Mint Asset gains mandate for Super Fund

Super Fund chief investment officer Matt Whineray said Mint was a welcome addition to its stable of managers. Photo / Brett Phibbs

Auckland fund manager Mint Asset Management has gained a $150 million active equities mandate for the New Zealand Superannuation Fund.

The Super Fund had been on the hunt for another external fund manager to take on a mandate after AMP's was terminated in November when the Australasian financial services provider made sweeping changes to its New Zealand funds management business.

AMP's mandate was worth $260 million while Mint's is worth $150 million.

Mint's new mandate, effective from yesterday, is structured in a way that gives the Super Fund the flexibility to increase it over time.

Super Fund chief investment officer Matt Whineray said Mint was a welcome addition to its "stable of managers". These managers trade equities to help grow the Super Fund's assets.

Devon Asset Management also has an active equity mandate with the Super Fund, which has $29.6 million of funds under management.

Mint, established in 2006, is based in Auckland and is led by chief executive Rebecca Thomas.

Milford Asset Management also held a similar mandate but it was suspended when the Financial Markets Authority began probing the fund's manager for alleged market manipulation.

Last month, Milford announced it would pay a $1.5 million settlement. The Milford portfolio manager at the centre of this probe was not a party to the settlement and still faces potential action from the regulator.