Harbour takes out top fund manager award, Milford top KiwiSaver manager

Wellington-based Harbour Asset Management has won the Morningstar New Zealand fund manager of the year award.

Harbour, which is headed by Andrew Bascand, took out the top overall award at a ceremony last night, and also won the fixed interest category.

Morningstar Australasia manager research director Tim Murphy says Harbour is an “outstanding” steward of its investors’ capital.

“Performance across all asset classes was top-notch in 2015, with investors benefiting from shrewd security selection and well-judged portfolio positioning in difficult market conditions.”

Its fixed interest team, which is headed by Christian Hawkesby and Mark Brown, was praised as having a sound investment process, backed by detailed economic research and modelling, which has resulted in a “noteworthy track record to date.”

Mr Bascand says he is pleased the fund manager received independent recognition. "These awards provide our clients with further confidence and comfort that their money is being managed to best practice standards.”  

Mint Asset Management, whose chief executive is Rebecca Thomas and equities portfolio manager is Anthony Halls, took out the domestic equities category.

Morningstar said Mint’s “judicious stock selection” in 2015 continued a track record of picking winning stocks.

ANZ Investments won the international equities category, which it has taken out for a number of years.

“Its multi-manager international equities capability remains unparalleled in the New Zealand market,” Mr Murphy says.

Milford Asset Management topped the KiwiSaver category, which Morningstar decided was down to its “well-tenured and seasoned investments team, exceptional client service, and industry-leading risk-adjusted results.”

The company was also commended for its focus on investor education and engagement. Milford, whose managing director is Anthony Quirk, has previously won this award in 2013 and 2014.

In 2015, the average Milford KiwiSaver balance increased by $7430 to $39,230, while the average balance across the industry for all KiwiSaver members rose by $1610, to $11,950.

Morningstar determines winners based on a combination of qualitative research, risk-adjusted returns over medium-to-long-term periods, and performance in the 2015 calendar year.

The objective is to screen for fund managers that have provided consistently strong returns, and not just reward those with the most impressive one-year return but have otherwise struggled to impress.

"The winners of the NZ Morningstar Awards have all shown themselves to be first-class stewards of investor capital,” Mr Murphy says. “The quality of their people, process, parent, price, and performance is a testament to their commitment to investors."

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