The Guardians of New Zealand Superannuation today announced the appointment of Western Asset to manage a global active investment-grade credit mandate.

The active mandate is benchmarked against a global credit bond index.

Ends

For more information please contact:  
Paul Gregory, Head of Communications [email protected], 09 308 2041, 021 274 9994

About Western Asset:
Western Asset is one of the world's leading fixed income managers. From offices in Pasadena, New York, Sao Paulo, London, Singapore, Hong Kong, Tokyo and Melbourne, Western Asset performs investment services for clients including charitable, corporate, health care, insurance, mutual fund, public and union organizations. Client portfolios range across an equally wide variety of mandates, from money markets to emerging markets. As at 30th September 2009, Western Asset's client base totals 599, representing 43 countries, 1,200 accounts, and US $506.4 billion in assets under management. 

About the New Zealand Superannuation Fund:
The New Zealand Superannuation Fund, which commenced investing at the end of September 2003, is designed to reduce the tax burden on future New Zealand taxpayers of the cost of New Zealand superannuation. An ageing population means the cost of providing New Zealand superannuation is expected to double over the next 50 years. To prepare for this, the Government has made contributions to the Fund while the cost of superannuation is relatively low. The Fund will invest the money on a prudent but commercial basis and the Government will begin to make withdrawals from 2031, when the cost of superannuation has increased. As at 30 November 2009 the value of the Fund was NZ$15.6 billion. For more information visit www.nzsuperfund.co.nz