ACC chief investment officer Nicholas Bagnall is calling it a day after spending more than a quarter of a century helping build the state-owned workplace insurer's investment portfolio to some $45 billion.
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Bagnall will leave ACC this month to set up his own shop - Te Ahumairangi Investment Management - which will focus on international equities. ACC will sign on as a cornerstone customer.
"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," chair Paula Rebstock said in a statement.
"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."