Accident Compensation Corporation (ACC) fund chief investment officer, Nicholas Bagall, has stepped down after 26 years in the role.
Bagnall is leaving to launch a new global equities investment firm, Te Ahumairangi Investment Management, that will count the ACC as a “cornerstone client”, according to a release today.
In the statement, ACC board chair, Dame Paula Rebstock, said: “The work Nicholas has done for ACC and New Zealand has been outstanding. This is demonstrated by the ACC investment fund’s performance exceeding benchmarks for 25 of the last 27 years,” Rebstock said.
“When Nicholas joined ACC in 1993, funds under management were less than $1 billion and the investment team was only five people. Now the investment team has 60 people across a range of portfolios and $45 billion in funds under management. Every $100 that ACC invested 27 years ago, has effectively grown to be worth more than $1350 today.”
Paul Dyer, a long-time member of the ACC investment team, has been app0inted as interim CIO.
ACC chief, Scott Pickering, said the CIO recruitment process “had yet to be determined”.
“Paul is a highly regarded and experienced member of the ACC Investment Team with proven expertise in strategic asset allocation,” Pickering said.
Bagnall said he was looking forward to “the challenge of establishing and running my own business and look forward to continuing my close association with ACC”.