The Board of the Guardians of New Zealand Superannuation today announced the appointments of Grantham, Mayo, Van Otterloo & Co LLC and Citigroup Asset Management.

Grantham, Mayo, Van Otterloo & Co LLC (GMO) has been appointed to manage a growth-oriented global equity mandate.

With an initial allocation of NZ$140 million, the appointment of GMO complements that of Alliance Capital Management LP. The chosen benchmark for the portfolio is the S&P/Citigroup PMI World Growth Index.

Headquartered in Boston, GMO is a privately-held global investment management firm with US$82 billion under management as at 31 December 2004. This is the second mandate awarded to GMO. In July 2004 the firm was appointed to manage a portfolio of non-US small cap equities.

Citigroup Asset Management (Citigroup) has been appointed to manage a global emerging markets equity mandate.

The appointment of Citigroup complements that of WestLB Asset Management. Citigroup will receive an initial allocation of NZ$110 million, with the MSCI Emerging Markets Index as the chosen benchmark.

Citigroup, the asset management subsidiary of the global financial services group of the same name, has its headquarters in New York and had US$514 billion under management as at 31 December 2004.
The appointments of GMO and Citigroup bring the total number of external investment mandates to 18. The value of the Fund at 31 January 2005 was NZ$5.5 billion.

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For more information please contact:
Paul Costello, CEO, New Zealand Superannuation Fund, + 64 9 300 6980 Daniel Riordan, Media Relations, New Zealand Superannuation Fund, + 64 274 921 221 Paul Chadwick, Executive Director, GMO, + 612 8274 9902 Ian Webber, Director Institutional Business, Citigroup, + 612 8225 4951