The big New Zealand Superannuation Fund has announced two key mandates as it continues to fulfil its asset allocation strategy.
The Board of Guardians for the fund have announced that Boston-based Grantham, Mayo, Van Otterloo & Co LLC (GMO) has been appointed to manage a growth-oriented global equity mandate while Citigroup Asset Management (Citigroup) has been appointed to manage a global emerging markets equity mandate.
The GMO mandate involves an initial allocation of NZ$140 million, while the Citigroup mandate involves an initial allocation of NZ$110 million.
The GMO mandate is seen as complementing the big fund’s existing mandate with Alliance Capital Management LP, while the Citigroup mandate is seen as complementing the arrangement with WestLB Asset Management.
The Board of Guardians said the two new mandates brought the total number of external investment mandates to 18.
The value of the New Zealand Superannuation Fund as at January this year, was NZ$5.5 billion.
