One of the biggest influencers of asset allocation at the NZ$16 billion New Zealand Superannuation Fund (NZ Super) has jumped ship to another scheme.

Tore Hayward, NZ Super’s head of strategy, has resigned to take up a similar position at the country’s second largest government investment vehicle, the NZ$10 billion Accident Compensation Commission (ACC) fund., headed by Nicholas Bagnall.

An NZ Super spokesperson, confirming Hayward’s departure, said that Neil Williams, NZ Super’s head of public markets, would fill Hayward’s role in the interim.

Hayward joined NZ Super in 2006 after resigning as AMP Capital’s chief investment officer.

He joined AMP in 2003 as New Zealand fixed-interest strategist, replacing Paul Dyer as AMP’s chief investment officer (CIO) in 2004 when the latter joined NZ Super to perform the same role.

After being dumped as NZ Super’s CIO in March 2008, Dyer briefly worked at ACC before joining the office of Finance Minister, Bill English, as chief economic adviser.

The NZ Super spokesperson declined to comment on any moves to seek a permanent replacement for Hayward.

Meanwhile NZ Super has terminated its global equity, non-US small-cap equity and multi-strategy equity mandates managed by GMO.

NZ Super’s ‘guardians’ (trustees) said GMO Renewable Resources continued to manage the fund’s New Zealand timber assets.