NZ Super Fund terminates Devon mandate
The NZ Super Fund has terminated a 13-year old mandate it had with Devon Funds.
Thursday, November 14th 2024, 4:57PM
In a very brief statement today the Guardians of New Zealand Superannuation announced that it had "terminated" Devon Funds Management’s New Zealand active equities mandate.
Devon was appointed as a manager in 2011 and currently manages assets valued at $202 million for the fund.
Overall, that represented 0.3% of the Super Fund’s total asset value.
A spokesman for NZ Super said it would not be giving a reason why Devon was terminated.
Likewise, there was comment on whether the mandate would be given to another manager.
However, he said it was not a "lift and shift" decision.
The other New Zealand manager with a mandate with NZ Super is Mint Asset Management. The spokesman said "no immediate changes" were being planned.
Devon Funds parent, Investment Services Group (ISG), has been shopped around the market looking for a new owner.
ISG 'includes JMI Wealth, Select Wealth Management, Clarity Funds and Tahito and in total manages around $6.5 billion.
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