By Muskan Arora
Following the departure of Stephen Gilmore
in June, the NZ$76.6bn New Zealand Superannuation Fund has appointed Brad
Dunstan and Will Goodwin as joint CIOs, starting early December.
The announcement follows a global search to
replace the former CIO.
Gilmore resigned to join the $528.9bn
California Employees Retirement System.
Dunstan is currently serving as the general
manager of portfolio completion, while Goodwin is the head of direct
investments.
Jo Townsend, the CEO of the superannuation fund,
noted the ex-CIO’s departure had created an opportunity to review the structure
of the investment team.
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“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,” said Ms
Townsend in the release.
Dunstan has been at the fund for over
eleven years, prior to which he served as the co-head of Europe equity derivates
at Collins Stewart for almost two years.
He has also worked as an equities derivates
sales trading at ICAP and held the role of the managing director of delta one
sales trading at J.P. Morgan.
Whereas Goodwin joined the fund in 2016 as
the head of NZ direct investments and after three years was promoted to the
role of head of direct investments in 2019.
Before that, he served as the chair of
INFINZ for five years, where he was responsible for improving the capability
and effectiveness of the financial sector ecosystem and its members within it.
He has also worked as a director at
Kaingaroa Timberlands for two years, and worked at NZ Super Fund, Ngai Tahu and
New Ground Capital JV.
NZ Super was created by the former finance
minister Michael Cullen in 2003 to assist the government pay for the rising
cost of the state retirement benefits.
