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Government creates "The People's Fund Manager"

Bill English National Finance Spokesman

4 April 2001

Government creates "The People's Fund Manager"

The Government's decision to allow the Public Trust Office to bid for the job of managing the controversial Superfund is a "foolish and naive move", National's Finance spokesman Bill English said today.

"The Government appears to be setting up a 'Peoples Fund Manager' after the model of the 'People's Bank'.

"There is already political pressure on the Funds Management industry to refrain from criticism of the Superfund so they will survive the 'beauty parade' contest for managing the scheme's funds.

"Now the Government is proposing allowing a taxpayer subsidised competitor into the market. This is an industry the Government might be well advised to keep its bumbling hands off.

"The Public Trust Office needs to tidy up its own act before it takes on the world. The Public Trust Office is waiting for new legislation, and was just last week criticised by the Finance & Expenditure Select Committee over its accounting practices and lack of public accountability.

"The Superfund is already controversial. Dr Cullen let politics interfere with good judgement when he agreed to let the Public Trust Office compete for the management of what could become a $50 billion fund." Mr English said.

Ends


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