Gareth Morgan Investments, a New Zealand-based investment manager, hired J.P. Morgan Asset Management (JPM) to manage more than NZ$650 million ($475 million) in a global equity enhanced index portfolio.
John Mitchell, a spokesman for Gareth Morgan, confirmed the award of a global equity mandate to J.P. Morgan Asset Management, but deferred all further questions to the money manager.
A J.P. Morgan Asset Management spokeswoman said in an email her firm's global research enhanced index equity strategy will target returns of between 0.75% and 1.25% above those of the MSCI ACWI index.
The investment team incorporates environment, social and governance factors into its stock selection process.
Simon O'Grady, Gareth Morgan's chief investment officer, said the search process focused on managers with extensive global experience for the move to an enhanced index strategy, according to a J.P. Morgan Asset Management news release. Mr. O'Grady could not be reached for further comment.
The mandate had previously been managed in a passive global equity exchange-traded fund, said the J.P. Morgan spokeswoman. The previous manager could not be learned by press time.