NZ Super CEO resigns

Whineray joined the sovereign wealth fund in 2008 as general manager for private markets and was promoted to CIO in 2014, taking responsibility for investment activity in listed and unlisted markets. Four years later, he became acting CEO and was later awarded the role on a permanent basis.

Stephen Gilmore, formerly chief investment strategist with Australia’s Future Fund, was recruited as Whineray’s successor as CIO. He continues to hold that position.

“In his five years as CEO, and previously as CIO, Matt has presided over significant growth in the NZ Super Fund, well in excess of our investment performance benchmarks. Earlier this week the fund was recognised by Global SWF as the best-performing sovereign investor globally, over the last 10 years,” said Catherine Drayton, chair of the Guardians of New Zealand Superannuation, in a statement.

NZ Super currently has approximately NZD 62.2bn (USD 38.8bn) in assets. As of June 2022, there was a 5% allocation to private equity, 4% to infrastructure, 5% to rural and timber, and 3% to property.

It uses a reference portfolio as the foundation for a total portfolio approach. The reference portfolio – which is 80% equities, and 20% fixed income – is designed to achieve a basic level of diversification and then an actual portfolio that incorporates more specific asset classes based on whether they can improve the portfolio by increasing the return or reducing the risk.

The sovereign wealth fund also engages in strategic tilting, responding to opportunities created by near-term market dislocation if they are consistent with longer-term thematic goals.

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