ANZ Investments links up with Mercer; CIO leaving

ANZ links up with Mercer and Blackrock to grow its business and announces its chief investment officer is leaving.

Friday, August 11th 2023, 8:31AM

ANZ Investments has deals to work with global asset managers Mercer and BlackRock, as it moves to evolve and grow its business.

Its arrangements with Mercer are intended to leverage the firm's global expertise in investments and investment governance. Meanwhile the deal with BlackRock includes "the provision of risk management services to support portfolio resilience. BlackRock offers global investment expertise across risk management and innovative investment portfolio solutions."

BlackRock provides similar services to ASB and AMP in New Zealand.

ANZ Funds Management, managing director Fiona Mackenzie, says the memorandum of understandings are "a development which proposes to leverage ANZ Investments’ local expertise with Mercer’s global capability and scale for the benefit of customers."

ANZ Investments is the country’s biggest KiwiSaver and has more than 670,000 customers.

“To ensure we stay competitive and continue to meet the changing needs of our customers, our business model needs to continue to adapt and evolve,” Mackenzie said in a statement. No-one was available for an interview.

ANZ Investments’ arrangements with Mercer are intended to leverage Mercer’s global expertise in investments and investment governance. Mercer is a global leader in investments and retirement, with US$393 billion of assets under management and US$16.45 trillion in assets under advisement globally.

Mackenzie said customers can be confident any potential investment partnerships will be designed with the aim of improving customer outcomes in the long term and that ANZ Investments remains accountable for its investment decisions.

“ANZ Investments remains an active investor and will continue to select assets that we believe will perform strongly over the long term.”

In addition, ANZ chief investment officer Paul Huxford has decided to take the next step in his career and will be leaving ANZ in December.

Mackenzie said Huxford has been a valued member and leader of ANZ Investments for the last five years.

“Paul has contributed immeasurably to the growth of our investment business, and we’ve valued his expertise. Having built a strong team and delivered several important initiatives, he felt this was the natural time for him to hand over to a new leader.”

Mackenzie says he will continue to perform his regular duties until December to ensure a smooth transition. The process to find his replacement is underway.

Tags: ANZ Blackrock Mercer