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Super Fund mulls what to do about Milford

The NZ Super Fund says it has not yet decided whether Milford will regain its mandate to manage its funds.

Friday, June 19th 2015, 10:55AM

The mandate was suspended in April while the FMA investigated market manipulation claims.

It was revealed yesterday that a settlement had been reached between the FMA and Milford. 

It said it considered the conduct had breached market manipulation prohibitions. It also said the Milford board failed to ensure there was enough monitoring of trading activity. Milford will pay $1.5 million

An NZ Super Fund spokeswoman said no decision had yet been made on resuming the mandate.

"We are taking time to consider the report in detail before deciding upon our response. Milford’s mandate will remain suspended until further notice. We have the capacity to manage the funds in-house on an ongoing basis."

Tags: Milford Asset Management NZ Super Fund

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