News

Media Release

27 September 2002

PSS/CSS confirm new Australian equity managers

The Public Sector and Commonwealth Super Schemes (PSS/CSS) today confirmed a new lineup of Australian equity managers following a review of this asset class conducted by the PSS/CSS Boards.

Some 30% of the PSS/CSS Funds are invested in Australian equities.

PSS/CSS Chief Executive Officer, Mr Steve Gibbs, said: “The new manager lineup reflects the Boards’ decision, following a review, to increase actively managed Australian equities to 90%, with the remaining 10% passively managed.

“The line up was chosen in consultation with the Funds’ advisor on manager selection, JANA Investment Advisers Pty Limited, and was designed to be largely style neutral."

The active Australian equity managers are:

• Balanced Equity Management (BEM);
• Barclays Global Investors (BGI);
• Concord Capital;
• GMO Australia;
• Investors Mutual; and
• JB Were Investment Management.

Colonial First State continues to manage the PSS/CSS Funds’ passive Australian equities exposure.

In addition, a number of private equity managers continue to manage the PSS/CSS funds’ Australian private equity exposure; and the Funds continue to have a small direct exposure to Jupiters Ltd.

The PSS and CSS are two of Australia’s leading super funds which:

• provide retirement benefits and superannuation services to over 261,000 members Australia-wide;
• have around $10 billion funds under management; and
• safeguard the long-term interests of members through Australia’s first and leading comprehensive governance program, launched in 2001.

For further information contact:
Mr André Morony
Chief Investment Officer
Public Sector and Commonwealth Super Schemes (PSS/CSS)