AMP Active NZ Equity Portfolio Returns 32.9%

MEDIACOM-RELEASE-AMP-ASSET-MANAGEMENT

AMP ACTIVE NZ EQUITY PORTFOLIO RETURNS 32.9% FOR THE YEAR TO 30 JUNE 1999

AMP Asset Management's active NZ Equity Trust returned 32.9% gross in the year to 30 June 1999, more than double the index return of 15.8%.

AMP Asset Management Head of NZ Equities Stephen Walker said "The New Zealand equity return was particularly pleasing given the poor performance of the New Zealand equity market compared to international markets over recent years".

He said the annual return is a reflection of the "importance and expertise" provided by AMPAM's in-house research.

The AMPAM Fixed Interest team also continued to provide a return well above the market index. The fund returned 9.4% gross for the year compared to an index return of 7.5%.

AMPAM's active international equity fund returned 14.2% gross compared with an index return of 13.3% for the year.

The annual returns for the diversified superannuation funds, to 30 June 1999, were very positive. The gross return on the low, medium and high risk funds were 9.7%, 11.9% and 15.4% respectively.

AMP Asset Management Managing Director Murray Gribben said he was very pleased with the returns. "The positive returns are due to two key factors, the tax effectiveness of the equities held on a passive basis and AMPAM's commitment to providing value to our customers through both asset allocation and stock selection".

"Looking ahead, synchronised world economic growth is now possible over the next 1 - 2 years. The New Zealand equity market, although now fairly valued, should continue to benefit from this environment."

"We've had a good end to the quarter with the announcement last week that AMP Asset Management was named as IPAC Fund Manager of the Year for 1999. The award is an endorsement by IPAC that AMPAM has what it takes to achieve the top position in the industry," he said.

In their report IPAC said "AMPAM's strong people and process characteristics combined with excellent fund performances have placed them in top position".

ENDS....

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