Macquarie Asset Management NZ (MAM NZ), the firm formerly known as AMP Capital NZ, will quit as manager of the remaining local-based funds, handing over the business to Mercer.
In a note to clients yesterday, MAM NZ chief, Rebekah Swan, said the group had notified supervisor, Guardian Trust, “of MAM’s intention to retire as Manager of the funds, making a recommendation for Mercer (N.Z) Limited (Mercer) to take our place, subject to approval”.
“MAM intends to remain an Investment Manager for the funds and will retain our local investment management presence in New Zealand,” Swan said.
She said Mercer had contacted MAM post completion of the sale of the AMP Capital’s global equity and fixed income (GEFI) business to Macquarie in March this year.
“In undertaking a strategic review of the platform and looking at future opportunities, including growth options, Mercer discussed with us an opportunity to become Manager of the funds,” Swan said.
“We believe this change will offer strategic benefits to clients in the funds, bringing together MAM’s strengths in global investment management and the strength of Mercer’s well-established New Zealand multi-manager platform. Mercer has a significant presence in New Zealand, with a team of 130 people.”
The change is subject to approval from Guardian Trust with the deal set to close at the end of the March quarter next year.
“There will be no immediate change for clients, and we will be in touch with further updates in coming months,” Swan said.