The Accident Compensation Corporation (ACC) has flung the net wide to fill a new role as investment manager of the recently announced Climate Change Impact Fund.
While the ACC would prefer candidates with hands-on experience “deploying capital”, the $50 billion fund would consider others with relevant skills from sectors such as “investment banking, corporate finance, legal services or strategy, corporate development and finance in industry”.
Announced this June, the new climate fund will be established under the Auckland-based ACC fund private markets division with a mandate to “target investments that will reduce carbon emissions, whilst providing strong risk adjusted returns”, according to the recruitment ad.
“Over time the strategy has the potential to increase allocation to from $50 million to $100 million,” the ACC job description says.
The new role involves “building the [climate fund] strategy and portfolio from the ground up”.
“Candidates will demonstrate a strong alignment to the objectives of the Climate Change Impact Fund mandate,” the ACC ad says. “They will possess an understanding of key climate change concepts including carbon pricing, marginal abatement cost analysis, energy transition, and GHG mitigation, capture and storage.”
Last year the ACC launched its first $50 million impact portfolio targeting innovative companies in the health and safety sector: to date, the fund has invested in two companies – mental health online service Mentemia and Robotics Plus.
Elsewhere, adviser services and investment provider, Consilium, has named former National MP Tutehounuku (Nuk) Korako as an independent director.
Consilium chair, Stephen Ambler, said in a release that following growth in the business “we have always looked to appoint the highest quality senior people to the team including board directors”.
“Nuk’s business, political, board and community service experience will enrich the views around the table,” Ambler said.
Korako is Kaihautū Māori for the $500 million Rātā Foundation, one of the 12 community trusts and the largest South Island charitable fund. He also chairs the Te Ihutai Ahuwhenua Trust.
Previously, Korako has served as director on boards including Ngāi Tahu Holdings, the Waitangi National Trust, the Rod Donald Environmental Trust and Cholmondeley Children’s Centre.
He was a National list MP from 2014 to 2019, acting as opposition spokesperson on Treaty of Waitangi Negotiations and Māori Development.
Consilium has about $6 billion in assets under administration sourced from over 120 advisory firms in NZ and Australia. As well as offering a discretionary investment management service (DIMS) under the Synergy brand, Consilium also operates a wrap platform backed with FNZ technology. Late in 2020 the group launched a new KiwiSaver scheme, KiwiWRAP (again, using FNZ technology), giving members access to a wide range of underlying investments via financial advisers.
Earlier this month the ASX-listed financial services software group Bravura confirmed Tim Bakkenes as NZ head of sales and account management, replacing long-time incumbent, Martin Gould.
“Tim’s responsibilities include managing Bravura’s existing client relationships in New Zealand, as well as identifying emerging needs and opportunities across the country,” a Bravura release says.
Before joining Bravura, Bakkenes spent 10 years in key NZ sales roles with another ASX-listed financial software firm, Iress, following stints at Air NZ and Aon.
Tony Klim, Bravura chief, said in the statement: “We look forward to working with Tim to achieve our ambitions to grow our NZ business.”
In particular, during his first couple of months in the role Bakkenes has already been promoting the Bravura robo-advice service, Midwinter, to the NZ market, the release says.
“With the market’s focus on digital customer engagement and advice on the rise, I look forward to working with financial services businesses to implement innovative digital tools and strategies that can help New Zealanders achieve financial wellbeing,” he said.
Following her appointment as Bravura NZ country head in 2020, Kylie Bryant, said the group was adapting the Australian-built Midwinter for conditions this side of the Tasman.
Gould, meanwhile, formally wrapped up his 24-year stint with Bravura (including its NZ predecessor firm, Tacit) in April this year after relocating to the Wairarapa.
“I’ve been helping with the transition but I’m now looking forward to other opportunities,” Gould said. “It’s been a very interesting journey with Bravura and I wish them all the best.”