Super fund boss quits for job in Australia

The New Zealand Superannuation Fund's chief executive, Paul Costello, has resigned to become general manager of Australia's Future Fund.

The move is not entirely unexpected. Costello was last month reported to be among a shortlist of candidates for the top job at the fund, which has been set up to meet the pension costs of Australia's state servants.

Costello was headhunted by the NZ Super Fund 3 1/2 years ago after 15 years with the Superannuation Trust of Australia.

The NZ Super Fund's board of guardians chairman, David May, said Costello's decision was driven by his family's wish to return to Melbourne.

He said Costello, who is widely respected in the investment industry, had made "a tremendous contribution" during the past three years in leading the fund through its critical establishment phase.