Why two sets of investment expertise can be better than one

When it comes to investing New Zealanders’ retirement savings, there are a few approaches investment managers can use, including building in-house expertise and outsourcing to external specialists.

At MAS, they take the best from both approaches – bringing the two together.

The mutual combines its own investment expertise and governance with a carefully selected group of specialist investment managers from around the world and here at home. These managers include, BlackRock, Amova and JBWere, each managing a different part of the MAS investment portfolio.

It's an approach designed around a simple idea: Members benefit when different areas of expertise are brought to the table.

“Investment markets are complex and constantly changing, so we don’t believe there’s a single team that can be the best at everything, everywhere,” says Helen McDowall, Chief Investment Product Officer at MAS.

“Our role is to understand what we’re trying to achieve for Members, set the overall investment strategy and make sure the different pieces of the portfolio work together. Then we can bring in specialist expertise where it adds value.”

MAS’ specialist investment managers bring thought leadership to the table across Australasian and global markets. This provides MAS access to investment insights beyond what is happening here in New Zealand.

That global perspective matters because investment opportunities and risks do not stop at the New Zealand border. Global equity markets are influenced by geopolitical tensions, changing interest-rate expectations and the strength of corporate earnings across the US, Europe, Japan and emerging markets.

For MAS, having specialist insight into those markets helps inform decisions about where opportunities and risks may sit, while its own investment and governance teams retain oversight of how those decisions fit within the Scheme portfolios.

JBWere Head of Investment Strategy & Research, Phil Borkin says the relationship works because the organisations bring complementary strengths.

“MAS has a clear understanding of its Members and a strong investment framework, while JBWere brings specialist market knowledge and investment capability. Working together means we can share perspectives and challenge thinking, with the ultimate goal of delivering better outcomes for MAS Members,” Borkin says.

The approach has delivered strong long-term results. In its June 2026 KiwiSaver 360 report, Morningstar ranked the Moderate Fund in the MAS KiwiSaver Scheme first and the Aggressive Fund third over 10 years.

The September 2026 MJW Investment Survey also ranked both the MAS KiwiSaver Growth and Balanced Funds among the top three in their respective categories over both one and 10 years, with the Moderate Fund ranked second over 10 years.

McDowall says “We’re investing for people’s futures, not trying to win one particular quarter or follow the latest market trend, which is why our 10-year ranking is pleasing. Having our own expertise alongside specialist managers means we can take a long-term view while still tapping into deep expertise in particular markets and asset classes.”

For Members, the benefit is less about who makes each individual investment decision and more about having the right expertise around the table.

“Ultimately, it’s about putting Members at the centre of every investment decision,” McDowall says. “We think combining our own capability with specialist expertise gives us a stronger way to do that.”