ASB announces appointment of new investment manager

ASB Group Investments (ASBGI) has appointed Vanguard Investments Australia Limited (Vanguard) as the new investment manager for the Australasian Equity assets of a number of its products, including the ASB KiwiSaver scheme and ASB Investment Funds. The move comes after a review by ASBGI of its underlying investment manager arrangements to ensure ASBGI is delivering on its commitment to deliver the best possible investment outcomes for customers.

Vanguard is a subsidiary of the Vanguard Group based in the United States, which is one of the world’s largest investment companies and internationally recognised for their expertise and investment approach, which provides investors with an efficient way to capture long-term market performance.

ASB's general manager wealth Jonathan Beale says, ASBGI are always looking for ways to deliver better investment outcomes for our 500,000+ customers.

"Part of our investment process is to monitor and review our underlying investment managers, and this includes periodically testing the capabilities that are available in the market. Earlier this year, we undertook a review of Australasian Equities managers. Vanguard Investments Australia Limited stood out as the best manager following this review, and we're excited about this new era, as Vanguard Australia's approach mirrors ours, which is to help accelerate our customers' progress financially so they can achieve their investment goals."

"Vanguard will be an excellent addition to our manager line up which includes global firms BlackRock Investment Management, State Street Global Advisers, Colonial First State Global Asset Management and Schroders Investment Management, and local firms Harbour Asset Management and Devon Funds Management," Beale says.

The appointment will come into effect from Wednesday 12 December 2018.

For more information about ASB’s wealth advisory service go to https://www.asb.co.nz/banking-with-asb/wealth-advisory-service

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