New Zealand Superannuation has issued new mandates with the appointment of three small-cap equity managers.
The Board of Guardians of the big national fund have announced the appointment of Thompson Siegel and Walmsley, Numeric Investors, and AXA Rosenberg Investment Management Asia Pacific.
The fund has been progressively announcing the appointment of investment managers since it was formally established late last year.
Under the fund’s strategic asset allocation, 12 per cent of total assets are earmarked for small cap equities, and the fund’s chief executive, Paul Costello, says the three most recent appointments represent a further step in diversifying the fund’s global share portfolio.
He says Thompson Siegel and Walmsley, based in Richmond, Virginia, have been appointed to manage a US small-cap value mandate, while Numeric Investors, based in Cambridge, Massachusetts, has been appointed to manage a US small-cap growth mandate.
AXA Rosenberg Investment Management Asia Pacific has been appointed to manage a non-US small-cap mandate.
The two US-based managers have been allocated three per cent each, with an initial allocation of two per cent.
Costello says the appointments bring the total number of external managers being used by New Zealand Superannuation to 12 and that it is likely further small-cap equity manager appointments will be announced shortly.
