Some of the Fund's investments are managed by the Guardians' in-house team of investment professionals.
We only choose to manage investments ourselves when we have the right skill set internally, can do so for an appropriate cost, and can see an advantage in in-house management over using an external manager (e.g. through our relationships with key peer funds and potential co-investors in New Zealand and globally).
We have found there to be a good business case for managing investment functions internally where the activity is a high net value-add and/or a key control function.
Investment strategies and opportunities that are currently managed internally include Strategic Tilting, Portfolio Completion, Active Collateral Management, Direct Arbitrage, New Zealand Direct Investment, International Direct Investment and part of New Zealand Active Equities.