Charles Hyde was chosen head of asset allocation for New Zealand Superannuation Fund, the NZ$58 billion ($40.8 billion), Auckland-based sovereign wealth fund, effective July 1.
Mr. Hyde is taking on that role from Alex Bacchus, who served as acting head of asset allocation after longtime veteran David Iverson left in January to join the NZ$46 billion Accident Compensation Corp.
Mr. Bacchus shall remain head of New Zealand Super's strategic tilting program.
Mr. Hyde will transition to his new role from his current position as senior investment strategist, portfolio design, on New Zealand Super's asset allocation team.
He reports to Stephen Gilmore, chief investment officer.
Mr. Hyde emerged as the choice for the position of asset allocation head after an "extensive external search process," Mr. Gilmore said in a news release.
In that role, Mr. Hyde will "oversee the construction of the fund's reference portfolio, the allocation of risk capital across the fund and the Guardians' economics function."
A spokesman for the fund said a search to fill Mr. Hyde's current role is to begin soon.