Thursday 11th February 2010 |
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One of the investment managers for a couple of the New Zealand Superannuation Fund’s equity funds has been shown the door.
AXA Rosenberg’s (AXAR) mandate to manage a small-cap equity and long-short equity portion of the fund has been terminated, the Guardians of the Fund announced today.
AXAR, an AXA investment manager company with a global management team, was appointed in May 2004 to manage a small cap mandate, while the equity long-short mandate was made in October 2006.
The NZ Super Fund would not comment why the mandate has been terminated, but pointed out the investor’s selection criteria in its website. The Guardians of New Zealand Superannuation are required to identify managers who can add value over and above a passive benchmark.
Paul Gregory, NZSF head of communications said it doesn’t necessarily mean a new external investor will be selected to replace AXAR.
“We manage equities actively and passively, including carrying it out internally as well,” Gregory said. “The overall allocation that the fund makes to equities doesn’t change.”
At the end of 2009, the Superannuation Fund’s value was NZ$16 billion.
Businesswire.co.nz
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