Salt Funds Management, the boutique investment manager set up by its principals about two years ago, has won the mandate to manage AMP Capital's active New Zealand equity funds, adding about $690 million to its funds under management based on where they stood at the end of February.
Auckland-based Salt won out from a shortlist of active equity managers following extensive due diligence, AMP Capital head of distribution George Carter said in a statement. The mandate was awarded after AMP Capital chose to outsource New Zealand equity management at the start of the year, resulting in the departure of its in-house team.
Salt managing director Matthew Goodson said the firm was stoked to be working with "an iconic brand" like AMP. "It's two years since we set up Salt and it has delivered for us so far."
"The stock market has obviously grown very significantly in recent years - that's good for the real economy, good for everybody," he said.
Goodson declined to comment on how much the new mandate would boost funds under management, although based on data on Salt's website, it may almost double FUM. From April 1, Salt will manage three AMP portfolios, including one that tracks responsible investment, and pick up the New Zealand equity component of a fourth fund.
Salt was created by former employees of Westpac Banking Corp's New Zealand fund management arm, BT Funds Management (NZ), which contracted out management of more than $650 million of its listed New Zealand stocks and property holdings to the new firm in 2013.