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Fund Appoints International Fixed Interest Manager

NZ Superannuation Fund Appoints International Fixed Interest Manager

The Board of the Guardians of New Zealand Superannuation today announced that it has selected Vanguard Investments Australia Limited to manage an international government bond mandate for the New Zealand Superannuation Fund.

Vanguard's mandate is to manage a portfolio of government bonds which closely replicates the Citigroup World Government Bond Index. Authorised investments include bonds issued or guaranteed by sovereign nations. In line with the Fund's currency hedging policy, the international government bond portfolio will be fully hedged.

Under the Fund's strategic asset allocation, 10 per cent of total assets are allocated to international bonds. Of this, half (i.e. five per cent of total assets) is allocated to government bonds under the Vanguard mandate and half will be invested in corporate bonds. The selection of an international corporate bond manager is planned for the middle of 2004.

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