State insurer names new CIO as government review looms

New Zealand's NZ$50 billion no-fault accident compensation scheme has appointed a new investment chief amid scrutiny.

The Accident Compensation Corporation has appointed David Iverson as chief investment officer of its NZ$50bn fund as the state insurer undergoes reviews of its investment strategy and operational performance.

Iverson, who will replace Paul Dyer next month, has led  ACC's dynamic asset allocation programme for the past four years. His appointment signals continuity at the helm of one of New Zealand's largest institutional investors as Dyer prepares for retirement after more than five years in the role.

As chief investment officer, Iverson will also join the executive leadership team.

Chief executive Megan Main credited Iverson's "deep investment expertise" and noted his "institutional knowledge" following a career at the Guardians of the New Zealand Super Fund.

The investment chief oversees one of the world's more unusual mandates: generating returns from a fund designed to cover the costs of New Zealand's universal no-fault accident compensation scheme.

So, unlike many pension funds focused solely on long-term growth, ACC must balance the need for returns with maintaining sufficient liquidity for ongoing claim payments.

The appointment comes as the New Zealand government reviews the state insurer.

The Kiwi government commissioned Willis Towers Watson to conduct an external review of ACC's investment strategy, while the actuarial firm Finity will examine its operational performance. The reviews reflect growing political attention on the public insurer's management of its assets.

During his 12 years at New Zealand's sovereign wealth fund, Everson most recently served as head of asset allocation.

As for Dyer, he earlier worked at Goldman Sachs, Russell Investments, and ING Investment Management.

Dyer, who joined ACC in 2008 and became chief investment officer in 2019, previously held senior investment roles at AMP Capital Investors and New Zealand Super.

Separately, NZ Super has promoted Paula Steed to the newly created position of chief operating officer.

The appointment combines Steed's current role of general manager technology and general manager strategy and shared services.

A spokesperson has confirmed both general manager roles will be dissolved upon the appointment.

As the inaugural chief operating officer, Steed will be responsible for the organisation's investment operations, financial control, financial reporting, tax, external audit process, and corporate strategy.

The new operating chief joined the super fund as its general manager in finance and investment operations in 2021. One year later, she became general manager of shared services and  strategy and was acting chief executive between December 2023 and April 2024.

Before joining the fund Steed had a 25-year career in financial services and banking, including various executive and general management roles with AMP, ANZ and ASB Bank.

NZ Super chief executive Jo Townsend said Steed's appointment will help consolidate the fund's operational management.

"Combining these business units will help break down operational silos and create a clearer line of sight between our strategic priorities and their execution," Townsend said.

"Paula's skill set makes her the ideal person to take on this role."