NZ Super terminates internal active NZ equites mandate

Following the completion of a review of its investment management, NZ Super has decided to terminate its internally managed fundamental active equities mandate for New Zealand equities, while welcoming a new portfolio manager for alternative investments.

Financial Standard understands the team consisted of four members, and they have since taken on new roles in the "broader investment business unit". The capital previously allocated to the now-terminated mandate has also been reallocated across other internal New Zealand equities mandates.

However, the super fund remains committed to its relationship with Mint Asset Management, who is serving the outsourced active equities mandate for the super fund with a value of $662 million (NZ$814m) as at 30 September 2026. That mandate remains unchanged.

"We will maintain a strong voice on the health of New Zealand's capital markets, both directly and through our involvement in the NZ Corporate Governance Forum and continue to engage directly with companies whose shares we hold," NZ Super said.

"Going forward, this engagement will be led by our newly appointed head of portfolio completion Michael McNee, alongside our head of sustainable investment Anne-Maree O'Connor."

In total, New Zealand listed equities continue to account for around 4% of the fund's net asset value.

Meanwhile, the super fund welcomed David Kandziora as portfolio manager, alternative investments, who will help develop and manage strategy across its alternative investment portfolio, with a particular focus on catastrophe bonds, insurance-linked products and spectrum strategies.

Kandziora joins from Helm Wealth in Auckland, where he held the same role for over a year. He has also been chairing the CFS Society New Zealand since November 2021.

"During a 20-year career in investment and wealth management, David has advised pension funds, iwi organisations, and charitable foundations, as well as high-net-worth individuals. He also has considerable governance experience," the super fund said.