NZ Super Fund seeks recruiter to help find new chief by mid-May

NZ Super Fund wants to replace Adrian Orr by mid-May following his Reserve Bank appointment.

The New Zealand Superannuation Fund aims to replace outgoing chief executive Adrian Orr by mid-May and is enlisting the help of a recruiter to find the best candidate.

The fund's manager, Guardians of New Zealand Superannuation, issued the request for proposals on Jan. 5 in what's described as a "one-off, urgent service" to replace Orr, who was tapped to head up the Reserve Bank from late March.

"The Guardians' outcome for this service is for the successful respondent to achieve a successful, and lasting, placement of a new chief executive officer as near as is practically possible to the departure date of the current chief executive officer in March 2018," the fund manager said in the RFP published on the government GETS tender website. "The Guardians ideally would like to finalise the appointment of the new CEO by mid-May 2018."

The fund manager wants a "highly experienced executive search agency with a proven success record in local and international executive search to provide this one-off urgent service." Given that urgency the recruiter must have "the capacity to meet the Guardians' time frames," it said.

The recruiter will be selected through an open, competitive tender process and the deadline for proposals is Feb. 1 and it aims to have a contract start date of Feb. 14, it said.

The agency must have the knowledge, expertise and experience to source high calibre candidates with "deep and demonstrable" experience in the financial services sector, locally or internationally, it said.

Among other things, it is looking for respondents that have successfully placed at least two chief executives in institutions with "a similar pre-eminence and public profile as the New Zealand Superannuation Fund". The successful applicant must have "the right networks and calibre of people, with the knowledge, expertise and track record of delivering high-end executive search and placement services," it said.

Respondents are to provide their proposed pricing model as part of the proposal, whether as a fixed price or fee rate.

The new chief executive will oversee the $37.4 billion fund, which has had an annual 10.5 percent average annual rate of return since inception, before New Zealand tax and after all costs, and a workforce of approximately 140 people, including 55 investment professionals. While 86 percent of the fund is invested globally, it has $5 billion invested in New Zealand "making it a major presence in the domestic capital markets," it said.

Orr's total pay package was $1.22 million in the 2017 June year, up from $1.06 million in 2016. The Super Fund's salary became a political football early last year when then-Prime Minister Bill English rebuked the manager's board for lifted the CEO's pay in 2016.

(BusinessDesk)


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Good luck with that search!

Given the employers generous attitude to compensation, I can imagine the top talent will be just lining up.

What should the job search headline be? - "Talented fund management executive needed to quit job and relocate on short notice for pay cut"

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They will struggle to find top talent from overseas in the investment field at the paltry sums paid for salaries in the field here. This is an international industry and NZ has to compete for top talent against cities like New York, Boston, London, etc., that have the world's major investment institutions and very deep pockets. Best to settle for a good NZ or Aus candidate with a solid investment background and a demonstrated sound investment philosophy revealed and validated by many years of above-average results, and hope for the best.

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So no succession plan then? Surely there is an internal candidate that could be considered, or at least able to take on role an interim capacity to reduce the urgency of the search?

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Matt Whineray has surely been positioning himself for the job!

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With a family name ike that he would have been a shoo in under the last National government but maybe not under the current government.

The government needs to also review the funds mandate and increase their invetsment exposure in NZ from 14% to 30% or 40% - invest in infrastructure and housing.

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Would agree Matt is an obvious candidate - hard to see anyone from overseas relocating unless they are a Kiwi wanting to "semi-retire" back to NZ.

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FFS give the job to a New Zealander and preferably one already working in the Fund, or perhaps at ACC [albeit they have quite different investment objectives there], aren't we grown up and over our reverse snobbery yet.

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