Fund changes
ANZ to Global Select Funds
Following ANZ’s exit from the wholesale business segment, AMP has appointed BlackRock, one of the world’s largest asset managers, to replace ANZ as the new underlying investment manager of the ANZ Funds offered within AMP schemes. The ANZ Funds have been renamed the ‘Global Select Funds’. Details on the Global Select Funds and what this transition means for you are outlined below.
Who is BlackRock Investment Management (BlackRock®)?
BlackRock is a global leader in investment management. It is one of the world’s largest asset managers providing investment, advisory and risk management solutions. BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, it is trusted by its clients to deliver the solutions they need when planning for their most important goals.
For additional information on BlackRock, visit About BlackRock - What We Do, Who We Are & Our Purpose | BlackRock
Why did we choose them?
BlackRock has partnered with us for the last three years to provide investment management advice and services across our AMP-branded funds. It understands our customers and our business. Being one of the largest and most experienced investment managers in the world, BlackRock has a well-resourced, global investment team and superior research process.
BlackRock has helped design an active investment solution for AMP customers that is substantially similar to the ANZ Funds. BlackRock has blended a diversified portfolio of active and index building blocks with a performance objective that aims to outperform benchmark indices over a rolling 5-year period. BlackRock’s approach balances return, risk and cost - supporting consistent outcomes and value for money for our customers.
Transition details and Fund Changes
The transition of the underlying investments has been completed. To help you understand how this might impact you, we have summarised the changes below at a fund level and applies to both the AMP KiwiSaver Scheme and The New Zealand Retirement Trust (NZRT).
Fund name changes - ANZ to Global Select Funds
| Current fund name | New fund name | Overall fee reduction |
|---|---|---|
| ANZ Conservative Fund | Global Select Conservative Fund | 0.05% |
| ANZ Balanced Growth Fund | Global Select Balanced Growth Fund | 0.05% |
| ANZ Growth Fund | Global Select Growth Fund | 0.10% |
The name changes have been updated automatically, throughout the AMP website, documents and in your MyAMP app and online portal when the transition took place. Fee information for all funds will continue to be available in Quarterly Fund Updates (QFU) for each fund.
Fund Comparison Charts
| ANZ Conservative Fund | Global Select Conservative Fund | |
|---|---|---|
| Underlying Investment Manager | ANZ NZ Investment Ltd | BlackRock |
| Investment Management Style | Active | Active |
| Objectives | ||
| Investment Objective and Policy | To achieve investment performance ahead of inflation over the long term. Achieve investment performance that reflects the level of risk applicable to the Fund's underlying asset classes. | To achieve total returns consistent with a Conservative investor profile over the medium to long term. |
| Performance Objective | For each individual asset class (as set out in the table below) to outperform the relevant benchmark index return (before tax, fees, and other expenses) over a full market cycle, which ANZ consider will typically last between 5 and 15 years. | The funds seeks to outperform the return of the weighted average composite benchmark comprised in the below table (before tax, fees, and other expenses) over the rolling 5 year period. |
| Benchmark indices | ||
| Cash and Cash Equivalents | S&P/NZX Bank Bills 90-Day Index | Bloomberg NZBond Bank Bill Index |
| New Zealand Fixed Interest | 50% S&P/NZX NZ Government Bond Index, 50% S&P/NZX Investment Grade Corporate Bond Index | Bloomberg NZBond Treasury 0+ Yr Index, Bloomberg NZBond Infl 0+ Yr Index, Bloomberg NZBond Credit 0+ Yr Index |
| International Fixed interest | 5.5% Bloomberg AusBond Govt 0+ Yr Index (100% hedged to NZD), 5.5% Bloomberg AusBond Credit 0+ Yr Index (100% hedged to NZD), 89% Bloomberg Global Aggregate Index (100% hedged to NZD) | BBG MSCI Global Agg ESG-Weighted Index (100% hedged to NZD), Bloomberg Global High Yield Corporate Bond Index (100% hedged to NZD), FTSE US Inflation-Linked Securities Index (100% hedged to NZD) |
| Commodities | N/A | Gold Fixing in NZD |
| Listed Property (+ Listed Infrastructure for BlackRock funds) | 47% Australasian Property, 50% S&P/NZX All Real Estate (Industry Group) Gross with Imputation, 50% S&P/ASX 200 A-REIT (Sector) (TR) (100% hedged to NZD), 53% International property, FTSE EPRA/NAREIT Developed Rental Index Net TRI (100% hedged to NZD) | FTSE EPRA Nareit Developed Net Total Return Index, FTSE Developed Core Infrastructure 50/50 Net Tax Index (100% Hedged to NZD) |
| Australasian Equities | 71.4% S&P/NZX 50 Index Gross with Imputation, 28.6% S&P/ASX 200 (TR) (50% hedged to NZD) | S&P/NZX 50 Index Gross with Imputation, S&P/ASX 300 Total Return Index (NZD Hedged) |
| International Equities | MSCI ACWI ex Australia Index Net (65% hedged to NZD) | MSCI World ex Aus Net Total Return Index (50% Hedged to NZD), MSCI Emerging Markets Net Index |
| International Equities - Listed infrastructure | FTSE Global Core Infrastructure 50/50 Index Net TRI (100% hedged to NZD) | N/A |
| Alternatives | N/A | Bloomberg NZ Bond Bank Bill Index |
| Benchmark Asset Allocation | ||
| Cash and Cash Equivalents | 20.00% | 20.00% |
| New Zealand Fixed Interest | 15.00% | 36.50% |
| International Fixed interest | 45.00% | 21.00% |
| Total Income Assets | 80.00% | 77.50% |
| Range | 55-100% | 70-85% |
| Commodities | 0.00% | 2.50% |
| Listed Property | 2.25% | 1.00% |
| Australasian Equities | 3.50% | 3.00% |
| International Equities | 13.50% | 7.00% |
| International Equities - Listed infrastructure | 0.75% | 2.00% |
| Emerging Market Equities | 0.00% | 2.00% |
| Alternatives | 0.00% | 5.00% |
| Total Growth Assets | 20.00% | 22.50% |
| Range | 0-45% | 15-30% |
| ANZ Balanced Growth Fund | Global Select Balanced Growth Fund | |
|---|---|---|
| Underlying Investment Manager | ANZ NZ Investment Ltd | BlackRock |
| Investment Management Style | Active | Active |
| Objectives | ||
| Investment Objective and Policy | To achieve investment performance ahead of inflation over the long term. Achieve investment performance that reflects the level of risk applicable to the Fund's underlying asset classes. | To achieve total returns consistent with a Balanced-Growth investor profile over the medium to long term. |
| Performance Objective | For each individual asset class (as set out in the table below) to outperform the relevant benchmark index return (before tax, fees, and other expenses) over a full market cycle, which ANZ consider will typically last between 5 and 15 years. | The fund seeks to outperform the return of the weighted average composite benchmark comprised in the below table (before tax, fees, and other expenses) over a rolling 5 year period. |
| Benchmark indices | ||
| Cash and Cash Equivalents | –S&P/NZX Bank Bills 90-Day Index | –Bloomberg NZBond Bank Bill Index |
| New Zealand Fixed Interest | – 50% S&P/NZX NZ Government Bond Index – 50% S&P/NZX Investment Grade Corporate Bond Index | –Bloomberg NZBond Treasury 0+ Yr Index –Bloomberg NZBond Infl 0+ Yr Index –Bloomberg NZBond Credit 0+ Yr Index |
| International Fixed interest | – 5.5% Bloomberg AusBond Govt 0+ Yr Index (100% hedged to NZD) – 5.5% Bloomberg AusBond Credit 0+ Yr Index (100% hedged to NZD) – 89% Bloomberg Global Aggregate Index (100% hedged to NZD) | –BBG MSCI Global Agg ESG-Weighted Index (100% hedged to NZD) –Bloomberg Global High Yield Corporate Bond Index (100% hedged to NZD) –FTSE US Inflation-Linked Securities Index (100% hedged to NZD) |
| Commodities | N/A | – Gold Fixing in NZD |
| Listed Property (+ Listed Infrastructure for BlackRock funds) | 47% Australasian Property –50% S&P/NZX All Real Estate (Industry Group) Gross with Imputation – 50% S&P/ASX 200 A-REIT (Sector) (TR) (100% hedged to NZD) 53% International property – FTSE EPRA/NAREIT Developed Rental Index Net TRI (100% hedged to NZD) | –FTSE EPRA Nareit Developed Net Total Return Index –FTSE Developed Core Infrastructure 50/50 Net Tax Index (100% Hedged to NZD) |
| Australasian Equities | – 66.7% S&P/NZX 50 Index Gross with Imputation – 33.3% S&P/ASX 200 (TR) (50% hedged to NZD) | – S&P/NZX 50 Index Gross with Imputation – S&P/ASX 300 Total Return Index (NZD Hedged) |
| International Equities | – MSCI ACWI ex Australia Index Net (65% hedged to NZD) | –MSCI World ex Aus Net Total Return Index (50% Hedged to NZD) – MSCI Emerging Markets Net Index |
| International Equities - Listed infrastructure | – FTSE Global Core Infrastructure 50/50 Index Net TRI (100% hedged to NZD) | N/A |
| Alternatives | N/A | –Bloomberg NZBond Bank Bill Index |
| Benchmark Asset Allocation | ||
| Cash and Cash Equivalents | 6.00% | 4.00% |
| New Zealand Fixed Interest | 7.50% | 16.00% |
| International Fixed interest | 21.50% | 12.50% |
| Total Income Assets | 35.00% | 32.50% |
| Range | 5-65% | 25-50% |
| Commodities | 0.00% | 3.00% |
| Listed Property | 7.50% | 2.00% |
| Australasian Equities | 12.00% | 12.00% |
| International Equities | 43.00% | 32.00% |
| International Equities - Listed infrastructure | 2.50% | 4.00% |
| Emerging Market Equities | 0.00% | 7.00% |
| Alternatives | 0.00% | 7.50% |
| Total Growth Assets | 65.00% | 67.50% |
| Range | 35-95% | 50-75% |
| ANZ Growth Fund | Global Select Growth Fund | |
|---|---|---|
| Underlying Investment Manager | ANZ NZ Investment Ltd | BlackRock |
| Investment Management Style | Active | Active |
| Objectives | ||
| Investment Objective and Policy | To achieve investment performance ahead of inflation over the long term. Achieve investment performance that reflected the level of risk applicable to the Fund's underlying asset classes. | To achieve total returns consistent with a Growth investor profile over the medium to long term. |
| Performance Objective | For each individual asset class (as set out in the table below) to outperform the relevant benchmark index return (before tax, fees, and other expenses) over a full market cycle, which ANZ consider will typically last between 5 and 15 years. | The fund seeks to outperform the return of the weighted average composite bemchmark comproised in the below table (before tax, fees, and other expenses) over a rolling 5 year period. |
| Benchmark indices | ||
| Cash and Cash Equivalents | –S&P/NZX Bank Bills 90-Day Index | –Bloomberg NZBond Bank Bill Index |
| New Zealand Fixed Interest | – 50% S&P/NZX NZ Government Bond Index – 50% S&P/NZX Investment Grade Corporate Bond Index | –Bloomberg NZBond Treasury 0+ Yr Index –Bloomberg NZBond Infl 0+ Yr Index –Bloomberg NZBond Credit 0+ Yr Index |
| International Fixed interest | – 5.5% Bloomberg AusBond Govt 0+ Yr Index (100% hedged to NZD) – 5.5% Bloomberg AusBond Credit 0+ Yr Index (100% hedged to NZD) – 89% Bloomberg Global Aggregate Index (100% hedged to NZD) | –BBG MSCI Global Agg ESG-Weighted Index (100% hedged to NZD) –Bloomberg Global High Yield Corporate Bond Index (100% hedged to NZD) –FTSE US Inflation-Linked Securities Index (100% hedged to NZD) |
| Commodities | N/A | – Gold Fixing in NZD |
| Listed Property ( + Listed Infrastructure for BlackRock funds) | 47% Australasian Property –50% S&P/NZX All Real Estate (Industry Group) Gross with Imputation – 50% S&P/ASX 200 A-REIT (Sector) (TR) (100% hedged to NZD) 53% International property – FTSE EPRA/NAREIT Developed Rental Index Net TRI (100% hedged to NZD) | –FTSE EPRA Nareit Developed Net Total Return Index –FTSE Developed Core Infrastructure 50/50 Net Tax Index (100% Hedged to NZD) |
| Australasian Equities | – 66.7% S&P/NZX 50 Index Gross with Imputation – 33.3% S&P/ASX 200 (TR) (50% hedged to NZD) | – S&P/NZX 50 Index Gross with Imputation – S&P/ASX 300 Total Return Index (NZD Hedged) |
| International Equities | – MSCI ACWI ex Australia Index Net (65% hedged to NZD) | –MSCI World ex Aus Net Total Return Index (50% Hedged to NZD) – MSCI Emerging Markets Net Index |
| International Equities - Listed infrastructure | – FTSE Global Core Infrastructure 50/50 Index Net TRI (100% hedged to NZD) | N/A |
| Alternatives | N/A | –Bloomberg NZBond Bank Bill Index |
| Benchmark Asset Allocation | ||
| Cash and Cash Equivalents | 4.00% | 2.50% |
| New Zealand Fixed Interest | 4.00% | 8.00% |
| International Fixed interest | 12.00% | 6.00% |
| Total Income Assets | 20.00% | 16.50% |
| Range | 0-50% | 5-30% |
| Commodities | 0.00% | 3.00% |
| Listed Property | 9.00% | 0.00% |
| Australasian Equities | 15.00% | 16.50% |
| International Equities | 53.00% | 40.00% |
| International Equities - Listed infrastructure | 3.00% | 0.00% |
| Emerging Market Equities | 0.00% | 8.50% |
| Alternatives | 0.00% | 8.00% |
| Listed Property and Infrastructure | 7.50% | |
| Total Growth Assets | 80.00% | 83.50% |
| Range | 50-100% | 70-95% |
Changes to Strategic Asset Allocations
The asset allocation of the Global Select funds has been designed by BlackRock to closely align to the asset allocation of the ANZ funds as follows:
| Current Fund name | Current Income asset allocation | Current Growth asset allocation | New Income asset allocation | New Growth asset allocation |
|---|---|---|---|---|
| ANZ Conservative Fund | 80% | 20% | 77.5% | 22.5% |
| ANZ Balanced Growth Fund | 35% | 65% | 32.5% | 67.5% |
| ANZ Growth Fund | 20% | 80% | 16.5% | 83.5% |
To view the full asset allocation comparison, refer to the fund comparison charts here.
Changes to Investment Objectives and Policy and Performance Objectives
The Global Select funds will be managed by BlackRock as the underlying investment manager. The investment objective and policy of each fund have been updated.
To view the investment objective and policy and performance objectives of the Global Select funds, refer to the full fund comparison charts here.
Transition costs
The transition cost to investors is the cost incurred by underlying managers to buy and sell underlying assets of the funds necessary to complete the transition. This is not a fee charged by AMP; it is a one-off cost included within the unit price at the time when the transition took place.
AMP has determined that the improvement in expected performance of the funds, and the reduction in annual fund charges, will offset and outweigh the cost of the transition to all investors in the funds within a short period. AMP anticipates that through the reduction in annual fund charges alone, the transition costs will be recovered in full by members within 1-2 years.
The estimated transition costs were:
| Estimated Cost | Estimated cost per $1,000 | |
|---|---|---|
| Global Select Balanced Growth Fund | 0.0807% | $0.81 |
| Global Select Conservative Fund | 0.049% | $0.49 |
| Global Select Growth Fund | 0.0922% | $0.92 |
Fund selection
We offer a variety of funds managed by AMP and trusted third-party providers such as Milford, SuperLife and Mercer. This gives you more options to invest based on your unique financial goals and risk tolerance.
You can review and change your fund selection at any time by visiting the MyAMP app or online web portal. If you are not already registered for MyAMP you can register online now. Before making any changes, we recommend talking to your financial adviser.
We're here to help
If you have any questions, please get in touch with your adviser or contact us at workplaceadmin@amp.co.nz for NZRT or kiwisaver@amp.co.nz for AMP KiwiSaver Scheme or call us on 0800 267 005.
If your adviser is an AMP Direct or AMP Workplace Adviser, you can contact us directly on 0800 267 263.
For more details refer to information about the ANZ Funds in the Statement of Investment Policy and Objectives (SIPO) document for the AMP KiwiSaver Scheme and for NZRT. The SIPO’s for both schemes have been updated to reflect the transition from ANZ to the Global Select Funds.
BlackRock® is a registered trademark of BlackRock, Inc. and its affiliates (“BlackRock”) and is used under license. BlackRock makes no representations or warranties regarding the advisability of investing in any product or the use of any service offered by AMP Wealth Management New Zealand Limited. BlackRock has no obligation or liability in connection with the operation, marketing, trading or sale of any product or service offered by AMP Wealth Management New Zealand Limited.