NEW ZEALAND - The Guardians of New Zealand Superannuation have fired Barclays Global Investors from a global large-cap active equities mandate.
Spokesman at the super fund Paul Gregory declined to provide details on the size of the mandate or why BGI was terminated.
He said the fund continues to use BGI for a multi-strategy mandate.
In a statement, the scheme said the manager change does not affect its overall weighting to large-cap global equities. The NZ$13.1bn (US$9bn) scheme allocates 32% of its assets to the strategy.
The news comes after the Illinois Teachers' Retirement System said it had put BGI on watch for poor performance in a US$593m enhance equity portfolio. (Global Pensions; August 12, 2009)
BGI spokesman Lance Berg declined to comment on client accounts.
Richard Wohanka is to chair The Pension Superfund's trustee board, working alongside professional firm 2020 Trustees to safeguard members' benefits.
Four people behind a £13.7m cold-calling scam which cost 245 people their savings have been banned from being pension scheme trustees by The Pensions Regulator (TPR).
The Pensions Administration Standards Association (PASA) has launched its latest round of guidance for guaranteed minimum pensions (GMPs).