MEDIA INFORMATION
8 April 2004
PSS/CSS confirm new international fixed income manager configuration
The Public Sector and Commonwealth Super Schemes (PSS/CSS) today confirmed a new configuration of international fixed income managers following a review of this asset class conducted by the PSS/CSS Boards. The CSS Fund has a fifteen per cent (15%) strategic asset allocation to international fixed income and the PSS Fund has a thirteen per cent (13%) strategic allocation.
PSS/CSS Chief Investment Officer, André Morony, said: "The new manager lineup reflects the Boards' decision to move to a new benchmark of the Lehman Global Aggregate instead of Citigroup World Government Bond Index, and also to increase the actively-managed component of international fixed income.
"The benchmark will remain fully hedged to the Australian dollar.
"The new configuration was chosen in consultation with the Funds' consultant on manager selection, JANA Investment Advisers Pty Limited. It was designed to allow managers flexibility in what is perceived to be difficult times ahead for bond markets."
The active international fixed income managers are:
- Delaware International Advisers, Ltd ;
- Blackrock Financial Management, Inc. ; and
- Bridgewater Associates, Inc.
- Wellington International Management Company Pte Ltd and Loomis Sayles (represented by CDC IXIS Asset Management Australia) continue to manage the PSS/CSS Funds' current allocation to International High Yield Debt within this asset class.
The PSS and CSS are two of Australia's leading super funds which:
provide retirement benefits and superannuation services to over 272,000 members and over 122,000 pensioners Australia-wide; and have over $11 billion funds under management.
