National Bank changes horses
Monday, December 18th 2000, 11:07PM
The National Bank has appointed a new group of managers to manage its range of unit trusts.
"We are moving away from having a sole investment manager by appointing a range of fund managers who specialise in specific sectors of investment," Head of Managed Funds Gareth Fleming says.
He says the change in managers allows a greater spread of risk and the potential for improved returns.
The changes, which take effect at the start of next year, are:
- BT Funds Management will manage listed property and Australasian shares
- Lazard Asset Management and ABN Amro Asset Management will jointly manage international shares
- Merrill Lynch will manage Australian equities.
Current manager, AMP Henderson Global Investors, will continue to manage cash, New Zealand and international bonds and the New Zealand Equity Growth Trust.
The $62 mill NZ Equity Growth Trust is one of the star performers for the bank, earning 5 stars from research house IPAC, and being first runner-up in its Fund Manager of the Year Awards.
In the rival awards run by Morningstar the fund won the New Zealand equities section of its Fund Manager of the Year Awards.
The last time the bank changed its managers was when it sold its investment management business Southpac to AMP Asset Management three years ago.
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