ANZ New Zealand Investments hired Northern Trust Investments to replace Vanguard Investments Australia as a subadviser for some of its international fixed income and equity exposures.
The Auckland-based NZ$30 billion ($19.8 billion) money manager announced the change in a news release on its website on Tuesday.
A spokesman for ANZ New Zealand was not immediately available to comment. The value of the allocation could not immediately be determined.
The switch followed a review by ANZ New Zealand that focused on incorporating more active management and putting greater emphasis on ESG and climate-change considerations in the investment process, CIO Paul Huxford said in the news release.
"As a result of this review Northern Trust was appointed to replace Vanguard as the external fund manager for both the ANZ Wholesale International Sovereign Fund and the ANZ Wholesale International Credit Fund," in part on the basis of Northern Trust's perceived strengths in sustainable investing as well as factor-based investing, Mr. Huxford said.
For the ANZ Wholesale International Credit Fund, Northern Trust "will apply a factor-based strategy with a focus on quality, value and ESG factors," the news release said.
ANZ also appointed Northern Trust to replace Vanguard as the external money manager for the international equities allocation within its ANZ Default KiwiSaver Scheme Conservative Fund.
Spokesmen for ANZ New Zealand Investments and Vanguard were not immediately available to comment.
Vanguard recently announced a decision to step away from the segregated account business it had built up serving institutional investors in the Asia-Pacific region over the past decade or so to focus on investing on behalf of individual investors and their advisers.