Morrison to oversee Super investment

Infratil's investment manager Morrison and Co has been given the job of helping to discover and oversee infrastructure investments of the New Zealand Superannuation Fund.

Fund chief executive Paul Costello said the mandate given to Morrison would allow it to invest globally on behalf of the fund.

As at February 28, the fund - known as the Cullen Fund - had $270 million of its $9 billion total investment in infrastructure.

Costello said the fund already had exposure to infrastructure investments such as European airports through its relationship with Australian company Capital Partners.

The fund's assets had shown an impressive growth since it invested a $2.4 billion taxpayer contribution in public and private markets in October 2003. It now has 32 external investment managers looking after $9 billion.

Costello said Morrison, headed by Lloyd Morrison, had just one major client in Infratil.

"They have agreed to provide us with access to opportunities that don't conflict with their obligations to Infratil," he said.

The fund had "long recognised and admired the insights that Morrison have brought to Infratil. From our point of view we are delighted to think we can access ... a highly limited resource in such a specialised area."

Costello said it was accepted Morrison had an obligation to Infratil, but there would be some opportunities "in excess of its [Infratil's] appetite" that could be more suitable for the fund.