NZ Super fund and Milford cut ties
Milford had its $281 million mandate suspended with the fund a year ago following allegations of market manipulation. Since then it has not managed any Super Fund money. Nine months ago NZ Super awarded a mandate to Mint Asset Management.
"We consider that our active equity portfolio is adequately catered for through our in-house team and mandates with our existing two managers," a spokesman for the NZ Super Fund says.
"Milford has advised that it wishes to focus resources on managing New Zealand equities for its growing KiwiSaver, Private Wealth and other predominantly retail client groups."
"We have no current plans to appoint a third external fund manager to replace Milford. The parting is an amicable one and we expect that what has been a long-standing relationship will continue cordially, albeit not in an investor/manager sense."
Currently NZ Super has 4% of its assets invested into New Zealand equities, this money is managed under three mandates; one part is internally managed and the other two are mandates with Devon Funds Management and Mint Asset Management. On top of this the NZ Super Fund has investments in Z Energy, as part of its infrastructure mandate and MetLife Care as a private equity investment.
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