Macquarie last week completed the sale of 23 funds containing approximately $2.6 billion to Mercer NZ as the remaining assets of AMP Capital NZ reached their final resting place.
under Transactions that were originally brokered In Australia, Mercer NZ took over management of the fund from Macquarie Asset Management NZ (MAM) last year.
Rebekah Swan, head of MAM NZ, and several other senior staff, including Michael Gray, head of investment, are now out of business, but Mercer retains almost half of its strong team of around 20 people doing.
“We welcome seven new colleagues from MAM to ensure continuity of relationship management, customer service and operational support functions,” Mercer said in a statement.
Meanwhile, MAM NZ’s lamp business has returned to its local bond shop, led by Vicky Hydesmith, with a Wellington-based team with a total of six staff.
Despite the transfer of legal control, Macquarie will continue to manage more than half of the underlying assets of the series of eight co-branded Mercer NZ funds.
Mercer Macquarie products represent approximately $1.5 billion, including $336 million in cash funds.
It is understood that other underlying fund managers remain for now.
Paid by Macquarie Purchased for A$63 million AMP Capital’s Global Equity and Fixed Income (GEFI) Fund last April. Direct takeover of Australian products, acquisition of NZ operations and rebranding as MAM NZ.
Prior to the sale, MAM NZ had approximately $10 billion under management. This equates to about half of AMP Capital NZ’s peak a few years ago when he was the second largest fund manager in the country.
The MAM deal will help “make Mercer’s investment capabilities and research available to more investors in New Zealand,” the statement said.
We believe this will combine MAM’s capabilities in global investment management with the strength of Mercer’s existing NZ multi-manager platform to deliver strategic benefits to our clients. ”
Mercer NZ manages over $10 billion, including over $2 billion in the KiwiSaver scheme.
BNP Paribas will retain custodial duties of the former MAM funds, while the Guardian Trust will remain its supervisor.
https://investmentnews.co.nz/investment-news/macquarie-nz-fund-evac-completes-as-mercer-takes-charge/?utm_source=rss&utm_medium=rss&utm_campaign=macquarie-nz-fund-evac-completes-as-mercer-takes-charge Macquarie NZ Fund Exit Completed, Mercer In Charge