George Crosby, the New Zealand Superannuation Fund's head of portfolio investments, was appointed general manager — portfolio completion for the Auckland-based, NZ$57 billion ($41.3 billion) sovereign wealth fund.
Mr. Crosby will replace Mark Fennell, overseeing the implementation of NZ Super's reference portfolio, currency overlay, rebalancing and liquidity management, as well as "a number of internal investment mandates with a credit and arbitrage focus," according to a NZ Super news release Tuesday.
An announcement on April 6 said Mr. Fennell will take on the new role of general manager risk.
Both Messrs. Fennell and Crosby will move into their new roles on July 5.
Tuesday's news release called Mr. Crosby "instrumental in the establishment of the portfolio investments team, a major source of active returns for the fund."
The head of portfolio investments "is responsible for leading research, origination, management and reporting for the active mandates operated by the portfolio investments team, including executing direct opportunities and discretionary trading activities as required," according to a description of the role provided by a NZ Super spokesman.
A recruitment process to replace Mr. Crosby in that role will begin shortly, according to the news release.