Macquarie Asset Management NZ (MAM NZ), formerly known as AMP Capital NZ, will step down as manager of the remaining locally based funds and turn over the business to Mercer.
In a note to clients yesterday, MAM NZ chief Rebekah Swan told the Guardian Trust, the group’s supervisor, that “MAM has notified Mercer (NZ) of its intention to retire as manager of the fund. ) Limited (Mercer) is our location, subject to approval.
“MAM intends to remain the fund’s investment manager and will maintain a local investment management presence in New Zealand,” Mr Swan said.
She said Mercer contacted MAM after it sold AMP Capital’s Global Equities and Fixed Income (GEFI) business to Macquarie in March of this year.
“In conducting a strategic review of the platform and considering future opportunities, including growth options, Mercer discussed with us the opportunity to become a manager of the fund.
“We believe this change will combine MAM’s strength in global investment management with the strength of Mercer’s established New Zealand multi-manager platform to deliver strategic benefits to fund clients. It has a presence and a team of 130 people.”
The change is subject to Guardian Trust approval and the transaction is expected to close at the end of the September quarter of next year.
“There are no immediate changes to our clients, and we will be in touch with further updates in the coming months,” said Swan.
https://investmentnews.co.nz/investment-news/mercer-to-take-over-macquarie-nz-funds/ Mercer buys Macquarie NZ fund