The NZX-owned superannuation and KiwiSaver provider, SuperLife, has transferred just over 75 per cent of its assets into its parent’s range of exchange-traded funds (ETFs), according to the latest statistics from the local bourse.
As at the end of January this year, the NZX report shows SuperLife accounted for more than $1 billion of the almost $1.5 billion invested in its 23 Smartshares ETFs.
SuperLife reported total funds under management of about $1.4 billion at the same date with $487 million (up 24 per cent year-on-year) attributed to the KiwiSaver scheme.
The figures show the $919 million SuperLife traditional super fund grew by 5.8 per cent over the same period.
Excluding the SuperLife contributions, the Smartshares external funds under management (FUM) grew by just 2.9 per cent over the 12 months to end of January with a closing balance of $440 million.
However, an NZX spokesperson said the Smartshares external growth rate was understated due to the transfer of the $33 million Smartkiwi KiwiSaver scheme to SuperLife during the reporting period.
“Adjusting for this, the increase in Smartshares external FUM is approximately 20 per cent,” the spokesperson said.
Aside from its $1 billion plus allocation to Smartshares products SuperLife also invests with a number of underlying managers including Nikko Asset Management, State Street Global Advisors, Vanguard, BlackRock and Somerset Capital.
In a 50/50 scrip and cash deal the NZX paid $20 million for SuperLife – owned by interests associated with Michael Chamberlain and Owen Nash – in December 2014 with further bonus payments up to $15 million pending certain conditions. The first $5 million bonus installment was payable if SuperLife FUM exceeded $1.207 billion for 12 consecutive months.
The NZX data also shows its investment administration platform, Apteryx, grew funds under admin (FUA) by 6.6 per cent over the 12-month period to $1.3 billion. About half of the Apteryx FUA is understood to be sourced from previous owner, NZAM (formerly known as New Zealand Assets Management).
NZX bought Apteryx last August for an upfront price of $1.5 million with a further $2.5 million due if the platform’s FUA hit $3 billion by the end of September this year.
According to the NZX spokesperson, further details on growth expectations for SuperLife, Smartshares and Apteryx would be discussed at its financial results announcement on February 24.