NEW ZEALAND - The New Zealand Superannuation Fund (NZSF) has entered into an agreement with James Fielding Funds Management (JFFM), trustee of the New Zealand Sustainable Investments Fund (NZSIF) to purchase a 12,273 hectare forestry estate in the Auckland region.
JFFM was recently confirmed as the unconditional purchaser of land and forestry assets of Evergreen Forests. JFFM has agreed to sell NZSF approximately half of these assets.
GMO Renewable Resources has been appointed as manager of New Zealand timber assets.
The transaction represents the first purchase of timber assets for the fund after a commitment made in March this year to allocate up to 5% of assets to timber by June 2007 and a targeted midpoint of 2% of that date.
The value of the NZSF as of end September 2005 was NZ$7.6bn.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.