The industry fund has taken a 49 per cent stake in subscription vehicle provider Splend alongside IFM and other co-investors as it looks to build a 10 per cent exposure to climate solutions in its global portfolio.
After years of powering super returns into the double digits, US equities are walking a tightrope, and one misstep could send them plunging to earth. But the story that put them up there in the first place still holds true.
Huxford to go as ANZ taps Mercer, BlackRock for backup
Last week the bank confirmed that Paul Huxford (pictured) would end his five-year stint as CIO this December in a move that coincides with ANZ signing a non-binding memorandum of understanding with Mercer to access its “global expertise in investments and investment governance”.
At the same time, the $30 billion plus fund manager, which runs the country’s largest KiwiSaver book of about $20 billion, has inked a similar deal with BlackRock to provide risk management services. Fiona Mackenzie, ANZ head of funds management, said in a statement that the group was “proud of the service we provide to our more than 650,000 customers”.
“However, to ensure we stay competitive and continue to meet the changing needs of our customers, our business model needs to continue to adapt and evolve,” Mackenzie said.
BlackRock, which also revealed plans to front a $2 billion infrastructure fund in partnership with the NZ government this week, is the world’s largest asset manager with almost US$10 trillion under management while its Aladdin risk management system is the most widely used in the global investment sector.
Previously, managed duties such as asset allocation and risk settings in-house with the prospective outsourcing deal aligning it with other large providers including AMP and ASB, which both appointed BlackRock over the last couple of years for investment services.
However, AMP and ASB also use BlackRock as underlying investment manager for their largely index-style strategies. ANZ has long followed an active management approach with a significant in-house team running Australasian assets and a panel of external managers including Northern Trust, MFS and Maple-Brown Abbott.
“ANZ remains an active investor and will continue to select assets that we believe will perform strongly over the long term,” Mackenzie said.
The bank-owned investment business has been through a major leadership overhaul during the previous 12 months under Mackenzie, who took up the newly created job last January. ANZ has now started a process to replace Huxford.
This article originally appeared on Investment News NZ.
