NZ Super Fund announces passive currency overlay mandate
The New Zealand Superannuation Fund has appointed Overlay Asset Management to manage a passive currency overlay mandate.
Thursday, July 14th 2005, 10:21AM
The New Zealand Superannuation Fund has appointed Overlay Asset Management to manage a passive currency overlay mandate.Under the mandate, Overlay Asset Management, a subsidiary of BNP Paribas Asset Management, will be responsible for ensuring that foreign currency exposure is managed in line with the Fund's policy.
Presently, 72.5% of the Fund's exposure in the global growth assets sector - equities, property and alternative assets - and 100% of the global fixed interest portfolio is hedged back to New Zealand dollars.
The appointment of Overlay Asset Management brings the total number of investment mandates to 24. The value of the New Zealand Superannuation Fund as at 31 May 2005 was $6.4 billion.
This is a media release from New Zealand Superannuation Fund
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