New Zealand $48 Billion Sovereign Wealth Fund Guardians of New Zealand Superannuation Appoints Brad Dunstan & Will Goodwin as Co-CIOs Effective 2nd December 2024 Succeeding Stephen Gilmore Who Left in 2024 June, Brad Dunstan is Acting GM Portfolio Completion & Will Goodwin is Head of Direct Investments, Alex Bacchus Continues as Acting CIO
24th October 2024 | Hong Kong
New Zealand sovereign wealth fund Guardians of New Zealand Superannuation ($48 billion AUM) has appointed Brad Dunstan & Will Goodwin as Co-CIOs (effective 2/12/24), succeeding Stephen Gilmore who had left in 2024 June. Brad Dunstan is currently acting GM Portfolio Completion & Will Goodwin is currently Head of Direct Investments. Alex Bacchus will continue as acting CIO until the Co-CIOs appointment on 2nd December 2024. In 2024 June, Guardians of New Zealand Superannuation appointed 15-year veteran & ex-Goldman Sachs Alex Bacchus as Acting CIO (Chief Investment Officer), succeeding CIO Stephen Gilmore who had resigned to join United States largest pension fund CalPERS (California Public Employees’ Retirement System) with $482 billion AUM. Announcement (22/10/24): “The Guardians of New Zealand Superannuation, manager of the New Zealand Superannuation Fund, has appointed Brad Dunstan and Will Goodwin as joint Chief Investment Officers, effective 2 December 2024. The announcement follows a global search to replace former CIO Stephen Gilmore, who left the Guardians at the end of June. Mr Dunstan and Mr Goodwin, currently the Guardians’ Acting GM Portfolio Completion and Head of Direct Investments respectively, have both been with the Guardians for several years. Ms Townsend said the two men’s broad experience had been a tremendous asset to the Guardians’ management of the Super Fund, and the new structure would enable the Guardians to get the very best out of their complementary skills and expertise.” Alex Bacchus will continue as Acting CIO until the new structure is implemented.” In 2024 September, the New Zealand Superannuation Fund (NZ Super Fund) has reported $46 billion AUM (NZD 76 billion) in 2024 June with +14.94% return in the last 12 months, +9.53% p.a. in the last 5 years and 10% p.a. since inception. In 2024 March, Guardians of New Zealand Superannuation appointed John Williamson as the new Chair succeeding Catherine Drayton (1/3/24). Guardians of New Zealand Superannuation Fund has an annualized return since inception (2001) of + 9.79%, 5-year return of +10.24% and 10-year return of +10.11%. The Guardians of New Zealand Superannuation Fund manages 2 funds – NZ Super Fund and Elevate NZ Venture Capital Fund. The Guardians of New Zealand Superannuation has a target return of 7.2% p.a. over any 20-year moving average period.
“ New Zealand $48 Billion Sovereign Wealth Fund Guardians of New Zealand Superannuation Appoints Brad Dunstan & Will Goodwin as Co-CIOs Effective 2nd December 2024 Succeeding Stephen Gilmore Who Left in 2024 June, Brad Dunstan is Acting GM Portfolio Completion & Will Goodwin is Head of Direct Investments, Alex Bacchus Continues as Acting CIO “
Guardians CEO Jo Townsend: “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.”
$46 Billion New Zealand Sovereign Wealth Fund Guardians of New Zealand Superannuation Appoints 15-Year Veteran & ex-Goldman Sachs Alex Bacchus as Acting CIO, Succeeds CIO Stephen Gilmore Who Had Resigned to Join United States Largest Pension Fund CalPERS with $482 Billion AUM
12th June 2024 – New Zealand $46 billion (NZD 75 billion) sovereign wealth fund Guardians of New Zealand Superannuation has appointed 15-year veteran & ex-Goldman Sachs Alex Bacchus as Acting CIO (Chief Investment Officer), succeeding CIO Stephen Gilmore who had resigned to join United States largest pension fund CalPERS (California Public Employees’ Retirement System) with $482 billion AUM. Guardians of NZ Superannuation (7/6/24): “The Guardians of NZ Superannuation, the autonomous Crown entity that manages the $75 billion New Zealand Superannuation Fund, has appointed Alex Bacchus as Acting Chief Investment Officer. Mr Bacchus joined the Guardians in 2009, and has held various roles in the Risk and Asset Allocation teams. Since 2014, he has led the Super Fund’s strategic tilting programme, a mean reversion investment strategy that has made a significant contribution to the Fund’s returns. Prior to joining the Guardians, Mr Bacchus worked for Goldman Sachs JBWere (NZ) Ltd as Director of Derivatives and as a Vice President at Merrill Lynch in London, with a focus on structured credit derivatives. He has a MSc from the City University of London and a BE (Hons) from the University of Canterbury. Current Chief Investment Officer Stephen Gilmore leaves the Guardians this month to take up the role of Chief Investment Officer at CalPERS, the largest pension plan in the United States. Guardians CEO Jo Townsend said the process of recruitment for a permanent Chief Investment Officer would begin shortly and a further announcement could be expected in due course.” In 2024 March, Guardians of New Zealand Superannuation appointed John Williamson as the new Chair succeeding Catherine Drayton (1/3/24). Guardians of New Zealand Superannuation Fund has an annualized return since inception (2001) of + 9.79%, 5-year return of +10.24% and 10-year return of +10.11%. The Guardians of New Zealand Superannuation Fund manages 2 funds – NZ Super Fund and Elevate NZ Venture Capital Fund. The Guardians of New Zealand Superannuation has a target return of 7.2% p.a. over any 20-year moving average period.
“ $46 Billion New Zealand Sovereign Wealth Fund Guardians of New Zealand Superannuation Appoints 15-Year Veteran & ex-Goldman Sachs Alex Bacchus as Acting CIO, Succeeds CIO Stephen Gilmore Who Had Resigned to Join United States Largest Pension Fund CalPERS with $482 Billion
$42 Billion New Zealand Sovereign Wealth Fund Guardians of New Zealand Superannuation Appoints John Williamson as New Chair Succeeding Catherine Drayton on 1st March 2024, Fund Annualized Return Since Inception in 2001 at + 9.79%, 5-Year Return +10.24% & 10-Year Return +10.11%, Superannuation Fund Manages 2 Funds NZ Super Fund & Elevate NZ Venture Capital Fund
2nd March 2024 – New Zealand $42 billion (NZD 70 billion) sovereign wealth fund Guardians of New Zealand Superannuation has appointed John Williamson as the new Chair succeeding Catherine Drayton (1/3/24). Guardians of New Zealand Superannuation Fund has an annualized return since inception (2001) of + 9.79%, 5-year return of +10.24% and 10-year return of +10.11%. The Guardians of New Zealand Superannuation Fund manages 2 funds – NZ Super Fund and Elevate NZ Venture Capital Fund. The Guardians of New Zealand Superannuation has a target return of 7.2% p.a. over any 20-year moving average period. Guardians of New Zealand Superannuation: “John Williamson has been appointed Chair of the Guardians of New Zealand Superannuation Board, replacing current Chair Catherine Drayton, who will step off the Board at the end of this week. Ms Drayton joined the Guardians Board in November 2018 and was appointed Chair in April 2021. Mr Williamson, whose term as Chair will begin on 1 March, joined the Guardians Board in May 2016, and has chaired the Board’s Employee Policy and Remuneration Committee since April 2021. Mr Williamson said that as manager of the New Zealand Superannuation Fund the Guardians’ work affected all New Zealanders.” New Zealand Ministry of Finance: “Company director and investor John Williamson has been appointed as the new Chair of the Guardians of New Zealand Superannuation, the Crown entity that oversees the NZ Super Fund and the Elevate NZ Venture Capital Fund, Finance Minister Nicola Willis announced today. Mr Williamson will take up his new position on 1 March, replacing current Chair Catherine Drayton. John Williamson is an experienced company director and former chief executive of ACG Education and Hellaby Holdings who has been a member of the Guardians’ Board since May 2016. He has chaired the Board’s Employee Policy and Remuneration Committee since April 2021. Ms Drayton joined the Guardians’ Board in November 2018 and was appointed Chair in April 2021. During her time as Chair, the NZ Super Fund continued to outperform its long-term investment benchmarks despite the challenges presented by the COVID-19 pandemic and significant market volatility. Last year the Fund, now worth NZD 70 billion, was ranked the world’s top-performing sovereign wealth fund based on 10-year returns by global state-owned investor think tank Global SWF. Catherine Drayton has made a significant contribution to the Fund, helping to steer it through extremely challenging waters. I thank her for her service.”
$42 Billion New Zealand Sovereign Wealth Fund Guardians of New Zealand Superannuation Appoints John Williamson as New Chair Succeeding Catherine Drayton on 1st March 2024, Fund Annualized Return Since Inception in 2001 at + 9.79%, 5-Year Return +10.24% & 10-Year Return +10.11%, Superannuation Fund Manages 2 Funds NZ Super Fund & Elevate NZ Venture Capital Fund
New Zealand Superannuation Fund
The New Zealand Superannuation Fund was created in 2001 after extensive public and parliamentary debate. As a Sovereign Wealth Fund, we invest the government’s money to grow it over the long term to make future superannuation costs more affordable. It’s important we save now because New Zealand’s population is getting older, and with more people aged 65 and older the cost of NZ Super payments will increase. The legislation creating the Fund was sponsored by the then Minister of Finance, Sir Michael Cullen. For a long time, we were known colloquially as the “Cullen Fund”.
The Fund is managed by the Guardians of New Zealand Superannuation, which is an Autonomous Crown Entity that operates independently from the Government of the day. This means that, although we are still accountable to the Government, we have operational independence regarding investment decisions and are, instead, overseen by an independent Board. Withdrawals from the Fund will begin in the 2030s, however, substantial draw-downs will not begin until the 2050s.
The Guardians of New Zealand Superannuation (the Guardians) invests government contributions into two funds: the NZ Super Fund and the Elevate NZ Venture Fund. The NZ Super Fund is a global portfolio of investments that will help pay for the increased cost of universal superannuation payments (New Zealand Superannuation) in the future. The Elevate NZ Venture Fund is a smaller fund that supports investment in New Zealand companies that have moved beyond the start-up, or ‘angel’, investment phase, and need capital for the next stage of their development.
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