Auckland (20 July 2009) - The Guardians of New Zealand Superannuation have today announced that they are bringing more investment management in-house to enhance the flexibility of their decisions and to reduce cost.

The Guardians have made the decision as part of a general focus on having direct participation in the New Zealand market, consistent with internal capabilities developed within the organisation.

The immediate consequence of this decision is the internalising of three passive investment mandates in NZ equities, NZ cash and NZ credit. This ends  investment relationships with ING (NZ) Ltd, announced here, and with Smartshares Ltd, announced here.