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.
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