A former investment chief of the New Zealand Superannuation Fund who was laid off during restructuring may now be giving advice to the Government on how the fund should be run.
Paul Dyer was made redundant in March as part of a
management reshuffle at the $12 billion "Cullen Fund".
He has since been hired as an economic adviser to new FinanceMinister Bill English.
Before the election, National said it wanted to boost the Super Fund's investment in New Zealand to 40 per cent.
It currently has around 23 per cent of its portfolio based in New Zealand with 6.8 per cent in shares and the rest across cash, property, forests and other assets.
If National continues with its plans, it would be English's office which directs the Super Fund.
The fund at present operates at arm's length but the Minister of Finance may give directions to its guardians regarding the Government's expectations as to the fund's performance.
Yesterday, Dyer did not wish to comment on whether he would be giving advice on the Superannuation Fund. English's office said Dyer's role had yet to be fully defined.
The fund was set up by Labour five years ago to put money aside to help to meet the cost of future superannuation payments.
It has returned 4.86 per cent a year since launch versus the risk-free rate - or what is would have got by investing the money in the bank - of 6.92 per cent a year.
