NEW ZEALAND - The New Zealand Superannuation Fund has appointed Overlay Asset Management to manage a passive currency overlay mandate.
Under the mandate, Overlay Asset Management, a subsidiary of BNP Paribas Asset Management, will be responsible for ensuring that foreign currency exposure is managed in line with the fund’s policy.
Presently, 72.5% of the fund's exposure in the global growth assets sector - equities, property and alternative assets - and 100% of the global fixed interest portfolio is hedged back to New Zealand dollars.
The appointment of Overlay Asset Management brings the total number of investment mandates to 24.
The value of the New Zealand Superannuation Fund as at 31 May 2005 was NZ$6.4bn.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.