NZSF Appoints Two Further Investment Managers

For Immediate Release

28 January 2004

NZSF APPOINTS TWO FURTHER INVESTMENT MANAGERS

The Board of the Guardians of New Zealand Superannuation today announced the appointments of Fisher Funds Management and Allianz Dresdner Asset Management.

Fisher Funds Management has been appointed to manage a portfolio of New Zealand equities with a focus on smaller companies. The mandate requires all holdings to be outside of the Top 10 companies listed on the New Zealand Exchange.

The allocation to Fisher Funds Management will be approximately 1.25% of the total assets of the Fund, and the mandate is expected to grow to approximately $120 million by the end of 2006.

"The appointment of Fisher Funds Management reflects our view that there are some excellent investment opportunities in smaller New Zealand companies," said NZSF Chief Executive Paul Costello. "The allocation complements the holdings of AMP Capital and Brook Asset Management, whose portfolios tend towards larger companies, and ensures the Fund has a diversified portfolio of New Zealand equities," he added.

The allocation was welcomed by New Zealand Exchange Chief Executive Mark Weldon: "Many of NZX's smaller companies have performed exceptionally well in the last few years and the additional attention and capital flows directed to these companies is very positive."

Allianz Dresdner Asset Management will manage a portfolio of international equities, with an initial allocation of NZ$250 million. Allianz Dresdner is an active manager and will complement Barclays Global Investors who manage a portfolio more tightly structured around a global sharemarket index. Several more active international managers are expected to be appointed by the Fund during 2004.

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