Betashares launches first NZ offering
ETF provider Betashares has expanded its offering to New Zealand and will launch five ETFs in the country.
This was the first time the firm had launched funds beyond Australia and followed a decision in 2021 to open an office in Auckland. The five ETFs would offer cost-effective exposure in a tax-efficient portfolio investment entity (PIE) structure.
The first five ETFs to launch in New Zealand are Global Sustainability Leaders, Australian Sustainability Leaders, Australia 200, Global Quality Leaders, and Australian Investment Grade Corporate Bond fund.
It is currently in the process of building out a local team, led by executive director — institutional and adviser services, Vinnie Wadhera, who had been at the firm for over a decade.
It would also launch new and comprehensive support services for New Zealand-based financial advisers including practice development service modules.
Chief executive, Alex Vynokur, said: “We’ve been actively servicing New Zealand clients since our inception and so the launch of locally domiciled funds is a natural extension for us. Betashares has been at the forefront of innovation in the Australian funds management industry since 2010, and we believe the time is right for us to take our involvement in New Zealand to the next level.
“As a business, we’re highly focused on growth in the next decade of our journey. We believe the New Zealand market is currently underserved in terms of high-quality and cost-effective investment options and we’re excited to address this opportunity by broadening the range of innovative investment solutions available to Kiwi investors.”
Betashares’ range of PIE funds are expected to be available on selected investment platforms from June 2023. Wholesale investors may also be able to make investments directly into the funds.
AUTHOR
Laura Dew
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