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Nikko diversified funds have been scratched from the AMP KiwiSaver and NZ Retirement Belief (NZRT) platforms, decreasing the exterior supervisor rely to 4.
In response to up to date disclosure paperwork, the AMP-hosted Nikko conservative, balanced and development funds closed to new cash final week.
The Nikko funds have accrued about $300 million throughout the AMP merchandise, cut up about equally between the NZRT and KiwiSaver schemes.
AMP has provided the Nikko balanced fund to KiwiSaver and NZRT members since at the least 2016, later including the conservative and development methods.
Through the years AMP NZ, now headed by Jeff Ruscoe, has expanded and adjusted the third-party funding choices distributed through its schemes with 4 off-brand managers and 12 merchandise now accessible.
In addition to the Mercer balanced fund, the AMP schemes provide three diversified funds every from ANZ and SuperLife (ex ASB grasp belief) and 4 from Milford, which was added solely in 2021. The group additionally lists the ANZ property fund on the KiwiSaver and NZRT.
ANZ stays the most well-liked non-house model on the AMP schemes with about $752 million underneath administration together with nearly $600 million in its balanced fund.
SuperLife managed greater than $230 million of AMP-sourced cash as on the finish of final yr adopted by Milford ($200 million) and Mercer ($185 million).
All the exterior managers on the AMP platforms additionally run KiwiSaver merchandise underneath their very own labels.
Collectively, the 5 (together with Nikko) third-party branded funds handle about $1.7 billion throughout the AMP KiwiSaver and NZRT, equating to nearly 18 per cent of the entire $9.6 billion held within the two schemes as on the finish of final yr.
AMP employed BlackRock in 2021 to handle its in-house diversified funds on a passive foundation, dumping then sister agency, AMP Capital, within the course of. The ASX-listed dad or mum later divested AMP Capital in a number of phases, offloading the NZ arm to Macquarie, which later handed the belongings to Mercer.
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