awards criteria are understood by the target audience (members of the public who may use the Awards in the selection of managed funds) and, b) ensure a high level of transparency of the Awards judging process to maximise objectivity, clarity and understanding of the Awards process. Fund Manager of the Year – Selection Process All NZ based funds management companies that have retail investment funds promoted to NZ based investors are considered for the Fund Manager of the Year nominations. A range of qualitative screens are applied to each Fund Manager to generate a nominee list. The nominee list is then constructed containing all fund managers who have passed the range of qualitative criteria in the nominee selection process. Quantitative screens based on information as at 30 June 2012 are then used to select the eventual Fund Manager of the Year Award winner, from the nominee list. Selection of the Fund Manager of the Year is derived from a performance based process that aims to fairly represent the achievement of each fund manager on behalf of its clients. However, where a manager does not have a minimum 3-year history for a fund in any category, they will receive a zero performance score for that category. KiwiSaver Manager of the Year – Selection Process All NZ based funds management companies that have Diversified KiwiSaver funds are considered for the KiwiSaver Manager of the Year nominations and awards. A range of qualitative screens is applied to each KiwiSaver Manager to generate a nominee list. The nominee list is then constructed containing all KiwiSaver managers who have passed the range of qualitative criteria in the nominee selection process. Quantitative screens based on information as at 30 June 2012 are then used to select the eventual KiwiSaver Manager of the Year Award winner, from the nominee list. Selection of the KiwiSaver Manager of the Year is derived from a performance-based process that aims to fairly represent the achievement of each fund manager on behalf of its members. The performance calculation stages are: 1. A representative fund is chosen for each KiwiSaver manager across each of the three mainstream diversified fund categories. The fund chosen, in each fund category for each manager, will be the most representative fund offered by that KiwiSaver manager and comparable across managers. 2. Each fund’s quantitative Fund rating for the three year period to 30 June 2012 are collated. 3. Where a manager does not have a minimum 3-year history for a fund in any category, they will receive a zero performance score for that category. 4. The following weights are applied to each of these average performance calculations: • Conservative 33.3% • Balanced 33.3% • Growth 33.3% Fund Manager of the Year Sector Awards – Selection Process New Zealand’s funds management industry has nearly 300 open-end funds covering a wide diversity of investment portfolio types and objectives delivered under several legal structures. FundSource’s Fund Manager of the Year - Sector Awards research process groups these available funds into their relevant investment sector categories. All retail NZ based fund managers and their funds are considered for Sector Award nominations. A range of qualitative screens are applied to each sector to generate a nominee list. The funds that successfully pass the screening process are then analysed on a performance-based approach. Quantitative screens based on information as at 30 June 2012 are then used to select the eventual Sector Award winners, from the nominee list. First of all the funds are screened based on their quantitative star rating from the FundSource monthly performance tables for 30 June 2012. Funds with three or more stars go through to the last screen. The fund with the highest average quantitative Fund rating will be the fund sector winner. All of the above screens are embedded within FundSource’s normal fund research process, several of these forming key hurdles required by a fund to attain FundSource’s recommended or better qualitative fund rating.

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12 years ago

Brent Sheather

Completely agree with anon..these awards are a joke and always have been. Who remembers Armstrong Jones Fund Manager of the decade..well they are gone. In a true contest half the winners would be ETFs. It would be funny but it's bad for the public's view of the industry seeing former CDO providers winning awards like this.

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12 years ago

Clayton Coplestone

To "ensure a high level of transparency of the Awards" it would be interesting to understand what "range of qualitative screens" were "applied to each Fund Manager to generate a nominee list".

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12 years ago

John Milner

What a sad bunch of joy killers. I'm no great lover of OnePath, personally withdrawing $200m+ of client funds from them but really, this is "reds under the beds" and "tall poppy" talk. Take a look at yourselves. Especially those cowards that don't identify yourselves. Apart from side swiping from the shadows, what have you ever achieved in life? I personally applaud anyone that picks themselves up from adversity and gets back to the top. By the way, the CDO's didn't just sell themselves. Some of you no doubt were fooled just like OnePath, ANZ and the rest of the world.

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12 years ago

Brent Sheather

Agree with Simon..I had at least two articles in the Herald saying cdos were suss years before they imploded,same with finance co debentures but also warned against 5 of the last 3 recessions so not perfect either and yes still working lol

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12 years ago

Andrew Blackler

Brent - yes some of us remember the fund manager of the decade award that Armstrong Jones received however it would appear you have forgotten that they have not gone...but rebranded as ING and now Onepath. In terms of CDOs, well that was an accident waiting to happen and it is of no surprise the chap who launched the fund at ING left well before it hit the fan. I was under considerable pressure to launch a fund to compete with ING at the time and respectfully declined.

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12 years ago

Brent Sheather

Hi Andy,I meant the name and most of the people had gone,especially in ozzie. I wrote a note for clients saying that the award was ridiculous and aj got bell gully to stop me publishing.They were a truly great firm to deal with !

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12 years ago

Brent Sheather

As an NZX shareholder I would like to see the NZX ditch FundSource as over the years, in my view, it has been a source of embarrassment more than anything else. And yes lovely weather Mr Sceptic.

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