The Board of the Guardians of New Zealand Superannuation today announced the appointment of four new investment managers. This brings to 15 the number of investment managers retained by the Guardians since management of the Fund's assets commenced on 30 September 2003.

Chief Executive, Paul Costello, said that this round of appointments has assisted the Guardians to meet the commitment of being fully invested by 30 June 2004. "We have delivered on our strategy of gradually moving from a position of holding $2.4 billion in cash on 30 September 2003 to investing almost $4 billion across a range of markets by 30 June 2004," he said.

Alliance Capital Management LP, based in New York, has been appointed to manage a global equity growth portfolio. The initial allocation to Alliance is NZ$251 million. Alliance uses a team of analysts located around the world to research stocks with a focus on larger companies. The portfolio targets between 100-150 stocks.
Alliance replaces RCM Capital Management. As a result of organisational changes within that firm announced earlier in the year, the Board has decided to withdraw funds from RCM until the effect of those changes can be observed.

Goldman Sachs Asset Management, also based in New York, has been appointed to manage a US small-cap value mandate. Its initial allocation is NZ$39 million and its appointment complements that of Thompson Siegel & Walmsley, which was funded in May 2004 and which also manages a US small-cap value mandate.

Grantham Mayo & Van Otterloo (GMO), based in Boston, has been appointed to manage a portfolio of non-US small cap securities for the Guardians. Its initial allocation is NZ$118 million and its appointment complements that of AXA Rosenberg, appointed in May 2004 with a mandate to invest in the same sector of the market.

WestAM Asset Management, based in London, has been appointed to manage an emerging markets mandate. Approximately 3% of the Fund's assets are targeted to emerging markets and the initial allocation to WestAM is NZ$79 million.

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For more information please contact:
Paul Costello, CEO, New Zealand Superannuation Fund, (09) 300 6980 Daniel Riordan, Media Relations, New Zealand Superannuation Fund, 0274 921 221

Notes for Editors:

For further information on Alliance Capital Management LP, Goldman Sachs Asset Management and Grantham Mayo & Van Otterloo, please visit
www.alliancecapital.com
www.gs.com