New Zealand Institute of Economic Research (NZIER) principal economist, Aaron Drew, has been appointed chair of the investment committee of Hawke’s Bay advisory firm, the Stewart Group.
The Auckland-based Drew, who headed macro strategy for the New Zealand Superannuation Fund until October 2014, is scheduled to attend his first Stewart Group investment committee meeting as chair later this February.
Nick Stewart, Stewart Group executive director, said the committee advises on investments for client portfolios and the Grosvenor ‘Asset Class’ KiwiSaver funds.
Stewart said Drew’s appointment to the investment committee would also strengthen its ‘turn-key’ investment middle office services, which it currently provides to three external advisory firms.
Formerly on the Fidelity KiwiSaver platform until that scheme merged with Grosvenor late in 2014, the ‘Asset Class’ funds invest into passive-style products run by US mega-manager, Dimensional Fund Advisors.
According to the Sorted KiwiSaver Fund Finder, as at September 2014, the Conservative and Growth Asset Class products (launched in April 2013) reported funds under management (FUM) of about $4.2 million and $14.8 million respectively.
Stewart said the Asset Class funds had now collectively reached $25 million under management.
Last year Dimensional also hooked up with the NZX to launch the ‘NZ Core Equity Trust’, the stock exchange’s first unlisted managed fund. As at September 30, 2014, the NZ Core Equity Trust FUM stood at $17 million.