The change comes after incumbent manager, Arnhem Investment Management, recently indicated they’ll soon be winding up their business.

ANZ’s multi-asset-class and single-asset-class funds have external fund managers managing some key offshore asset classes. These are closely monitored by ANZ to ensure performance, strategy and investment process is appropriate for each asset class.

Sydney-based provider Nikko AM Australia will manage the Australian equities component of the following funds:

•             OneAnswer KiwiSaver Scheme;

•             ANZ KiwiSaver Scheme;

•             ANZ Default KiwiSaver Scheme;

•             OneAnswer Multi-Asset-Class Funds and OneAnswer Australian Share Fund; and

•             ANZ Investment Funds.

ANZ New Zealand Chief Investment Officer Paul Huxford said the change follows an extensive review process over the past year.

“Throughout our review of Australian equity managers over the past year, Nikko AM Australia scored very highly,” Huxford said.

“We were impressed with the experience and stability of their Australian Equity team, investment process and performance and strong business fundamentals. We look forward to working with Nikko AM Australia and thank Arnhem for their partnership over the past six years.”

The change does not impact ANZ’s in-house Australasian equities team, who continue to manage separate portfolios of Australasian equities.

The transition is expected to take place in August 2018.