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.”
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