AUSTRALIA - The AUD600m ($309m) Non-Government Schools Superannuation Fund (NGS Super), a defined contribution scheme, is considering an investment in hedge funds for its balanced fund option.
Assistant manager Bernard O’Connor said the Sydney fund is exploring this route of investment for a greater diversification of its strategy. O’Connor added that the fund’s trustees are investigating hedge fund options and reports are to be produced on this investment option.
The balanced fund, which has 42,000 members, will select a handful of hedge fund managers once a report has been presented and discussed among the trustees on September 24, 2001. The fund will then invite shortlisted hedge fund managers to present on October 22.
William M Mercer’s Anne Whitaker is advising the fund on the selection of hedge fund managers.
NGS Super will also offer an ethical option next month, following the hiring of AMP Henderson Global Investors and Westpac Investment Management to manage this brief.
The scheme has five investment options for its 57,000 members, namely balanced, cash, green shares (ethical investment option), fixed interest and a diversified option.
The balanced option is invested in the following way:
-Australian equities are managed by Barclays Global Investors (8.4%), ING (12%) and Maple Brown Abbot (14.4%).-Overseas equities are managed by National Capital (5.2%) and Lazard Asset Management (5%).- Fixed interest is managed by Bankers Trust (13.3%), Credit Suisse (13.5%) and Lazard (3.1%). -Property is managed by Commonwealth Property (1.1%) and Lend Lease (3.6%). -Private equity is managed by AMP Henderson Global Investors (2.2%), Colonial (0.6%) and Pantheon (0.5%). -Tactical assets are invested by State Street Global Advisors (7.3%) and PGM (7.7%). -Cash is invested by Westpac Investment Management (1.4%) and Super Member Home Loans (0.7%).
By Janet Du Chenne
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