The investment policy for the multi-billion dollar New Zealand Superannuation Fund was prematurely revealed yesterday by a website slip-up.
Thursday, August 14th 2003, 6:36PM
by The Landlord
The "Cullen fund" asset allocation deflated the sharemarket's hopes by putting only 7.5 per cent into New Zealand shares...
The fund is being set up to cope with a pension bulge as "babyboomers" - people born after World War II - become eligible for national superannuation.
The website document says 67 per cent of the fund will go into shares.
About $330 million would go into the New Zealand stock exchange in the first year.
A quick calculation - done in every brokerage in the country - showed the local market was getting 7.5 per cent against 59.5 per cent for overseas markets.
