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The Guardians of the New Zealand Superannuation Fund say they will follow a directive from Minister of Finance Bill English to actively seek out eligible domestic investments but say they are unable to offer any assurances on how far – if at all – the Fund’s local asset base may increase.
The Fund is also likely to establish in-house expertise to assess some opportunities because of the lack of depth in the local investment management market.
Although upping their investments in New Zealand carries the risk of potentially putting too many eggs in one basket, the current economic climate could produce higher returns to compensate for this concentration risk, the Guardians said.
Their response to Mr English is available on their site.