Immediate halt to purchases of AMP Capital Strategic NZ Shares Fund
- Closure May 2016
Following a review of their NZ shares funds, AMP Capital has decided to close the AMP Capital Strategic NZ Shares Fund.
Below is AMP Capital's explanation of why the Fund is being closed.
The AMP Capital Strategic NZ Shares Fund was established on 1 February 2001. At the time, the commonly adopted New Zealand shares index was the NZSE 40 Gross Index which was highly concentrated to one stock, Telecom New Zealand, and the top 10 stocks comprised over 60% of the index. In response, AMP Capital launched the Strategic NZ Shares Fund which was managed against the NZSE 40 Portfolio Index, an index which tracked the top 40 companies on a more equally weighted basis.
Today there is less difference between the weightings of the two indices (now changed to S&P/NZX indices), and the portfolios of our New Zealand shares funds have become so closely aligned there is no longer a need for two separate funds. For this reason, the decision has been made to close the AMP Capital Strategic NZ Shares Fund.
What does this mean for your investment in the Fund?
The closure process will begin in May 2016 and we will shortly let you know your options.
At the request of AMP Capital, RaboDirect has now blocked further purchases in the Fund, including under Regular Investor Plans. However there is no restriction in selling the fund
What do you need to do now?
If you are currently investing into the Fund under a Regular Investor Plan, we ask that you log into your RaboDirect account and remove the Fund from your Plan.
Should you have any queries, please don't hesitate to contact us on 0800 22 44 33 between 8am and 7pm Monday to Friday or email firstname.lastname@example.org.