NEW ZEALAND - Paul Costello, CEO of the NZ$9.8bn New Zealand Superannuation fund has resigned to join the Future Fund Management Agency in Melbourne, Australia.
Chairman of the board of guardians David May said Costello's decision to leave the NZ$9.8bn fund after three years was driven by his family's wish to relocate to Melbourne, where they had been living prior to him taking up the role with the fund in March 2003.
Costello, who joins the Future Fund Management Agency as general manager, will remain in his capacity as CEO for the next few months, said May.
"On behalf of the board and management team, I would like to express our gratitude to Paul for the tremendous contribution he has made over the last three and a half years in leading the fund through its critical establishment phase," May said.
The board said it had commenced a formal search for his successor, but warned the process was likely to take several months.
In earlier news, the government announced plans to allocate around $2bn a year to the fund over the next 20 years. It is expected to grow to around $120bn by 2025.
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