NZ Super Fund dumps AMP Capital

File photo / NZ Herald

The Guardians of New Zealand Superannuation, the manager of the NZ superannuation Fund, said it had terminated AMP Capital's New Zealand active equities mandate, effective from last Thursday.

The value of the mandate was NZ$257.5 million. AMP Capital was appointed to the mandate in 2003.

"The decision does not affect the Fund's 5 per cent allocation to New Zealand equities," the Guardians of NZ said in a statement.

Superfund spokeswoman, Catherine Etheredge, declined to comment on the reasons for the move.

"We won't be commenting on the reasons for the termination," she told NZME. "In the interim we will be managing the securities in house," she said.

The $26.73 billion fund, the brain child of former Finance Minister Michael Cullen, was established in 2001 to invest to help smooth the cost of state-funded superannuation between today's taxpayers and future generations.

The Guardians of NZ Superannuation is charged with managing and administering the fund.

The fund operates by investing initial Government contributions - and returns generated from these investments - in New Zealand and internationally, in order to grow its size over the long term.