Active manager (sort of) leaves the passive house
NZX’s active management business, QuayStreet Asset Management, is being given a bit more free reign.
Sunday, April 5th 2026, 10:04AM 
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As reported earlier QuayStreet’s management is being “externalised” effectively separating it from the Smart business.
The fund manager will be run by a newly established, and independently owned entity, QuayStreet Group.
“The new structure allows QuayStreet to grow its customer base and for Smart and NZX to benefit from its future success. The parties have entered into a long-term partnership that they believe benefits QuayStreet clients and NZX shareholders,” NZX says in a statement.
QuayStreet Group will be run and operated independently of Smart by the existing QuayStreet investment team, led by Head of International Equities, Stefan Stevanovic.
Under this new structure, QuayStreet will manage the brand and hold responsibility for investment management, marketing, and distribution. Smart remains the product owner of the QuayStreet funds and KiwiSaver schemes.
“This will ensure continuity of robust investment governance and independent oversight. Smart will also maintain and operate the infrastructure that supports the schemes.”
Stevanovic says to be entrusted with the stewardship and future growth of QuayStreet’s clients’ capital is a privilege.
“This new structure essentially formalises QuayStreet’s deeply embedded, client-centric ethos and motivates the team to perform at their very best.”
The change completes a full circle transformation of the business. The NZX’s decision to acquire an active manager, when ran a passive business, surprised the market.
Soon after the acquisition from Craigs in 2023 NZX said it planned to evolve the investment strategy from an active approach to an enhanced passive or systematic style.
However, “Due to the ongoing impressive and award-winning performance of QuayStreet, and feedback from clients, NZX decided in early 2025 to retain an active management style for the QuayStreet schemes,” NZX Chief Executive Mark Peterson says.
As a result, QuayStreet has been an active manager within a passive house, Smart,” Peterson says.
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