NEW ZEALAND: The New Zealand Superannuation Fund has appointed AMP Capital Investors (NZ) to manage a New Zealand unlisted property mandate, via the AMP Property Portfolio (APP).
The fund will initially invest NZ$78m (US$54m) in the APP, a nation-wide diversified portfolio of 28 commercial, office, industrial, retail, hotel, and development properties. Valued at more than NZ$565m, the APP includes interests in the Botany Town Centre, LynnMall Shopping Centre, Manukau Supa Centre, and the PWC Tower/Capital on the Quay (both in Wellington).
The New Zealand Superannuation Fund's current target exposure to property is 7%, including an allocation of up to 2% to New Zealand unlisted property.
Earlier this year the fund appointed Vanguard Investments Australia Ltd to a global listed property securities mandate.
AMP Capital Investors has commercial property interests totaling around NZ$1.6bn in New Zealand.
The value of the New Zealand Superannuation Fund as at 31 May 2005 was NZ$6.4bn.
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.