Global alternatives multi-manager NZAM is tweaking its strategic asset allocation (SAA), according to executive director, Alan McChesney.
McChesney said the SAA was a “work in progress but we are making a number of strategic changes in the months ahead”.
He said NZAM head of manager research and investment committee member, James Caughey, was about to embark on a due diligence review of managers in Hong Kong and London.
“This is with a view to possibly adding these to the various funds in the near future,” McChesney said.
Caughey, along with McChesney, have also picked up the slack following the departure of NZAM chief investment officer, Greg Peacock, last month.
McChesney said the pair would share Peacock’s former “investment responsibilities”.
“This is a great opportunity for James. He has brought some fresh thinking to our strategic asset allocation decisions this year,” he said. “While still relatively early – these are showing encouraging signs.”
The NZAM manager research team also includes senior research analyst, Michelle Dickson, and business analyst, Dan Jenkins.
Peacock joined NZAM as CIO in 2010 following an 18-year stint with Clime Asset Management, the investment arm of the Spencer family.
“Greg has been a valued member of the NZAM family, we remain close and wish him well in terms of what he does next,” McChesney said.
NZAM has about $420 million invested across its Global and Alpha wholesale strategies, the latest Melville Jessup Weaver (MJW) survey shows. Meanwhile, the Disclose website shows the two retail iterations of the NZAM funds collectively manage about $85 million. Over the last three years the Global and Alpha funds have returned 3.6 per cent and 2.9 per cent respectively.
In March NZAM launched a portfolio investment entity (PIE) version of the absolute return fixed income fund managed by Australian-based boutique Kapstream. As at the end of June the NZAM Kapstream product reported just over $25 million in funds under management.
Last month NZAM also launched a new PIE – the Global Absolute Return Equity Fund – that will focus on international shares only. The manager’s existing Global Growth fund is a multi-asset class product.