The Guardians of New Zealand Superannuation, the manager of the New Zealand Superannuation Fund, has suspended the Fund’s mandate with Milford Asset Management until a Financial Markets Authority (FMA) investigation into Milford is completed.

In the interim, the funds will be managed internally.

Milford Asset Management was appointed to a New Zealand active equity mandate by the Guardians in 2009. The value of the mandate is NZ$281 million.

ENDS

Media contact: Catherine Etheredge, Head of Communications, New Zealand Superannuation Fund, cetheredge@nzsuperfund.co.nz, 0274 777 501