Smartshares supercharged in $1.8b management rights deal

NZX chief executive Mark Peterson says the acquisition will scale up the funds business. (Photo: supplied)

Thu, 11 Nov 2021

Stock exchange operator NZX has bought the management rights for ASB’s Superannuation Master Trust, a $1.8 billion retirement savings scheme.The trust is a workplace superannuation scheme that predated KiwiSaver and was used by state sector employers until 2008.Although it closed to government employees shortly after KiwiSaver came into being, it still has more than 17,500 members from more than 100 employers who were in the scheme.Smartshares, an NZX subsidiary, has bought the management rights for the fund with $25 million in cash.NZX c...

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