Business Services Industry

Funds slow to shift direction.

Australasian Business Intelligence, December, 2006

Byline: Barrie Dunstan

Dec 10, 2006 (The Australian Financial Review - ABIX via COMTEX) -- UniSuper recently moved to boost its holding in Australasian timberlands to about $A250 million. The company acquired a 15 per cent equity stake in Carter Holt Harvey's New Zealand forestry assets, via a consortium led by Hancock Timber Resource Group. The move illustrates the fact that large superannuation investors are continuing to diversify their holdings away from direct to unlisted investments. However, the process appears to be taking time. UniSuper CEO, Ann Byren, claims the fund completed the transaction without using intermediaries. Despite UniSuper's relationship with Hancock, it takes time for a long-term investor to accumulate assets in an unlisted...

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