Northern Trust wins Kiwi mandate
Northern Trust has picked up a significant institutional mandate in New Zealand.
The company announced this week that the NZ$23-billion New Zealand Superannuation Fund had appointed Northern Trust's asset management arm to manage four new passive global equities mandates.
The mandates track global large cap, global small cap, developed emerging markets and developed REITs (real estate investment trusts) market indices.
Confirming the mandate, New Zealand Superannuation Fund's head of investments, Fiona Mackenzie, said around two-thirds of the fund was invested passively, providing cost-effective access to diversified global share-markets.
"Adding a third passive equity manager to our stable will give the fund more capacity and flexibility in managing this very important part of our portfolio," she said.
Northern Trust has had a custodial relationship with the fund since 2007.
Recommended for you
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
As reports flow in of investors lining up to buy gold at Sydney’s ABC Bullion store this week, two financial advisers have cautioned against succumbing to the hype as gold prices hit shaky ground.
After three weeks of struggling gains, this week has marked a return to strong growth for adviser numbers, in addition to three new licensees commencing.
ASIC has banned a Melbourne-based financial adviser who gave inappropriate advice to his clients including false and misleading Statements of Advice.
