New Zealand Superannuation Fund terminated AMP Capital as manager of a NZ$257.5 million (US$200 million) active New Zealand equities mandate, said an announcement Monday by the NZ$26.7 billion Auckland-based fund.
A spokeswoman for New Zealand Super said the allocation will be managed in-house on an interim basis “while we look for another external manager.”
She declined to comment on the reasons for firing AMP Capital, which had managed the allocation since 2003.
AMP Capital spokeswoman Catherine Woods likewise declined to comment.
A New Zealand Super news release said the superannuation fund will continue to allocate roughly 5% of its portfolio to New Zealand equities.
Fund executives have pointed to New Zealand's stock market as one that is conducive to active management. Over the past year, New Zealand Super has been building an internal team to actively manage New Zealand equities, with current passive allocations to New Zealand stocks likely to be transitioned to that internal team by the close of the current fiscal year on June 30, 2015.
As of June 30, two other managers ran New Zealand equity strategies — Devon Funds Management, NZ$250 million, and Milford Asset Management, NZ$253 million, according to the superannuation fund's most recent annual report.
