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NZ Super’s Orr Joins KIA to Lead SWF Group

Adrian Orr has been elected as deputy chair of the International Forum of Sovereign Wealth Funds, whose members include ADIA, the Future Fund, and CIC.
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(October 8, 2013) – New Zealand Superannuation Fund CEO Adrian Orr has been elected to the second-highest post in the International Forum of Sovereign Wealth Funds (IFSWF).

Orr will join Kuwait Investment Authority head Bader Al Sa’adin in leading the voluntary organization for the next two years. In 2015, Orr will take over the chairmanship from Al Sa’adin.

“Sovereign wealth funds have been a rapidly growing influence in the global financial landscape, in terms of their proliferation, assets under management and their stabilizing influence as long-term investors,” Orr said, adding that he is proud to serve in the deputy chair role.

The world’s leading sovereign wealth vehicles belong to the group, which was established during a meeting in Kuwait in 2009.

New Zealand’s fund, at US$19 billion, is petite compared to many of its fellow IFSWF partners. Hailing from 24 nations, the group’s members include Australia’s Future Fund, the China Investment Corporation, Alberta Investment Management Company, Abu Dhabi Investment Authority, and Singapore’s two funds.

“The IFSWF is now establishing a permanent secretariat, having initially worked with the International Monetary Fund’s services,” Orr said. “It will be a privilege to serve on the board during these formative stages in the organization’s development.”

Last December, Orr accepted Sovereign Wealth Fund of the Year at aiCIO’s Innovation Awards dinner in New York City. He and his team had a blockbuster 2013 fiscal year, riding their whole-fund allocation approach to a 25.8% return.   

Orr has a background in development economics, and is active in the international asset-owner community. Despite the strong global participation in the IFSWF, he has plenty of work ahead of him.

A recent GeoEconimca study found that only six sovereign funds are in compliance with the Generally Accepted Principles and Practices that 26 of them have signed. A precursor to the IFSWF drafted these “Santiago Principles” in 2008, which detail standards of transparency, governance, and reporting.

New Zealand’s fund ranked second-highest in the study’s compliance ranking, trailing Norway’s Government Pension Fund Global.

Related Content: Power 100 profile of Adrian Orr