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NZ Steel Pension Fund
"We use Russell because of all the investment providers we believe they have the best research capability, the best financial database and superior depth of knowledge."
Spokesperson: John Nuttall, Chairman, NZ Steel Pension Fund
Russell's strategic advice has seen NZ Steel Pension Fund move out of high risk, illiquid investments such as property and land and invest in funds which will provide the returns they are seeking.
The NZ Steel Pension Fund is one of New Zealand's largest pension funds with 1400 members and $160 million of funds under management.
John Nuttall, Chairman, NZ Steel Pension Fund says the pension fund trustees engaged Russell in 1998 to conduct a review of their investments and the relationship has grown from there.
"Historically we had managed our own investments, but changing times meant the financial world was becoming increasingly complex and it was neccesary to outsource our funds management activity to professionals."
"We engaged Russell because out of all the investment providers we believe they have the best research capability, the best financial database and superior depth of knowledge."
"Like any fund we have specific financial objectives that we have to meet. Initially Russell provided us with a range of options, all of which would meet these objectives. Our role as trustees was to decide which option to go with - we are pleased with the results so far and also the way Russell have been able to de-mystify the complex financial world for the pension fund trustees," he says.
John is enthusiastic about Russell's multi-manager approach saying the time and resources they put into assessing fund managers results in consistently superior results for clients.
Prior to engaging Russell in 1998, the NZ Steel Pension Fund had the majority of their funds invested in property and land, investments which are high risk and illiquid. On Russell's advice they have moved their funds out of property and into managed funds.
"The trustees made a conscious decision to move out of property and land investments as they are very risky and illiquid, exactly the type of investments that shouldn't make up a pension fund," he says.
John says the pension fund trustees decided to invest their funds into two Russell funds - the Dublin based Russell Bond Fund and the Australian based International Shares Fund.
"As we follow Russell's strategic advice about the mix of our portfolio we decided to use their expertise when it comes to funds as well. An independent review of fund options was undertaken which found the Russell funds were the best option for us," he says.
John says the returns of both funds are monitored every quarter and to date they have performed well.
John is confident about the future, saying there are strategies in place to ensure the growth of the fund. The mix of their portfolio will also be continually reviewed as the nature of the fund changes, with fewer members paying into the fund and more pensions being paid out.
"As the number of pensions we pay out increases we will move to more conservative investments, with Russell's advice of course," says John.
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