The Tuvalu Trust Fund, the $120-million sovereign wealth fund of the central Pacific nation, has given AMP Capital almost half of its money to manage.

Sydney-based AMP will manage $55 million of Tuvalu’s money in its multi-asset fund, which seeks to produce a return of 5.5 per cent above inflation over five years.

Tuvalu, which comprises six atolls and a total land area of 25 square kilometres, is the third Pacific sovereign wealth fund AMP invests on behalf of.

AMP manages the money of Papua New Guinea and another south Pacific country it is not willing to name.