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BNZ is considering launching a new range of portfolio investment entity (PIE) products.
Donna Nicolof, BNZ head of wealth, told Investment News NZ (IN NZ) the bank was developing some in-house PIEs to cover a number of asset classes.
However, Nicolof said the PIEs were in early stages and probably wouldn’t be ready for market “until early next year”.
Currently, bank only offers two PIE products: the BNZ Cash and BNZ Term, which collectively manage about $1 billion.
The bank outsources investment management for its $530 million plus KiwiSaver scheme to Russell Investments.
But the bank has had a chequered past with internal investment management, most-recently selling its $2.4 billion in-house funds business to the-then Axa group in 2005. Axa was purchased by AMP in 2011.
However, BNZ parent, the National Australia Bank (NAB), has a vast funds business, with about $160 billion under management and administration, according to its 2014 annual report.
A BNZ spokesperson declined to comment on which asset classes any new PIE products could target or what underlying investment managers might be appointed.
“At this stage we are not launching wholesale asset class pies to market,” the spokesperson said. “However, BNZ is constantly looking at the market and identifying ways to better help our customers increase and protect their wealth.”