NZ Super Begins Hiring Process for Next CIO

The Guardians of New Zealand Superannuation, the crown entity that manages the New Zealand Superannuation Fund, has begun its search for a new CIO, releasing a job posting for the Auckland-based position on Monday.

The incumbent CIO of the NZ Super, Stephen Gilmore, is stepping down from his position at the end of June to become the next investment chief of the California Public Employees’ Retirement System, based in Sacramento, California.

In the interim, Alex Bacchus, who is currently the head of strategic tilting at NZ Super, will serve as the fund’s acting CIO until a permanent CIO is identified.

“To continue to deliver exceptional performance and drive the next phase of growth, NZ Super is conducting a global search for a [CIO]. The organisation is seeking to appoint a world-class investment leader who will play a pivotal role in leading the investment team to successfully deliver on the mandate for the future generations of New Zealanders,” the job posting states.

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The job posting lists several requirements for candidates some of which are:

Senior investment leadership experience;
Experience across the investment cycle, a track record of managing global investments in a total portfolio context;
Advocacy and stakeholder engagement skills with C-suite, board and government-level individuals;
Experience as a leader of a high-performing investment team; and
A cultural fit, holding the values of the organization.

As of June 2024, the sovereign wealth fund had NZ$75 billion ($45.87 billion) in assets under management. Assets of the Super Fund pay for the country’s universal superannuation retirement program; all New Zealand residents over the age of 65 are eligible for this retirement income.

Applications for the position are open until the first of July.