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NZ $100 notes - Source: ONE News -
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The New Zealand Superannuation Fund has invested an additional $150 million in local investments since the Minister of Finance asked it to increase its allocation of New Zealand assets.
In its annual report, the fund says 23.8% of the almost $15-billion fund is invested in New Zealand.
However, it says much of the extra investment was already underway before the directive from Bill English.
The fund says it is unable to give an assurance about how much, if at all, the fund's New Zealand assets will increase, but it is in the process of recruiting new staff to run its New Zealand investment strategy.
The government announced during its May Budget that government contributions to the fund would be suspended for 10 years on the basis that the country could not afford to borrow money to invest in the fund while it was trying to rein in debt.
The government is making a partial contribution of $250 million to the fund in 2009/10 to help the fund meet the government's policy of investing 40% of its assets in New Zealand.
It is considering whether to make further partial contributions each year.
