The Public Trust Office (PTO) has put on hold its plans to outsource management of its active Australasian equity and property investments.
Public Trust chief executive designate Tim Sole says a tender for the work has been cancelled:"I’ve told them not to do it."
Sole says decisions about how funds are managed are better made after the PTO was restructured as a Crown company, expected to happen later this year.
He said is also conducting a strategic review to decide what work the PTO should do in future.
The review will look at whether it was cheaper to manage the investments in-house or to contract out the work.
"We can pay somebody else to do it. But the charges, even on a wholesale basis, can come out to be large numbers."
The PTO said in August it would outsource management of $23 million of its $980 million of funds under management.
Outsourcing of the investments was expected to be completed by November.
At the time, the PTO said the decision followed a review of investment activities conducted by Mercer Investment Consulting.
The move was expected to bring better returns for customers, it said.
| « Goldstein talks retirement | Sovereign takes regulation bull by the horns » |
Special Offers
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved