Guardians appoint new active New Zealand equities manager
POSTED ON: 26 January 2010
The Guardians of New Zealand Superannuation today announced the appointment of Milford Asset Management to manage an active New Zealand equities mandate.
The active mandate is benchmarked against a NZX50 Capped Index.
For more information please contact:
Paul Gregory, Head of Communications, [email protected], 09 308 2041, 021 274 9994
About Milford Asset Management:
Milford was founded in December 2003. It is a specialist investment management company with its Executive Directors being Brian Gaynor, Anthony Quirk, Graeme Thomas and Alan Moore. Milford manages wholesale Australasian equity mandates for large investors. It also provides individually managed portfolios for a range of clients including individuals, family trusts and charitable trusts. Milford launched three PIE-compliant managed funds on 1 October 2007, two of these being unit trusts (the Milford Aggressive and Peak Funds) and one being a KiwiSaver product (the AonSaver AMT Milford Aggressive KiwiSaver Fund). Investment Statements for these funds can be found on www.milfordasset.com.
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 31 December 2009 the value of the Fund was NZ$16.0 billion. For more information visit www.nzsuperfund.co.nz