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KiwiSaver Scheme Provider - Contact Details

MEDIA RELEASE 

4 August 2010

Funds industry body to lead the way with new Investment Performance Reporting Standard

The Investment Savings and Insurance Association recently  commissioned PricewaterhouseCoopers to provide recommendations for a revised ISI standard for the measurement and reporting on Investment Performance of managed funds.

The establishment of a best-practice industry-wide Investment Performance standard achieved greater importance following the well publicised issues with the Hulijch KiwiSaver funds.

The ISI Board has now received  PricewaterhouseCoopers’  recommendations and has invited the firm to proceed to prepare initial draft proposals for a suitable standard for discussion with ISI.

Whilst the Global Investment Performance Standards (GIPS) is widely recognised as the leading standard in Europe and North America, it is primarily designed for the wholesale funds management industry that is prevalent in those parts of the world, and would require amendment to be suited to providing retail investors with information suited to their needs.

In NZ and Australia, the markets for managed funds are retail dominated – with KiwiSaver being particularly important in NZ.  ISI plans to take the Australian Investment Performance Standard, which is essentially based on GIPS  but amended for the Australian retail market, and further develop this for the NZ retail market.

ISI has been keeping the Minister of Commerce and the Ministry of Economic Development advised of progress as it is possible that standards for reporting of Investment Performance may be legislated to ensure that all fund managers are required to comply, not just ISI members.

ISI believes that developing a standard that has a basis that is consistent with Australia would have an added advantage as the Governments of both countries drive toward achieving a single economic market.

For further information contact:
Stephen Leslie, Communications Manager