Super fund dumps ING and Smartshares
The NZ cash and credit portfolios formerly managed by ING, understood to total about $200 million, and approximately $400 million of Smartshares passive NZ equities funds will now be managed in-house by NZSF.
Smartshares will lose almost two-thirds of funds under management following the loss of the NZS mandate. According to the NZX March 2009 quarterly report, Smartshares managed about $665 million at the end of March this year, which included a "further $118 million" invested by NZS during the first quarter of 2009.
However, Geoff Brown, NZX markets development manager, said while the loss of the NZS mandate was "unfortunate" it would not materially affect the group's profit.
"[The NZ Super mandate] was a significant part of Smartshares' funds under management but it was a much less significant part of its revenue," Brown said.
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