NZ Super appoints Del Hart as external investment head

Del Hart
Del Hart. Source: NZ Super Fund

The New Zealand wealth fund, NZ Superannuation Fund (NZ Super), has appointed Del Hart as its head of external investments and partnerships, replacing Fiona Mackenzie.

In an announcement, the Auckland-headquartered sovereign wealth fund said that Hart will be responsible for NZ Super Fund’s investment mandates with approximately 30 external managers, covering NZ$6.5 billion of assets in listed and unlisted markets globally.

She will report to Matt Whineray, Chief Investment Officer, and sit on the fund’s Investment Committee.

Prior to joining the fund as a Portfolio Manager in 2010, Hart worked for Russell Investments in New Zealand and Pictet Asset Management in London. She has also worked with Tower Managed Funds.

With a total size of NZ$37.2 billion and a rate of return of 10.5 per cent per annum, the fund is a New Zealand government savings vehicle to help pre-fund the future cost of universal superannuation.

The fund posted a return of 20.71 per cent for the year ended June 30, 2017, one of its best annual performances. Its earnings during the last year were on the back of a sustained rally in global equity markets and the fund’s “active investment strategies” that performed strongly during the year, adding value of 4.4 per cent or NZ$1.3 billion over its passive benchmark during the period.

In October, it acquired a 41.1 per cent cornerstone stake in life insurer Fidelity Life, investing a minimum $68.5 million (NZ$100 million) in the company.

Also Read:

NZ Super to pump $68.5m into Kiwi-owned life insurer Fidelity for 41.1% stake

NZ Super Fund posts 20.7% returns backed by global equity rally, active investment strategies

Sovereign wealth funds tweak portfolios for environmental risk