NZX is planning to amalgamate its two wholly-owned subsidiaries, Smartshares and SuperLife later this year as part of the transition to the Financial Markets Conduct Act regime.
To further integrate its funds management business, the Smartshares team was relocated from Wellington to Auckland earlier this year. This is to ensure greater operational capability across the two companies. Both businesses will be based in NZX’s Auckland office, alongside staff from NZX’s markets and agri teams.
NZX says after a phase of rapid product development, its efforts are now focussed on promoting the benefits of passive funds and marketing its comprehensive suite of ETFs to retail and wholesale investors.
In its annual report NZX says the launch of the new ETFs marked a turning point in the New Zealand ETF landscape. For the first time investors were able to invest in ETFs across all the main asset classes - cash, bonds, shares and property.
NZX was attracted to SuperLife because of the strong alignment between Smartshares and SuperLife given SuperLife’s passive investment philosophy, as well as its strong growth prospects in New Zealand’s broader funds management industry, particularly its KiwiSaver offering.
This investment has been the catalyst for the growth in Smartshares’ suite of funds and has helped drive total Smartshares funds under management to more than $1.5 billion as of 31 March 2016.
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