NZ Super appoints Stephen Gilmore as CIO

The appointment follows the promotion of previous CIO Matt Whineray to CEO earlier this year. Gilmore, who will join the sovereign wealth fund in February 2019, spent nine years with Future Fund, occupying a series of senior positions. Before that he worked in banking.

As CIO, he will lead a 45-strong team of investment professionals responsible for the appointment and monitoring of external investment managers, the management of direct investments within New Zealand and overseas, and overall asset allocation, including areas such as macroeconomic strategy and responsible investment.

“We are delighted to have been able to attract a global investment leader of Stephen’s caliber to the Guardians. The NZ Super Fund is expected to grow strongly over the next few years and Stephen’s experience at the Future Fund, one of the world’s leading sovereign wealth funds, will be invaluable,” Whineray said in a statement.

As of September 2018, NZ Super had NZ$41.1 billion in assets, of which 5% was deployed in private equity, 6% in timber, 2% in infrastructure, 2% in real estate, and 3% in other private markets investments.

The fund’s approach to investment underwent a fundamental change in 2010 with the introduction of a reference portfolio in place of a strategic asset allocation model. The reference portfolio sets a base allocation – currently 80% equities and 20% fixed income – and specific investment opportunities are considered in terms of whether they can improve returns or reduce risk. Then the team figures out the best way to access these opportunities.

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