The New Zealand Superannuation Fund is dropping investment mandates with ING and Smartshares and taking them in-house.
The fund announced the changes to improve flexibility, cut costs and is part of the fund's focus on having direct participation in the local market.
This decision means the fund has terminated its relationship with ING, which was appointed to manage passive New Zealand cash and, separately, credit mandates in 2003.
In addition, the fund's relationship with Smartshares also ended. The fund manager was appointed to manage a passive New Zealand equities mandate in 2005.
The decision to drop all three mandates does not affect the fund's allocation in any of the respective asset classes.
This month, the fund has mandated US-based Hamilton Lane to advise the fund on private equity investments. BNP Paribas represents and distributes Hamilton Lane's funds and services in Australia and New Zealand.
Matt Whineray, general manager of private markets at the fund, said Hamilton Lane was appointed to provide due diligence and strategy advice on private equity investment managers.
What are the key challenges advisers face when building retirement portfolios for clients? Watch Joe Fernandes, Head of Global Investment Solutions at Colonial First State Global Asset Management. Watch video
The pool of investable funds in the retail sector is ever growing, and as investors become more sophisticated the appetite for global equities is only going to increase. In this video, Noble says with ... Watch video
Around 150 delegates attended Financial Standard's inaugural Best Practice Forum in Managed Accounts held in Sydney in August. Financial Standard also launched a new magazine: FS Managed ... Watch video
At this year's PIMCO Secular Forum, the company's global executives set themselves the challenge of taking a three to five year view and anticipate where the market would be against what investors would ... Watch video
Get it Daily
FREE to your inbox, get the Financial Standard Daily Email.