Milford Asset Management is surprised by the decision of the New Zealand Superannuation Fund (NZSF) to suspend its investment mandate before a Financial Markets Authority (FMA) investigation is completed.
As the FMA confirmed in a statement today, its investigation does not raise concerns about the security or safety of Milford client funds or assets.
The FMA expects to conclude the final investigation steps in the next few weeks and hopes to make a public announcement at that time or shortly thereafter.
Managing Director Anthony Quirk says: “We have not commented on the specifics of the investigation because we respect the due process of the FMA investigation and are bound by a confidentiality order imposed by the FMA.”
“We will continue to refrain from any comment that could be seen as undermining the investigation process or pre-empting the outcome. In the meantime we look forward to completion of the investigation and release of any findings.”