The board of the $NZ11 billion New Zealand Superannuation Fund has picked the current deputy governor of the country’s Reserve Bank to replace former CEO, Paul Costello.

Adrian Orr, a New Zealander, will take up his new role on February 12, replacing Costello who left last November to assume a similar position heading up Australia’s Future Fund. David May, chair of the board of guardians of the New Zealand Superannuation Fund, said over 30 candidates were initially targeted in a global search by the headhunting company it engaged to find a replacement for Costello. “We interviewed about six – most of whom were Kiwis or people returning to New Zealand from overseas,” May said. He said it was difficult to attract international investment talent to New Zealand, given the much larger incomes such people could earn in other countries. It is understood the New Zealand Super Fund CEO is paid about $NZ400,000. Orr has previously been chief economist at the National Bank of New Zealand and Westpac New Zealand, as well as holding other senior roles at the Reserve Bank. May said while Orr has less funds management experience than Costello, he is a “strong leader and has great experience in managing teams of financial specialists”. “He’s a good combination of theory and practice,” he said. The New Zealand Super Fund is also due to announce the result of its custodian review next week. The Fund’s current global custodian is BNP Paribas Securities Services.

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