2 May 2014

NZX to launch funds

7:52 am on 2 May 2014

The New Zealand Stock Exchange operator plans to launch two new funds this year, expanding its Smartshares scheme.

Smartshares are exchange traded funds, a basket of shares which give investors an exposure to a particular sharemarket index. That means investors get returns similar to those of the index.

NZX chief executive Tim Bennett said as well as launching the new funds the operator aims to better market them.

NZX's funds under management grew to $369 million in the three months to March, a rise of 8 percent on the same period last year.