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Super Fund appoints Australia's Vangurard as bonds manager

By www.supertalk.co.nz">SuperTalk

Wednesday 26th November 2003

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The Guardians of New Zealand Superannuation have appointed Vanguard Investments Australia Limited to manage an international government bond mandate for the New Zealand Superannuation Fund.

Vanguard's mandate is to manage a portfolio of government bonds which closely replicates the Citigroup World Government Bond Index. Authorised investments include bonds issued or guaranteed by sovereign nations.

In line with the fund's currency hedging policy, the international government bond portfolio will be fully hedged.

Under the fund's strategic asset allocation, 10% of total assets are allocated to international bonds. Of this, half (ie: five per cent of total assets) is allocated to government bonds under the Vanguard mandate and half will be invested in corporate bonds. The selection of an international corporate bond manager is planned for the middle of 2004.

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