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.
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.