MIS supervisor · Trustee
Supervisor
A licensed independent entity that holds the assets of a managed-investment scheme in trust and supervises the manager's compliance with the SIPO and FMC Act.
Every NZ Managed Investment Scheme must have a licensed Supervisor — an independent entity that holds the scheme's assets in trust on behalf of investors and supervises the Manager's compliance with the SIPO, the trust deed, and the Financial Markets Conduct Act 2013.
The Supervisor is a separate legal entity from the Manager. Supervisors must be licensed by the FMA. The two largest NZ MIS supervisors are Public Trust and The New Zealand Guardian Trust Company, with several others active in the market.
The Supervisor is the consumer protection backstop: if a Manager fails or breaches the SIPO, the Supervisor steps in. Supervisor identity, fees, and contact details are disclosed in every PDS.
Related terms
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MIS · Scheme
Managed Investment Scheme (MIS)
The legal vehicle under the Financial Markets Conduct Act 2013 that holds investor money in a pooled fund. Every NZ retail managed fund is part of a registered MIS.
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PDS
Product Disclosure Statement (PDS)
The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest.
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SIPO
Statement of Investment Policy and Objectives (SIPO)
The fund-manager document setting out the fund's investment objectives, strategy, asset allocation ranges, and investment-policy constraints (including any responsible-investment screens).