Investment team changes at ACC

Kei te panoni te rōpū pūtea haumi o ACC
Image of Nicholas Bagnall

Our Chief Investment Officer, Nicholas Bagnall, is announcing his departure from ACC.


Long-time ACC Chief Investment Officer Nicholas Bagnall is to set up an international funds management company that will continue his strong links with the corporation into the future. 

While Mr Bagnall will step down from his role at ACC this month, the Crown entity will retain Mr Bagnall’s services as a cornerstone client of his new Wellington-based company, Te Ahumairangi Investment Management. Mr Bagnall will continue working in global equities, similar to the role he has done at ACC. 

ACC Board Chair Dame Paula Rebstock said Mr Bagnall had made an outstanding contribution to ACC – and to New Zealand – in his 26 years at ACC.

“The work Nicholas has done for ACC and New Zealand has been outstanding. This is demonstrated by the ACC investment fund’s performance exceeding benchmarks for 25 of the last 27 years,” Dame Paula said.

“When Nicholas joined ACC in 1993, funds under management were less than $1 billion and the investment team was only five people. Now the investment team has 60 people across a range of portfolios and $45 billion in funds under management. Every $100 that ACC invested 27 years ago, has effectively grown to be worth more than $1350 today.” 

ACC Board Investment Committee Chair James Miller said Mr Bagnall was highly regarded in New Zealand and overseas as a world-class investment manager. 

“Under Nicholas’ leadership, the ACC investment team has been extremely successful in earning investment income that has significantly reduced the cost of levies Kiwis have had to pay for accident cover,” Mr Miller said. 

“ACC is delighted to secure capacity rights at highly competitive rates with Te Ahumairangi Investment Management and to call on Nicholas’ expertise as part of the wider investment fund family.”

Mr Bagnall said he was incredibly proud of the achievements of the investment team and the important contribution it had made to the sustainability of the ACC scheme. 

“I have thoroughly enjoyed working at ACC and being part of a team that’s not only helping Kiwis by reducing the cost of injury cover but, at the same time, investing in New Zealand markets and businesses,” Mr Bagnall said. 

“I am excited about the challenge of establishing and running my own business and look forward to continuing my close association with ACC.” 

ACC Chief Executive Scott Pickering said Paul Dyer, a member of the leadership group of the ACC Investment Team for the past seven years, has been appointed the Acting Chief Investment Officer. The process for recruitment of the CIO had yet to be determined. 

“Paul is a highly regarded and experienced member of the ACC Investment Team with proven expertise in strategic asset allocation,” Mr Pickering said. 

Mr Dyer is a former Chief Investment Officer of both AMP Capital Investors and the New Zealand Superannuation Fund and, before working at ACC, was Chief Advisor to the Minister of Finance, and an economist with the New Zealand Treasury and stock broker Buttle Wilson (now UBS). 

Mr Miller said ACC’s investment philosophy won’t change under Mr Dyer’s leadership.

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