Paul Dyer, who was let go as CIO of the $14 billion New Zealand Superannuation Fund in March, has emerged in a newly created advisory role with the country’s second-largest crown-sponsored investment entity.
A spokesperson for the Accident Compensation Commission (ACC) confirmed to I&T News that Dyer was now working “as an adviser within our investments team”. Dyer was made redundant from NZ Super in March this year following a restructure. NZ Super has since made a number of hires to fill new roles including Matt Whineray as head of private markets. The ACC provides personal injury cover for New Zealanders, managing an investment pool of roughly $8 billion – over half of which is allocated to fixed income instruments. ACC’s investment team, headed by Nicholas Bagnall, also manages its New Zealand equities portfolio in-house. However, ACC has awarded international equity mandates totaling about $2.5 billion with the largest single allocation of almost $1.3 billion given to Fidelity Investments.
Hostplus chief investment officer Sam Sicilia has declared that for as long as he and chief executive David Elia are overseeing the $110 billion fund, there will be no investment internalisation. However, he acknowledges that if the institutional asset manager business model comes too much under pressure, it poses risks and instability to Hostplus’ externalisation model.
Darcy SongSeptember 10, 2024
