Wellington, July 21 NZPA - The New Zealand Superannuation Fund has ended investment relationships with ING (NZ) and NZX subsidiary Smartshares as it takes more investment management in-house.

The Guardians of New Zealand Superannuation said the aim of the in-house move was to enhance the flexibility of their decisions and reduce costs.

It was part of a general focus on having direct participation in the New Zealand market, and was consistent with capabilities developed within the organisation.

The immediate consequence of the move was the internalising of three passive investment mandates in New Zealand equities, New Zealand cash and New Zealand credit, the guardians said yesterday.

The guardians said they had had a professional and productive relationship with ING (NZ) and Smartshares.

The size of the superannuation fund was close to $13.1 billion dollars at the end of May.