Fiona Mackenzie, head of external investments at the New Zealand Superannuation Fund, is leaving to take up a position as head of direct wealth for First NZ Capital.

FNZC chief executive James Lee confirmed that Mackenzie will take up the position in the new year. The Super Fund did not respond to questions.

Mackenzie joined NZSF in 2011 and was previously head of markets and strategy at NZX. Before returning to New Zealand, she worked within Morgan Stanley's institutional equities division in New York and San Francisco, and at Credit Suisse in New York as part of their e-commerce product development team.

The Super Fund was set up in 2001 to help meet the country's future pension needs. It returned 20.7 per cent after costs, before New Zealand tax in the year to June 30 and finished the year valued at $35.37 billion, an annual increase of $5.27b.

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Between 2003 and 2009, the government contributed $14.9b the fund but suspended payments in response to the global financial crisis. Under the previous National-led government, contributions were scheduled to restart in 2020/21.

However, the new government - led by Prime Minister-elect Jacinda Ardern - has said it will resume contributions to the fund to help safeguard the provision of universal superannuation at age 65 within the first 100 days in office.