ASB Group Investments has been granted its Managed Investment Scheme (MIS) licence by the Financial Markets Authority (FMA).
Managed investment schemes, other than restricted schemes, are required under the Financial Markets Conduct Act (FMCA) 2013 to licence and register by December 1.
The following products will be transitioned to the FMCA disclosure regime, as managed investment schemes:
ASB General Manager Wealth Jonathan Beale says ASB is pleased to have been granted the licence, and supports the FMA’s move to promote the development of fair financial markets.
The key change investors will notice is consistent disclosure and reporting for all registered managed investment schemes, Mr Beale says.
"This is a positive step for investors, ensuring they have the right information about financial products to make confident and informed decisions.
"The licence further supports ASB’s commitment to strong governance and compliance, and the capabilities of our experienced team."
ASB Group Investments is responsible for more than $10 billion funds under management, on behalf of more than 500,000 New Zealanders. Its MIS products are provided to ASB customers through the retail and wealth advisory networks.
ASB was granted a Discretionary Investment Management Service (DIMS) licence for its class DIMS, ASB Portfolio Series, in October 2015.