AMP moves ANZ money to BlackRock
ANZ has completed the closure of its wholesale funds management business with mandates moving to new managers. AMP explains what it has done with the funds managed by ANZ for its KiwiSaver and New Zealand Retirement Trust products.
Friday, September 13th 2024, 9:02AM
AMP KiwiSaver Scheme and New Zealand Retirement Trust has moved its mandates with ANZ to BlackRock and changed the management style.
AMP general manager retail customer, Justin Boyes says; “The new funds will be actively managed with a blend of some index investments."
"We are confident, given the due diligence process, that this will result in improved client outcomes,” Boyes says.
The previous ANZ funds - ANZ Balanced Growth Fund, ANZ Conservative Fund & ANZ Growth Fund - will be renamed the Global Select Funds with balanced growth, conservative and growth options.
AMP trumpets the new fund will have lower fees as AMP Wealth Management NZ expands its existing partnership with BlackRock.
Boyes says AMP explored several options for the management of the ANZ funds, "however given the strong investment results delivered through our current arrangements with BlackRock, we decided to extend that relationship."
"Ultimately this transition will provide greater options for our customers, with a continued focus on performance and best outcomes. The new funds will have a lower fee structure than the previous offering, creating a broader range of investment options for our customers."
Current AMP customers with an ANZ fund can choose to do nothing and automatically transition to the new Global Select Funds or they can choose to switch to another fund of their choice.
The ANZ funds will remain closed to new investors throughout the transition period and the Global Select Funds will be accessible to all AMP KiwiSaver Scheme and NZRT customers before the end of the year.
AMP first partnered with BlackRock in 2021 – appointing it to provide key investment management services for all AMP-branded funds.
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