Fund managers want NZX to spin off Smartshares

Fund managers want NZX to spin off Smartshares
Some fund managers, like Sam Stubbs, are unhappy to have the NZX encroaching on what they see as their territory. (Image: Supplied)
Dan Brunskill
Fund managers are concerned that the New Zealand Stock Exchange isn’t focused on its core market and want to see Smartshares spun off into a separate company.Sam Stubbs, the outspoken founder of Simplicity, said the stock market operator wants to be a fund manager more than it wants to be a securities exchange.“If they really wanted to be an exchange, first and foremost they would sell, or separately list, their funds management business,” he said.Simplicity is a direct competitor to Smartshares, because both offer low-cost pa...

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