ANNUAL REPORT AMP CAPITAL CASH FUNDS

Transcription

1 AMP Capital Investors (New Zealand) Limited ANNUAL REPORT AMP CAPITAL CASH FUNDS For the accounting period ended 31 March July 2017 ANNUAL REPORT 2017 AMP CAPITAL INVESTMENT FUNDS 1

2 Table of contents 1 Details of scheme 3 2 Information on contributions and scheme participants 3 3 Changes relating to the scheme 3 4 Other information for particular types of managed funds 4 5 Changes to persons involved in the scheme 4 6 How to find further information 5 7 Contact details and complaints 6 8 Glossary 7 2 AMP CAPITAL INVESTMENT FUNDS ANNUAL REPORT 2017

3 1. Details of scheme The information in this section is stated as at 31 March The name of the scheme is the AMP Capital Cash Funds ( Scheme ). The Scheme is an other managed fund i.e. a managed fund that is not a KiwiSaver scheme, workplace savings scheme or superannuation scheme. The manager of the Scheme is AMP Investment Management (N.Z.) Limited ( Manager ), a wholly owned subsidiary of AMP Capital Investors (New Zealand) Limited ( AMPCINZ ). AMPIM outsources substantially all its management functions to AMPCINZ under a written Management Agreement. The supervisor of the Scheme is The New Zealand Guardian Trust Company Limited ( Supervisor ). The Scheme relates to the 2 retail investment funds ( Funds ), listed in the table below. FUND DATE THE FUND STARTED Cash Advantage Fund 27 November 2007 Term Advantage Fund 15 December 2010 The Funds are exempted by the Financial Markets Conduct (Cash Advantage Fund and Term Advantage Fund) Exemption Notice 2016 from the requirement to produce fund updates. As a result, there are no fund updates for the Funds. The Scheme has two Product Disclosure Statements ( PDSs ) for each of the 2 investment funds. The PDSs on issue, the date and respective statuses of those PDSs, are set out in the table below. PDS DATE OF LATEST PDS AS AT STATUS OF PDS AS AT 31 MARCH MARCH 2017 Cash Advantage Fund 29 November 2016 Open for applications Term Advantage Fund 29 November 2016 Open for applications As at 31 March 2017, the latest financial statements for the Scheme lodged with the Registrar were for the accounting period 1 April 2015 to 31 March These financial statements and the accompanying auditor s report were lodged with the Registrar on 12 August The Scheme s financial statements for the accounting period 1 April 2016 to 31 March 2017 together with the accompanying auditor s report were lodged with the Registrar on 27 July Information on contributions and scheme participants During the accounting period 1 April 2016 to 31 March 2017 ( Accounting Period ), the Scheme had 2 Funds on offer. The number of Units on issue in each Fund at the start and end of the Accounting Period were: FUND UNITS ON ISSUE AS AT 31 MARCH 2016 UNITS ON ISSUE AS AT 31 MARCH 2017 Cash Advantage Fund 134,497,862 78,595,467 Term Advantage Fund $148,069,533 $145,685, Changes relating to the scheme This section describes the material changes to the Scheme s nature, investment objectives and strategy, and management during the Accounting Period. Other material changes to the Scheme may have occurred since the end of the Accounting Period. Except as otherwise stated, these are not described here but will be set out in next year s annual report. TRANSITION TO THE FMC ACT On its effective date of 29 November 2016, the Scheme and its Funds transitioned to the FMC Act regime. Prior to transition, the Funds were each separate unit trusts that were governed by the Unit Trusts Act 1960 and offered to the public under the Securities Act 1978 and related legislation. A comprehensive project was required to transition the Funds to the FMC Act regime. The material elements of this encompassed: > > obtaining an exemption (the Financial Markets Conduct (Cash Advantage Fund and Term Advantage Fund) Exemption Notice 2016) from certain requirements of the FMC Act regime that were inapplicable, irrelevant or impracticable to the Funds; > > obtaining a licence for the Manager; > > replacing our retail disclosure documentation; > > updating or creating the required governing documents and governance structures (such as the Trust Deed, SIPO and internal compliance committees); > > reviewing and where necessary replacing our outsourcing agreements (including the Management Agreement); and > > establishing new compliance processes. 1 Since 31 March 2017, these have each been replaced by replacement PDSs dated 30 June As at the date of this document all of those replacement PDSs had an open for applications status. ANNUAL REPORT 2017 AMP CAPITAL INVESTMENT FUNDS 3

4 CHANGES TO THE TRUST DEED The Manager and the Supervisor entered into a Trust Deed dated 23 November 2007 (Original Trust Deed). The Original Trust Deed was amended by various supplemental deeds. In a deed dated 24 November 2016, the AMP Capital Cash Funds Trust Deed (Trust Deed), the Manager and the Supervisor have amended and restated the Original Trust Deed and supplemental deeds for the purposes of compliance with the FMC Act. CHANGES TO THE TERMS OF THE OFFER OF THE FUNDS There have been no changes to the terms of offer of the Funds during the Accounting Period. CHANGES TO THE STATEMENT OF INVESTMENT POLICY AND OBJECTIVES (SIPO) There have been no changes to the SIPO during the Accounting Period. RELATED PARTY TRANSACTIONS No Related Party Transactions entered into during the Accounting Period were not on arm s-length terms. 4. Other information for particular types of managed funds The table below sets out the Unit prices for the Cash Advantage Fund and the Term Advantage Fund at the start and at the end of the Accounting Period. FUND UNIT PRICE AT 31 MARCH 2016 Cash Advantage Fund Term Advantage Fund Changes to persons involved in the scheme The following changes to persons involved in the Scheme were made during the Accounting Period. NO CHANGE TO THE MANAGER AMP Investment Management (N.Z.) Limited was the manager of the Scheme throughout the Accounting Period. CHANGES TO THE BOARD OF THE MANAGER > > Keith John Poore resigned from the board of the Manager on 15 April 2016 > > Warren Douglas Potter was appointed to the board of the Manager on 13 July 2016 CHANGES TO CONTROL OF THE MANAGER > > There have been no changes in control of the Manager during the accounting period. CHANGES TO KEY PERSONNEL OF THE MANAGER > > Greg Fleming, Head of Investment Strategy, joined AMPCINZ on 19 September 2016 > > Keith John Poore, Head of Investment Strategy, resigned from AMPCINZ on 15 April 2016 > > Peter Verhaart, Head of NZ Multi Asset Group, resigned from AMPCONZ on 30 April 2016 NO CHANGE TO THE SUPERVISOR The New Zealand Guardian Trust Company Limited was the supervisor of the Scheme throughout the Accounting Period. CHANGES TO THE BOARD OF THE SUPERVISOR > > Andrew Howard Barnes resigned from the board of the Supervisor on 4 April 2016 > > Timothy James Shaw resigned from the board of the Supervisor on 3 August 2016 UNIT PRICE AT 31 MARCH 2017 NO CHANGE TO ADMINISTRATION MANAGERS, SECURITIES REGISTRAR AND INVESTMENT MANAGERS BNP Paribas Fund Services Australasia Pty Limited (trading as BNP Paribas Securities Services) and Appello Services Limited were the administration managers of the Scheme throughout the Accounting Period. The administration functions include acting as securities registrar. AMPCINZ was the investment manager of the Funds within the Scheme throughout the Accounting Period. NO CHANGE TO THE SECURITIES REGISTRAR/CUSTODIANS/AUDITOR The New Zealand Guardian Trust Company Limited through its subsidiary Cash Unit Trust Nominees Limited and BNP Paribas Fund Services Australasia Pty Ltd were the custodians for the Scheme throughout the Accounting Period. Appello Services Limited and BNP Paribas Fund Services Australasia Pty Ltd were the registrars for the Scheme throughout the Accounting Period. Ernst and Young were the auditor for the Scheme throughout the Accounting Period. 4 AMP CAPITAL INVESTMENT FUNDS ANNUAL REPORT 2017

5 6. How to find further information Further information relating to the Scheme is available on the offer and the scheme register at A copy of information on the offer register or scheme register is available on request to the Registrar of Financial Service Providers. The following information can also be obtained, free of charge: INFORMATION Latest Unit price for the Cash Advantage Fund Investment Terms and current Interest Rates for the Term Advantage Fund Fund information relevant to investors PDSs SIPO Trust Deed Financial statements HOW TO OBTAIN The latest Unit price is available on the AMP Capital website: The available Investment Terms and the current Interest Rates for those Investment Terms can be viewed on the AMP Capital website at: Investors can inspect documents the Manager holds that are relevant to a particular investor, and other documents that are legally required to be provided to a particular investor, at the Manager s offices during normal business hours, or request an extract of those documents, by written request to the Manager. PDSs for the Funds are publicly available from the AMP Capital website and on the offer register. The SIPO for the Scheme is publicly available on the scheme register. The Trust Deed governing the Scheme, dated 24 November 2016, is publicly available on the scheme register. The financial statements for the Scheme are publicly available on the scheme register. General information about the Scheme, the Funds, the Manager and the management team can be found on the AMP Capital website. ANNUAL REPORT 2017 AMP CAPITAL INVESTMENT FUNDS 5

6 7. Contact details and complaints CONTACT DETAILS: The Manager can be contacted by: Telephone: (04) Fax: (04) In writing: AMP Investment Management (N.Z.) Limited PO Box 3764 Wellington 6011 In person: Ground Floor, PwC Tower, The Terrace, Wellington 6140 You can also send queries or make complaints to the following employee/agent of the Manager: Telephone: (04) Andrew Penn AMP Investment Management (N.Z.) Limited PO Box 3764 Wellington 6011 The Supervisor can be contacted by: Telephone: (04) Manager Corporate Trusts The New Zealand Guardian Trust Company Limited Level 2, Perpetual Guardian House 99 Customhouse Quay PO Box 3845 Wellington 6140 The Securities Registrar can be contacted by: The register for the Funds, required under subpart 4 of Part 4 of the Financial Markets Conduct Act 2013, is kept on behalf of the Manager by BNP Paribas Fund Services Australasia Pty Ltd. Telephone: (04) BNP Paribas Securities Services Level 18, State Insurance Tower 1 Willis Street Wellington 6011 COMPLAINTS: Any complaints about the Funds or the Scheme should be directed to the Manager using the contact details above. In addition, the Manager is a member of Financial Services Complaints Limited, a dispute resolution scheme approved under the Financial Services Providers (Registration and Dispute Resolution) Act If an issue cannot be resolved with the Manager, an investor can direct his/her complaint to: Financial Services Complaints Limited 4th Floor, 101 Lambton Quay PO Box 5967, Wellington Telephone: or (04) Fax: (04) The scheme will not charge a fee to any complainant to investigate or resolve a complaint. If a complainant is not satisfied with the outcome of his/her complaint, he/she can contact the Supervisor using the contact details above. 6 AMP CAPITAL INVESTMENT FUNDS ANNUAL REPORT 2017

7 8. Glossary Accounting Period mean Accounting Period means the Scheme s accounting period 1 April 2016 to 31 March AMPCINZ means AMP Capital Investors (New Zealand) Limited. Assets means any asset of a Fund (whether tangible or intangible) as more fully defined in the Trust Deed. Custodians means The New Zealand Guardian Trust Company Limited through its subsidiary Cash Unit Trust Nominees Limited and BNP Paribas Fund Services Australasia Pty Ltd (trading as BNP Paribas Securities Services). Effective Date means the date elected by the Manager to transition the Funds into the FMC Act regime ie, 29 November FMA means the Financial Markets Authority, the government agency responsible for regulating capital markets and financial services in New Zealand. FMC Act means the Financial Markets Conduct Act FMC Regulations means the Financial Markets Conduct Regulations Funds means the investment funds set out in the table on page 3. Interest Rate means the rate of return (expressed as a percentage per annum) on an investment which corresponds to the Investment Term for that investment. Investment Term means the length of time for which the investment must be held by the investor. Licence means a market services licence granted by the FMA under section 396 of the FMC Act. Management Agreement means the agreement between the Manager and AMPCINZ pursuant to which the Manager effectively outsources administration and investment management functions to AMPCINZ and AMPCINZ provides resources (including people, operational and financial resource) to the Manager as required to perform those functions. Manager means AMP Investment Management (N.Z.) Limited, the manager of the Funds and the Scheme. Other Material Information Document means the document prepared to meet the requirements of section 57(1)(b)(ii) of the FMC Act and clause 52 of Schedule 4 of the FMC Regulations. The Other Material Information Document can be obtained from the offer register on the Disclose website PDS means a product disclosure statement under the FMC Act. A PDS is a document containing information about that Fund intended to assist a prudent but non-expert person to decide whether to invest in that Fund. A retail investor must be given a copy of the relevant PDS before investing. The PDSs for the Funds can be obtained from the offer register on the Disclose website nz.nz/disclose. Related Party Transactions means a transaction that provides for a related party benefit to be given and is therefore subject to the controls on related party transactions imposed by the FMC Act. Scheme means the AMP Capital Investment Funds, a registered scheme under the FMC Act with registered scheme number SCH Securities Registrar means BNP Paribas Services Australasia Pty Limited. SIPO means the statement of investment policy and objectives for the Scheme. In broad terms, the SIPO is a document setting out the parameters pursuant to which each of the Funds will be invested. The SIPO for the Scheme can be obtained from the scheme register on the Disclose website Supervisor means The New Zealand Guardian Trust Company, the supervisor of the Funds and the Scheme. Trust Deed means the AMP Capital Cash Fundsl Funds Trust Deed dated 24 November 2016 (as amended from time to time). Unit means an undivided interest in the relevant Fund as more fully defined in the Trust Deed. Important note: While every care has been taken in the preparation of this document, AMP Capital Investors Limited (ABN , AFSL ) makes no representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This document has been prepared for the purpose of providing general information, without taking account of any particular investor s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this document, and seek professional advice, having regard to the investor s objectives, financial situation and needs. This document is solely for the use of the party to whom it is provided and must not be provided to any other person or entity without the express written consent of AMP Capital. Copyright 2016 AMP Capital Investors Limited. All rights reserved. ANNUAL REPORT 2017 AMP CAPITAL INVESTMENT FUNDS 7