NEW ZEALAND - The New Zealand Superannuation Fund said today it hired Milford Asset Management to manage an active domestic equities mandate.
The scheme did not provide details about the size of the mandate but said the portfolio would be managed against the NZX50 Capped index.
This is the second announced hire in the past month.
In late December, the scheme said it hired Western Asset Management to run a global active investment-grade credit mandate.
The NZ$15.96bn (US$11.5bn) pension fund invests 42% in international equities, 16% in international fixed income, 7.4% in timber and 7.1% each in domestic equity and global real estate.
It also allocates 6.5% to infrastructure; 5.3%, emerging markets; 3.6%, emerging markets; 1.7%, domestic property; 1.2% domestic fixed income; 1.1% private equity; 0.7% in other private markets and the rest in cash, collateral and foreign exchange hedges.
This week's edition of Professional Pensions is out now
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