Opinion

A performance feenomenon: How NZ Funds cashed-in on bitcoin

David Chaplin
Wed, 12 May 2021

A performance feenomenon: How NZ Funds cashed-in on bitcoin
David Chaplin
Wed, 12 May 2021
In April, the Financial Markets Authority (FMA) warned fund managers spruiking “phenomenal investment returns for the last year could mislead investors”. The regulator didn’t specify any particular manager but the Auckland boutique group NZ Funds was quickly outed for flashy display ads boasting a 107% after-fees one-year return for its KiwiSaver growth option. Opinions remain divided on whether the FMA ad crackdown was a necessary defensive move to protect statistically ignorant investors or regulatory overkill.&nbs...

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