The recently-created $200 million Maritime Retirement Superannuation (MRS) scheme has confirmed several manager appointments as it beds down the merger of the two predecessor entities.
David Young, MRS board of trustees chair, said the scheme had named Devon Funds Management as NZ equities manager. Devon along with AMP Capital (via underlying manager Schroders) would also share management of Australian equities, Young said.
Additionally, AMP Capital picked up the NZ fixed income mandate as well as a third of the MRS global equities pool (covering emerging markets and a core passive component).
ANZ would look after the remaining international equities through its core multi-manager fund, he said.
“We’re also in the process of reviewing our global fixed and alternatives investments,” Young said.
MRS, a blend of the previous long-standing Waterfront Industry Super (WISF) and Seafarers Retirement (SRF) funds, launched this April in readiness for the Financial Markets Conduct Act (FMC) regime. As well as creating a single super fund, the two water-themed union groups unified their respective KiwiSaver schemes.
The SRF and WISF traditional super schemes reported funds under management of $63 million and $132 million respectively as at March 31 last year while their KiwiSaver offshoots managed $1.7 million and $7.8 million (both of which invest in the respective underlying super funds).
SRF managers included AMP Capital, Devon, Pathfinder and Nikko while the WISF uses AMP Capital, ANZ, Legg Mason, Milford and Standard Life.
Following the merger, MRS named 10 trustees, comprising: four members each appointed by the unions and employers; and independent chair appointed by the trustees, and; a licensed independent trustee as required under the FMC.
MRS also hired Melville Jessup Weaver (MJW) as both investment consultant and scheme administrator (a role previously occupied by Aon for the SRF and WISF).
While MRS was one of the first traditional super funds to transition under the new FMC regulations, a host of other schemes have now registered for business, including once-prospective merger partner, NZ Harbours.
However, the $80 million NZ Harbours scheme, which bailed out of merger talks with SRF and WISF last year, has been renamed Ports Retirement Plan under the FMC regime.
The Ports Retirement Plan has AMP Capital, ANZ Investments, Nikko Asset Management and Harbour Asset Management as underlying managers.
Another traditional super scheme, The Rio Tinto NZ Retirement Fund, has also taken FMC compliance as a cue to change names. Following its transition, due to take effect this week, the Rio Tinto scheme will be known as the NZAS Retirement Fund (with reference to underlying company sponsor, New Zealand Aluminium Smelters).
The $140 million NZAS scheme counts AMP Capital, ANZ, Harbour and Mercer as underlying managers. Last month, Investment News NZ affiliate Australian publication, Investor Strategy News reported that A$5.1 billion Australian Rio Tinto Staff Super scheme would move to a fully-outsourced investment model.