The New Zealand Superannuation Fund has been named the world’s most innovative sovereign fund.

Last night, the Fund won the prestigious Sovereign Wealth Fund category in the 2012 aiCIO Industry Innovation Awards in New York. The other finalists were the Australian Future Fund; Singaporean fund GIC; Norges Bank Investment Management and the State Oil Fund of Azerbaijan.

Chairman Gavin Walker said the award was just recognition for CEO Adrian Orr and a talented team who had worked hard to keep the Fund at the forefront of international best practice.

“It’s great as a New Zealand organisation to compete with global peers and win,” said Mr Walker.

Saying “NZ Super is pushing further and faster than any of its competitors,” award organisers aiCIO commented on the Fund’s transparency, consensus-based decision-making and shift away from a traditional asset allocation ‘bucket’ approach to investing.

The Fund’s innovative approach is based on a passive Reference Portfolio. The Fund’s investment team must be convinced that any active investment will do better than this portfolio. The Fund has also moved to bring more investment management in-house in an effort to reduce costs and add value.

The award was the second this week for the Fund, which on Tuesday won the Public Sector Annual Report category in the 2012 New Zealand Institute of Chartered Accountants Awards, for its 2010/11 Annual Report.

Earlier in 2012 the Fund won the INFINZ Excellence in Treasury Award and the Executive Team of the Year in the New Zealand CIO Awards. It was also rated 1st equal for combined Transparency & Governance, out of more than 80 funds, in a 2012 study by the Centre for Financial Stability (Argentina).

ENDS

For more information on the innovation award see: http://www.ai-cio.com/Class_of_2012.aspx?page=14

The New Zealand Superannuation Fund invests money, on behalf of the Government, to help pay for the increased cost of superannuation entitlements in the future. By doing this the Fund adds to Crown wealth, improves the ability of future Governments to pay for National Superannuation, and ultimately reduces the tax burden on future New Zealanders of the cost of superannuation. A long-term, growth-oriented investor, the Fund has $20 billion in assets, including around $3.7 billion invested in New Zealand. The Fund is managed by a Crown Entity, the Guardians of New Zealand Superannuation.

Media contact: Catherine Etheredge, Head of Communications, 0274 777 501