Nicholas Bagnall, chief investment officer (CIO) at the Accident Compensation Corporation (ACC), has stepped down from his role to set up his own firm – Te Ahumairangi Investment Management.
After years of helping the insurer build its investment portfolio to around $45 billion, Bagnall will now focus on launching his new company, which is expected to deal with international equities.
“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,” said Paula Rebstock, chairperson at ACC, as reported by NZ Herald.
“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 $1,350 today.”
James Miller, an ACC director and chair of the investment committee, highlighted Bagnall’s success over the years as his new investment vehicle prompted them to secure “highly competitive rates.”
“Under Nicholas’s leadership, the ACC investment team has been extremely successful in earning investment income that has significantly reduced the cost of levies Kiwis have had to pay for accident cover,” Miller said.
Paul Dyer, former CIO at AMP Capital and the New Zealand Superannuation Fund, has been appointed as acting CIO at ACC while there still isn’t news about the recruitment process for a permanent replacement.
Moreover, the connection between Bagnall and ACC is not completely gone as the insurer suggested that it will sign on as Te Ahumairangi Investment Management’s cornerstone customer.
