Guardians Terminate Active Equity Mandates
POSTED ON: 19 April 2010
The Guardians of New Zealand Superannuation have today announced that they have terminated the global equity, non-US small-cap equity and multi-strategy equity mandates managed by GMO, LLC.
GMO Renewable Resources Ltd continues to manage the Fund’s New Zealand timber assets.
GMO, LLC was appointed in June 2004 to manage a non-US small-cap mandate; in February 2005 to manage a growth-oriented global equity portfolio and in June 2006 to manage a multi-strategy equities mandate.
This decision does not affect the New Zealand Superannuation Fund’s strategic asset allocation to global listed equities.
The Guardians work with investment managers around the world to execute the strategy for investing the Fund’s. A list of investment managers can be found on the Fund’s website www.nzsuperfund.co.nz.
For more information please contact:
Paul Gregory, Head of Communications [email protected], 09 308 2041, 021 274 9994
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 28 February 2010 the value of the Fund was NZ$16 billion. For more information visit www.nzsuperfund.co.nz