Pathfinder has outsourced global equities to the funds management arm of a Helsinki-headquartered financial institution giant in a mandate likely worth north of $500 million.
Under a transition scheduled for this month, Nordea Asset Management will take over the previously in-house managed international shares portfolios of the Pathfinder Global Water Fund and Wholesale Responsible Investment Fund (which feeds into the firm’s KiwiSaver and other retail products).
John Berry, Pathfinder chief, said the Nordea appointment came after “a rigorous process that screened 76 global managers”.
“Nordea emerged as the clear leader when viewed through our dual lens of ethical and financial performance,” Berry said.
“As our funds grow, Nordea provides the institutional-grade systems, advanced risk management, and robust operational resilience necessary to support the Pathfinder KiwiSaver Plan and our managed funds.”
Pathfinder manages over $1 billion including more than $600 million in its KiwiSaver scheme: based on disclosed asset-splits across its KiwiSaver and retail funds, the global shares component amounts to about $480 million as at the end of last year but the manager also has some wholesale mandates.
Berry said Pathfinder would retain control of the ethical overlay of the international share investments managed by Nordea, which itself has an environmental, social and governance (ESG) focus.
“We are essentially combining Pathfinder’s ethical standards with Nordea’s world-class global ESG horsepower,” he said.
“We have implemented this material uplift in investment capability with zero impact on client fees. Pathfinder is absorbing the costs of Nordea’s services to ensure the best possible result for our members.”
The US$360 billion plus fund manager is a subsidiary of Nordea Bank, the largest financial institution in the Nordic region established in 2000 through mergers of banks in Denmark, Norway, Sweden and Finland.
According to the Nordea Asset Management website, the firm offers two core investment styles: an alpha-seeking multi-boutique model; and, an outcome-focused approach following an internally managed ‘stability investment philosophy’.
Earlier this year, Pathfinder also offloaded Australasian equities portfolio implementation duties to Alvarium sister manager, Salt Funds.
Pathfinder retains in-house management of local fixed income and private assets.
“In short, we use best-in-class specialists for global and Australasian equities to support stronger financial outcomes, while Pathfinder continues to manage the unique ethical analysis and governance that defines our funds,” Berry said.
Both the broader Alvarium and Pathfinder portfolios are overseen by group chief investment officer, David Lewis, who joined the business last May.
Aside from Lewis, the Alvarium/Pathfinder investment team includes two former Russell Investments NZ employees, David Kandziora and Aniket Ghatak, who joined the firm later in 2025.
Earlier this month, Alvarium also rebranded its wealth advisory arm under the Helm banner, changing the name of the holding entity (which also owns Pathfinder and Salt) to SPH Wealth.