AMP’s New Zealand Wealth Management (NZWM) business today announced a new investment management strategy to continue to provide strong outcomes for clients, including the AMP KiwiSaver Scheme, as well as driving continued growth of the business.
NZWM will move towards a predominantly index-based investment approach through providing a simpler and more cost-effective investment structure with the aim of improving performance for clients.
The change in investment approach responds to broader and long-term trends in expectations from clients, regulators and governments for KiwiSaver schemes. NZWM is one of the largest providers of default KiwiSaver accounts with over NZ$6.2 billion invested on behalf of more than 200,000 members.
AMP Capital New Zealand will continue to provide active investment management options on NZWM’s WealthView platform, as well as a range of investment solutions for other external clients, across real asset capabilities of real estate and infrastructure as well as in fixed income and global equities.
BlackRock Investment Management will be appointed to deliver NZWM’s new passive investment structure with funds expected to transition by end 1H 2021. NZWM and AMP Capital will work together to ensure a seamless transition for clients and that business impacts are minimised.