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.”
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.