Nasfund expands asset base to K2.1b

Source:
The National – Wednesday, December 1, 2010
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THE National Superannuation Fund Ltd (Nasfund) has expanded its asset base to K2.1 billion, up 19%, during the 12-month period to October this year.Annualised since 1999, Nasfund has grown at an average 29.4% per annum over the 11 years to October making it the fastest-growing superannuation group in the country.This was disclosed in a brief report in Nasfund’s newsletter for the last quarter of the year released by joint executive officer Ian Tarutia.Joint-chief executive officer Rod Mitchell told The National the growth was mainly attributed to large increase in memberships and other investments.He said active contributing Nasfund members were now 138,241, with more than 1,906 employers contributing to the funds.Tarutia, in his Christmas message, said Nasfund disposed of non-core properties according to board resolution.He said this investment and risk management strategy recognised that the portfolio required a rebalancing in favour of relatively new construction in the portfolio.On the new property development, the Edge 63 luxury apartment development is taking shape with the building now coming out of the ground at Harbour City.“We aim to complete this building by December 2011,” Tarutia said.