AMP change KiwiSaver from active to passive
AMP’s New Zealand Wealth Management (NZWM) have today announced that their actively managed KiwiSaver funds will be switching to a predominantly index-based investment approach.
The KiwiSaver scheme and it’s 220,000 members will be switching to a passive investment structure managed by US-based fund managers BlackRock Investment Management.
As well as managing the AMP KiwiSaver scheme funds, BlackRock will take over the management of New Zealand’s largest private super scheme, the $3.42 billion New Zealand Retirement Trust which has 37,828 members.
The announcement comes after AMP suspended attempts to sell off NZWM earlier this year.
AMP Wealth Management Acting Chief Executive Jeff Ruscoe says, “this change to a predominantly index tracking investment management approach is the right decision to ensure we are best placed to deliver long run returns, further value for money and continue to support the financial wellbeing of our clients.”
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