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PSS Board confirms new global fixed income manager

The PSS Board has appointed Brandywine Asset Management to manage an individual global fixed interest mandate.

The PSSap Trustee Choice investment option has an 18% strategic allocation to fixed interest, split between mandates with:

• Mondrian (previously Delaware ) International Advisers Ltd;
• Blackrock Financial Management, Inc;
• Brandywine Asset Management; and
• Bridgewater Associates.

Chief Investment Officer, André Morony, says: "Our fixed interest lineup represents a diversification of investment styles to tap into different sources of excess returns and thereby maximise the likelihood of consistently strong returns. Brandywine complements the lineup with its focus on real interest rates and a very active management style."

Brandywine will be benchmarked against the Citigroup World Government Bond Index (ex-Japan) fully hedged to the Australian dollar.

The appointment was made in consultation with the Funds' consultant on manager selection, JANA Investment Advisers Pty Limited.

9 December 2005