New Zealand Super has introduced a co-CIO model and has appointed two joint CIOs following the departure of former CIO Stephen Gilmore
The Guardians of New Zealand Superannuation have appointed Brad Dunstan, Acting General Manager of Portfolio Completion, and Will Goodwin, Head of Direct Investments, as joint Chief Investment Officers (CIOs) as of 2 December 2024.
The announcement comes after New Zealand Superannuation Fund (NZ Super) initiated a global search to replace former CIO Stephen Gilmore, who left NZ Super at the end of June to take up the CIO role at US pension fund CalPERS.
Alex Bacchus will continue as Acting CIO until the new structure is implemented.
The Co-CIO Model
The departure of Gilmore had created an opportunity for the Guardians to review the way the investment team was structured, Jo Townsend, Chief Executive Officer at NZ Super, said.
“Taking into account the projected future growth of the fund and the increasingly complex and challenging investment environment in which we are operating, it makes sense to combine the functions of the CIO and the GM Portfolio Completion and create a co-CIO model,” Townsend said.
Dunstan’s and Goodwin’s broad experience have been a tremendous asset to the Guardians’ management of the fund, and the new structure would enable the Guardians to get the very best out of their complementary skills and expertise, Townsend said.
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