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NZ Super Fund CEO Adrian Orr has resigned to take up the position of Governor of the Reserve Bank of New Zealand.

Catherine Savage, Chair of the Guardians of New Zealand Superannuation, the Crown entity that manages the NZ Super Fund, thanked Mr Orr for his service.

“Over the last decade, Adrian’s strong leadership, commitment to responsible investment and exceptional communication skills have been instrumental to the success of the NZ Super Fund, which is acknowledged as a high-performing global leader,” said Ms Savage. “Adrian leaves the NZ Super Fund in good heart, with a strong team and with an enviable track record of world class performance”.

“I know that in working for the NZ Super Fund Adrian has valued the opportunity to make a contribution to New Zealand highly. The role of Governor of the Reserve Bank will enable him to continue to do this. While we are naturally disappointed to lose Adrian, we congratulate him and the Reserve Bank on his appointment, and wish them both well.”

“The Board of the Guardians remains committed to the NZ Super Fund’s long-term, growth-oriented approach and investment strategies.”

Mr Orr said: “I have been immensely privileged to be employed as the CEO of the NZ Super Fund. Likewise, I am honoured to assume the role of Governor of the RBNZ next year.”

“The Fund - meaning its people - has grown into a world class investment institution, sitting amongst the most globally respected Sovereign Wealth funds.  Our achievements have been a collective effort from the Board through to every member of the team.  I am so proud of their efforts.”

“The Fund has a great future ahead.  Capital contributions are restarting and investment relationships are strong and lasting.  The operational independence of the Fund’s mandate is a critical component of this ongoing success.”

“I wish all of the team, and all of our investment supporters, a great future and I will remain associated as much as is possible in my new role.”

Mr Orr will remain as CEO of the Fund till late March 2018.

The NZ$37b Fund has returned 10.5% p.a. since inception (after costs, before NZ tax). Over the last five years it has returned 16.2% p.a.