NZSF appoints fixed interest manager

The Board of the Guardians of New Zealand Superannuation has selected ING (NZ) Limited to manage the New Zealand Fixed Interest mandates for the New Zealand Superannuation Fund. Ten percent of the Fund’s assets are allocated to New Zealand fixed interest (bonds). ING’s portfolio will be funded gradually over the period to June 2004 when it is expected to reach approximately NZ$400 million (10% of the Fund’s assets of $4 billion at June 2004). Under the mandate that ING has been given, 80% will be required to be invested in Government bonds while the remaining 20% will focus on New Zealand corporate bonds.