The New Zealand Superannuation Fund has appointed four new investment managers, bringing to 15 the number of managers retained since it began operations in September last year, and ensuring it is now fully invested.
The fund’s board of guardians announced in July that New York-based Alliance Capital Management has been appointed to manage a global equity growth portfolio with an initial allocation of $NZ 251 million, while Goldman Sachs Asset Management, also based in New York, has been appointed to manage a US small-cap value mandate with an initial allocation of NZ$39 million.
Boston-based Grantham Mayo and Van Otterloo have been appointed to manage a portfolio of non-US small cap securities with an initial allocation of $NZ 118 million, while London-based WestAM Asset Management has been appointed to manage an emerging markets mandate, with an initial allocation of NZ$79 million.
New Zealand Superannuation Fund chief executive Paul Costello says the latest round of appointments has allowed the Guardians to meet the commitment of being fully invested by June 30, 2004.
“We have delivered on our strategy of gradually moving from a position of holding $2.4 billion in cash on September 30, 2003, to investing almost $4 billion across a range of markets by June 30, 2004,” he says.
The New Zealand Superannuation Fund is designed to contribute towards the future cost of New Zealand superannuation, and is being funded by the New Zealand Government to the tune of an average $2.2 billion a year.
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ASIC has launched civil penalty proceedings in the Federal Court against one of the super trustees wrapped up in the Shield Master Fund failure.
Industry associations have welcomed the Treasurer’s review into the superannuation performance test and called for targeted changes that would enable investment in certain assets with strong long-term performance.
Super funds are strengthening systems and modelling member benefits ahead of payday super.