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The investment chief for the Government's New Zealand Superannuation Fund has been made redundant less than a month after the fund revealed that the past seven months have been the worst in its four-year history.
The $13.2 billion "Cullen Fund" was set up in 2001 to help pay the cost of state superannuation for New Zealand's ageing population.
It began investing in 2003 and had a stellar performance until the credit crunch in the US triggered international market turmoil.
Last month, it issued figures showing its return for the seven months to January 31 was down 6.63 per cent, resulting in the loss of $859.7 million in investment income.
Now, the fund is being restructured and the position of chief investment officer Paul Dyer is being eliminated.
Mr Dyer had been with the Super Fund since 2004, when he left his position as chief investment officer at AMP Capital Investments.
A spokeswoman for the super fund said it did not comment on individual employee contracts, but the position of chief investment officer had been made redundant.
"The business is restructuring following a reassessment of our business needs. As a result of this, some positions have been made redundant."
She would not say how many jobs would go at the Crown entity.
NZ Superannuation Fund chief executive Adrian Orr said the new structure was not a reflection on individual or market performances.
"New positions have been created and some positions have been made redundant."
These decisions simply reflected business requirements.
Under the old structure the fund had four management positions taking care of investment policy decisions. It will now have five - including a new general manager of risk.
Strategy will be covered by the general manager of portfolio research - a position that has been filled by Tore Hayward, who was Mr Dyer's second in charge.
