News

Media Release

Two of Australia's largest superannuation funds, Public Sector Superannuation Scheme and Commonwealth Superannuation Scheme (PSS/CSS) have announced their initial investments in hedge funds.

PSS/CSS have invested a total of $100 million in fund of hedge funds pooled vehicles offered by London based Financial Risk Management and Chicago based Harris Associates.

PSS/CSS Chief Executive Officer Steve Gibbs said, "These investments are the result of a search for absolute returns in a low return environment. This is our initial foray into this area; and we decided to start with market neutral fund of hedge funds. We were encouraged by the performance of such funds in 2001, particularly in the aftermath of September 11".

1 February 2002

For further details:
Mr Steve Gibbs
Chief Executive Officer
Public Sector Superannuation Scheme and Commonwealth Superannuation Scheme

Mr Andre Morony
Chief Investment Officer
Public Sector Superannuation Scheme and Commonwealth Superannuation Scheme