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
Recommended for you
Perpetual has released its Q2 fund flows showing a fall back into outflows after a positive Q1, as well as an update on its planned deal with KKR.
Magellan has announced a raft of executive changes including the departure of head of investments Gerald Stack after 18 years and a second appointment from Maple-Brown Abbott.
Morningstar research of seven active Australian asset managers has found they are expected to see client redemptions averaging 3.1 per cent of their FUM per annum through to FY29, with two forecast to lose more than 10 per cent.
Franklin Templeton is to get rid of its Martin Currie branding and fold them into the wider group under ClearBridge Investments and Franklin Equity Group.
