Accident Compensation Corporation (ACC) head of dynamic asset allocation, David Iverson, will succeed Paul Dyer as chief investment officer for the almost $50 billion government-owned fund.
Iverson joined the ACC fund in 2020 after an 11-year stint at the NZ Superannuation Fund (NZS), finishing as head of asset allocation at the now $80 billion sovereign wealth fund.
Dyer gave notice to the ACC last October to end a six-year run in the job formerly held by Nicholas Bagnall and a distinguished institutional investment career that included roles at AMP Capital and the NZS.
According to a statement, Dyer will remain with the ACC until June 6 to finalise the leadership transition.
Mark Cross, ACC investment committee chair, said in the release that Iverson “has proven to be an exceptional investor with a sophisticated understanding of investment markets and strategy”.
“His investment acumen, leadership capabilities and expertise will lead the Investment Group into the future and continue to build on the fund’s 30-years of outstanding investment performance for New Zealanders.”
Iverson came across to the ACC along with fellow NZS senior investment manager, Sam Porath, to implement a version of the successful portfolio tilting strategy employed by the NZS.
The ACC fund reported $49 billion under management at the latest count in a portfolio skewed to local fixed income but on track to lift exposure to growth assets.