Ex-Super Fund CEO’s new job revealed at Jarden, BNZ mash-up

FirstCape CEO Malcolm Jackson (left) with chairman Matt Whineray.

The man who led the $70 billion New Zealand Superannuation Fund for five years will chair a triple finance firm merger, soon to be one of the country’s largest investment management groups, worth $44b.

FirstCape, a mash-up of Jarden’s wealth division JB Were NZ with Harbour Asset Management and BNZ Investment Services, announced Matt Whineray as its chairman on Tuesday morning.

In the role, he would oversee $29b in funds under advice and administration and $15b of funds under management, including $5b of KiwiSaver funds under management.

Its focus was ensuring an increasing number of New Zealanders could retire comfortably.

“FirstCape will be market-leading,” Whineray wrote in the first announcement from the collective group.

“There’s a lot of work to be done to ensure we are a nation with the means to retire and live well, and FirstCape will not be shying away from driving this.”

FirstCape chief executive Malcolm Jackson, who is also currently Jarden wealth management chief executive, said it would leverage Whineray’s sustainable investment experience from the Super Fund.

“Matt’s legacy at [the] NZ Super Fund is globally recognised. He understands the long-term positive impact we can have on our nation’s ability to grow and preserve wealth, and to do this in an equitable and inclusive manner.

“His depth of experience in New Zealand and internationally means he’ll be a key part of ensuring we provide the best wealth advisory and asset management services for our clients.”

FirstCape would become official in early May, when the transaction was expected to be completed and Whineray’s role would begin.

Jackson gave an early insight into its mission - ensuring an increasing number of New Zealanders had enough funds to retire comfortably.

“If you look around the world and compare how we’re saving as a nation to our neighbours in Australia for example, today we are falling short.

“It’s time for us to take action to address this gap, and I’m glad to have Matt with us as we launch FirstCape to do this.”

Madison Reidy is the host of the NZ Herald’s investment show Markets with Madison. She joined the Herald in 2022 after working in investment, and has covered business and economics for television and radio broadcasters.