Units in the fund, which was closed to new investments on June 29, will be delisted from market close on Monday, July 30. The last trading day of WiNZ units will be Wednesday, July 25.
Investments in the fund will be realised and paid to investors in cash (net of expenses) shortly after the fund closes on September 17.
Investors may continue to redeem their units in WiNZ until the Fund is wound up; standard exit fees will apply.

WiNZ was developed in 1997 to provide investment into global shares through a passive investment structure which, based on a tax ruling, did not tax capital gains for passive share investment funds.

WiNZ also invested in seven “grey list” countries only (Australia, Canada, Germany, Japan, Spain, the United Kingdom and the United States), which were treated the same as New Zealand-based investments for tax purposes.

However, recent law changes have reduced the passively managed fund’s appeal to investors.

“In 2007, changes to the taxation of offshore portfolio investments meant the “grey list” was removed and the tax ruling ceased for passive investment funds,” AMP said in its announcement of the fund’s closure.

“This, combined with the introduction of the Portfolio Investment Entity (PIE) rules (also in 2007), has resulted in a significant reduction in the size of the Fund, which means the remaining investors are paying a higher proportion of the costs to maintain the Fund.

“Therefore, the Board of AMP Investment Management (N.Z) Limited believes it is not in the best interests of the remaining unit holders to keep the Fund open.”

Units in the fund last traded on the NZX at $1.015, giving it a market capitalisation of $143.7 million.