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Bad news for Milford

[UPDATED WITH FMA, MILFORD COMMENT] Milford Asset Management has had a $281 million mandate suspended while an investigation into alleged market manipulation continues.

Thursday, April 2nd 2015, 12:02PM 1 Comment

The Guardians of New Zealand Superannuation, the manager of the New Zealand Superannuation Fund, have suspended the fund’s mandate with Milford Asset Management until a Financial Markets Authority (FMA) investigation into Milford is completed.

In the interim, the funds will be managed internally.

Milford Asset Management was appointed to a New Zealand active equity mandate by the Guardians in 2009. The value of the mandate is $281 million.

FMA spokesman Andrew Park said the investigation did not have long to run.

“The Milford investigation concerns complex matters and is subject to a rigorous process, and is almost complete. 

"We expect to conclude the final investigation steps in the next few weeks at which point we will continue our engagement with all the parties based on our findings.  We hope to make a public announcement at that time or shortly thereafter. Our investigation does not relate to, or raise concerns about, the security or safety of Milford’s client funds or assets.”

Milford Asset Management said it was surprised by the move.

Managing director Anthony Quirk says: “We have not commented on the specifics of the investigation because we respect the due process of the FMA investigation and are bound by a confidentiality order imposed by the FMA. We will continue to refrain from any comment that could be seen as undermining the investigation process or pre-empting the outcome. In the meantime we look forward to completion of the investigation and release of any findings."

Tags: FMA Market Manipulation Milford Asset Management NZ Super Fund

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Comments from our readers

On 2 April 2015 at 9:31 pm Murray Weatherston said:
What has changed between the time the issue first became public some 7 or 8 weeks ago, when the Super Fund didn't suspend Milford and now when it has suspended them?

It is hard to believe (and would be bad form if this were true) that the FMA would have tipped the Super Fund the wink about the likely outcome of their investigation

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