NEW ZEALAND - The NZ$8.4bn New Zealand Superannuation Fund announced the appointments of Numeric Investors LLC (Numeric) and Bridgewater Associates, marking the fund's 28th external investment mandate.
Bridgewater Associates has been appointed to manage a Global; Tactical Asset Allocation (GTAA) mandate, benchmarked against the Citigroup Government Bond Index.
Numeric Investors will manage an equity-only multi-strategy mandate, benchmarked against the MSCI World Index. Under the mandate Numeric can employ tow or more of its equity strategies to cover a number of countries and long-short investing.
This is the second mandate awarded to Numeric since the fund began investing in 2003. Numeric was awarded a US small-cap growth mandate in 2004.
Paul Costello, the fund’s CEO said: “These two new appointments are significant for a number of reasons: they are the first in which alpha, or excess return over and above the benchmark, is for the primary driver of the mandate chosen with the benchmark being more a matter of convenience. They both allow the manager to make short positions in stocks or markets that the manager believes will under-perform the long positions.”
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers