NZ Super names ex-Future Fund chief strategist as CIO

Stephen Gilmore will join the $27bn sovereign wealth fund in late February.

New Zealand Superannuation Fund has hired the former chief investment strategist of Australia’s Future Fund as its chief investment officer.

Stephen Gilmore will begin his role in February, according to a statement from the NZ$39 billion ($26.7 billion; €23.6 billion) sovereign wealth fund. He takes over from Matt Whineray, who was appointed as NZ Super chief executive in June.

Gilmore’s departure from the Future Fund saw the fund change its organisational structure, with Raphael Arndt taking on his chief investment officer responsibilities and Wendy Norris being appointed deputy CIO. The fund then reorganised its investment team by asset class in June.

A New Zealander, Gilmore will be leading a team of 45 investment professionals responsible for the appointment and monitoring of NZ Super’s external investment managers, domestic and international direct investment, responsible investment and asset allocation, including macroeconomic strategy and the fund’s strategic tilting programme, the fund said in a statement.

NZ Super, of assets, has a 5 percent allocation to private equity, with around 1 percent invested in expansion capital, or the provision of capital to small and fast-growing companies. It has backed managers including Apollo Global Management, Bain Capital and Movac, according to PEI data.

The fund returned 12.4 percent (after costs and before NZ tax) in financial year 2017/18, beating its passive Reference Portfolio market benchmark by 2.02 percent. New Zealand’s government contributed NZ$500 million to the fund in FY18 following an eight-year suspension in contributions.

Gilmore joined the Future Fund in August 2009 and left in April this year amid a senior leadership reshuffle. He led the fund’s portfolio strategy, derivative overlays, investment technology solutions and investment risk teams, according to his LinkedIn profile.

He was also a member of the fund’s investment and management committee. Prior to Future Fund, Gilmore was a strategist at AIG Financial Products in London. Early in his career he was executive director of Morgan Stanley in Hong Kong and London and spent six years as representative and economist at the International Monetary Fund in Washington.

– Daniel Kemp contributed to this report.