The industry body for New Zealand’s managed funds will introduce better disclosure standards in the wake of a recent Morningstar survey that ranked Kiwi fund managers last out of 16 countries for investor-friendly practices.

The Investment Savings and Insurance Association (ISI) says the Morningstar survey has added extra weight to its reform agenda after it gave the country’s NZ$30bn (£12bn, €14bn, $19.5bn) investment management industry a D-minus – the lowest score achieved worldwide.