NEW ZEALAND - The New Zealand Superannuation Fund has fired AXA Rosenberg from a long-short and a small-cap equity mandate, the scheme said today.
The firm was hired for the long-short mandate in 2006 and for the small-cap portfolio in 2004.
New Zealand super said: "This decision does not affect the New Zealand Superannuation Fund's strategic asset allocation to global listed equities."
This comes after the scheme hired two managers in the past month. New Zealand hired Elementum Advisors to run US$125m in catastrophe-linked securities earlier this month, and Milford Asset Management for an active domestic equities mandate late last month. (Global Pensions; February 2, 2009)
The NZ$15.96bn (US$11.15bn) 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.
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