Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Fund appoints Northern Trust to new passive mandates

Joint Media Statement - New Zealand Superannuation Fund and Northern Trust

15 October 2013

New Zealand Superannuation Fund appoints Northern Trust to new passive global equities mandates

The NZ$23 billion New Zealand Superannuation Fund has appointed Northern Trust’s asset management arm, a leading global provider of index, active and multi-manager solutions, to manage four new passive global equities mandates.

The mandates track global large cap, global small cap, developed emerging markets and developed REITs (real estate investment trust) market indices.

Fiona Mackenzie, Head of Investments for the New Zealand Superannuation Fund, said around two-thirds of the Fund was invested passively, providing cost-effective access to diversified global share-markets.

“Adding a third passive equity manager to our stable will give the Fund more capacity and flexibility in managing this very important part of our portfolio.”

Northern Trust has had a custodial relationship with the Fund since 2007. Ms Mackenzie said appropriate separation was in place between Northern Trust’s asset management and asset servicing businesses. Northern Trust has both asset management and custodial relationships with the majority of its global clients.

“We are delighted to be broadening our relationship with New Zealand Superannuation Fund,” said Bo Kratz, managing director for Northern Trust’s asset management arm in Asia Pacific. “Northern Trust has always placed a key emphasis on understanding our clients’ unique requirements and we are pleased to now extend our asset management capabilities to the Fund and help them achieve their investment objectives.”

“New Zealand Superannuation Fund is one of the world’s most innovative sovereign wealth funds and we look forward to working closely with them,” said Bert Rebelo, head of business and strategy for Northern Trust’s asset management arm for Australasia.

The mandates are flexible in size.

ENDS

About the New Zealand Superannuation Fund
The New Zealand Superannuation Fund is a Government savings vehicle to help pay for the rising cost of New Zealand’s universal superannuation scheme. The Fund, which started investing in September 2003, is managed by a Crown Entity, the Guardians of New Zealand Superannuation.

About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 17 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2013, Northern Trust had assets under custody of US$5.0 trillion, and assets under investment management of US$803.0 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news