Smartshares to Manage New Zealand Passive Equities Mandate (7 September)
POSTED ON: 7 September 2005
The New Zealand Superannuation Fund today announced that Smartshares Limited, a subsidiary of New Zealand Exchange Limited, has been appointed to manage a New Zealand passive equities mandate.
The Fund's current target exposure to New Zealand Equities is 7.5%. The appointment of Smartshares complements the three existing active New Zealand equity mandates, and provides the Fund with greater flexibility in how it structures the amount of active risk* it takes in New Zealand equities.
The chosen benchmark for the portfolio is a modified version of the NZSX 50 Index. The modification caps the maximum allowable index weight of any one company at 15%.
Smartshares is a leading New Zealand equities passive fund manager. They established TENZ, their first fund, in 1996. That was the first Exchange-Traded Fund ("ETF") offered in New Zealand. They expanded their family of funds last year, adding three funds, MIDZ (NZ MidCap), FONZ (NZ Top 50 Portfolio) and MOZY (Australian MidCap).
For more information please contact:
Paul Costello, CEO, New Zealand Superannuation Fund, 09 300 6980 Sarah Loutit, Media Relations, New Zealand Superannuation Fund, 021 500 134
Notes for Editors:
*Active risk is the extent to which the portfolio deviates from the benchmark index.
For further information on Smartshares Limited, visit www.smartshares.nzx.com