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Smartshares to manage Super Fund portfolio

Wednesday 7th September 2005

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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.

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