Long-time Accident Compensation Corporation (ACC) fund head of investment strategy, Tore Hayward, is stepping aside to make way for protégé, Carly Falconer.
Hayward has been influential in the local institutional investment world with a pedigree including four years as head of portfolio research at the NZ Superannuation Fund (NZS) before moving to his current ACC role in 2010.
Prior to the NZS he served for two years as chief investment officer for the now-defunct AMP Capital NZ business.
Falconer joined the almost $50 billion ACC fund in 2021 following a close to six-year stint at the NZS – finishing her career there as senior investment strategist portfolio design.
She previously spent four years at infrastructure specialist, Morrison & Co, and over three years at the Reserve Bank of NZ before moving to the NZS.
According to an ACC statement, Falconer “has been mentored by Tore Hayward as part of our talent development and succession planning” since she took up the role in 2021.
But despite relinquishing the top investment strategy duties, Hayward will remain on the ACC team.
“We’re extremely fortunate that Tore will continue to support Carly in the newly established position of Senior Investment Strategist,” the release says.
As reported last week, the ACC fund is also opening up a new asset class allocation with a dedicated Australian real estate investment trust (REIT) portfolio.
ACC is currently recruiting to fill the newly created Australian REITs portfolio manager position.
The fund is also laying the groundwork for its first independent investment review in a move signalled late last year. While the ACC fund is not subject to mandatory third-party probes – unlike the NZS – chief investment officer, Paul Dyer, said last year the organisation volunteered to open up for review “because it is good investment practice”.
The most recent governmental ‘letter of expectations’ from Nicola Willis and Matt Doocey – Ministers of Finance and ACC, respectively – notes the fund review is slated for next year.
“We understand there have already been discussions with Treasury officials about ACC starting to prepare for this review. Undertaking a review will provide important information for ACC’s planning and understanding of the effectiveness of their investment functions,” the letter says. “For this review to run smoothly, planning and preparation should continue during calendar year 2024. We expect ACC to work collaboratively with Treasury officials in the preparation phase and with the eventual reviewer.”