Sharechat Logo

Smartshares to manage Super Fund portfolio

Wednesday 7th September 2005

Text too small?

Smartshares - a New Zealand Stock Exchange (NZX) subsidiary - has been appointed by the New Zealand Superannuation Fund to manage a passive New Zealand equities portfolio.

Smartshares is the New Zealand Exchange-owned company which runs a number of funds including the TENZ, MIDZ, FONZ and MOZY funds.

Currently the NZ Super Fund has three mandates for actively managed shares with Fisher Funds, Brook Asset Management and AMP Capital.

The funds says the Smartshares mandate will provide “greater flexibility in how it structures the amount of active risk it takes in New Zealand equities.”

Its current allocation to New Zealand shares is 7.5%. The chosen benchmark for the portfolio is a modified version of the NZSX 50 Index.

The modification caps the maximum allowable index weight of any one company at 15%.

The mandate comes at a time when index management is under the spotlight due to impending changes which will remove the tax advantage it has over actively managed funds.

Also the NZ Super announcement comes in the week that the recently appointed manager of Smartshares, Nina Gene, left the company.

NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar falls, NZX suspends trading after 6.2 magnitude Wellington earthquake
Cash trading on New Zealand stock exchange surges in first half, driven by equities
NZX cash trading tops $5 bln as MightyRiverPower listing beefs up market
NZX cash trading value jumps by 58 percent in February from a year earlier
NZX looks to launch spot gas market in June
NZX full-year profit falls 32 percent
NZX boss Bennett rounds out 2012 filings with $1.87M share acquisition
Equity trading jumps in NZX cash market as NZX 50 nears 5-year high
NZX names Amelia Wong as head of cash markets
NZX rings more changes as PR chief Macrae exits