William Buck New Zealand
As a fully integrated firm of Chartered Accountants and advisors, William Buck provides a complete solution. Putting you at the core of the business, our advisors work together to ensure that careful consideration is given to your business and personal wealth affairs.
Working closely with you and your team, our Business Advisors can help you plan and implement contemporary business strategies and practices to meet your business’s full potential.
Our commercially minded tax specialists offer clear, responsive advice to manage your tax risk, address local and international issues, and develop strategies to optimise your tax position.
Our highly experienced team of liquidators and trustees use their extensive expertise to assist in times of financial distress, achieving the best outcome for all stakeholders.
Our audit team has extensive experience in a range of engagements, giving stakeholders independent and objective assurance on financial information, transactions and processes.
By understanding not only what you want to achieve but why it’s important, our wealth advisors can create strategies attuned to your key priorities. The end result is a plan focused on your life goals.
Our Corporate Advisory team provides objective, strategic and commercial advice across a broad range of business issues. Our work spans the breadth each engagement from the origination of ideas to managing the transaction process, valuation and structuring.
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William Buck has a team of professionals with specialist experience and know-how on a range of industry sectors.
Our advisors understand the risks and opportunities unique to the agribusiness sector. Taking a strategic view of your operations they provide relevant guidance and advice.
Assisting public and private schools, vocational colleges, universities and private training providers, our education specialists provide timely and valuable assurance services together with strategic, financial and management advice.
Our Government and public sector team has substantial experience in assisting all levels of government to review their structures and develop strategies, in line with relevant legislative requirements and accounting and audit standards.
Working with over 1,600 clients in the health sector, our advisors help practitioners and health care corporates achieve their business and personal goals
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Integrity and transparency are at the heart of the best Not for Profit organisations. These values re shared by our dedicated Not for Profit team, which helps entities to establish to improve performance and develop strategies for long-term growth.
Our advisors understand the challenges and opportunities facing the professional services sector first hand. This experience together with our expertise helps to determine your strategic objectives and provide concise, relevant advice to help you achieve your goals.
Our property and construction team assist on a wide range of assignments from property development to construction and large infrastructure projects. Their diverse experience, technical expertise and commercial know-how to help you tackle the important issues.
Our retail and wholesale team works with a variety of businesses from family owned operations to franchises and larger chains, to provide advice and guidance on the issues that count.
Our transport and distribution team works with businesses to review their operations, improve efficiency and productivity and ensure compliance with the latest regulatory developments.
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We work with individuals, businesses and community organisations with a particular focus on the mid-market. Drawing on our extensive experience, our advisors will challenge your thinking and re-frame problems to understand their root-cause.
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Life as a CFO can be complex, exciting and demanding. Combining technical excellence with decades of working closely with and listening to the needs of CFOs, our advisors understand the competing demands of your role.
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Established in 1895, we’re more than just advisors; offering a full range of services and 360 degree support, we aspire to create a positive change in the lives of our clients and our people.
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By CHRIS RYLANDS
RESEARCH MANAGER, WEALTH ADVISORY
In our previous update we touched on some core principles of fixed income investing. The key principle covered was the concept of interest rate risk. Interest rate risk refers to the risk that value of your fixed income investment will change when interest rates change. This is important for investors to understand because the value of their fixed income investment can fall when interest rates rise. Bonds which pay fixed coupons and have longer maturity dates carry the most interest rate risk. In this update we will introduce “default risk”, discuss the different types of bonds and how to manage these risks in a portfolio.
The most straightforward way minimise interest rate risk is to invest in floating rate bonds. Floating rate bonds are less sensitive to changes in interest rates. The problem with this strategy is that many issuers of floating rate bonds carry a higher probability of default. Default risk refers to the risk that you may not receive some or all of your investment back at maturity. The bonds with the lowest default risk are long term fixed rate bonds issued by the largest global governments. On this basis, in order minimise default risk investors must accept some interest rate risk. The table below summarises the different types of bonds and associated risks.
Source: Schroder Investment Management
Another problem with floating rate bonds in the current environment is that the return on offer does not reflect the associated risks. Low interest rates around the world have forced investors to look elsewhere for income generating investments. This has caused many investors to purchase higher risk bonds because of the attractive income on offer. Investors have purchased these higher risk bonds to the point where the yield on offer does not satisfactorily compensate a new investor for the risk. Higher risk bonds also have lower liquidity. Liquidity is the ability to sell or buy or bond in the market when required.
In conclusion, we want to avoid higher risk bonds because the yield on offer does not adequately compensate an investor for the risk of default. This leaves our portfolio largely focused on government bonds, semi-government bonds, high quality corporates and cash like investments. The portfolio will remain exposed to interest rate risk because most of these investments are more sensitive to changes in interest rates.
This risk is greater when interest rates increase because the price of a bond will fall. This risk is mitigated in the current environment given an unexpected increase in interest rates is unlikely due to the slowing global economy. This was confirmed at the last meeting of the US Federal Reserve where the US opted not to increase interest rates, whilst in Australian the RBA is considering reducing interest rates again.
The next edition of Fixed Income Focus will be the final in the current series. We will bring the previous discussions together to summarise our current investment strategy and how we are implementing it through our preferred investment managers.