Matt Whineray Heads Another Multi-Billion Dollar Operation

LawFuel Power Lawyer Matt Whineray has moved from one multi-billion dollar fund management group to another that has yet to be formed, in a new role.

The former manager of the New Zealand Superannuation Fund, valued at $70 billion, he is to head a merger of three finance firms set to become one of the largest investment management groups in the country, with an estimated worth of $44 billion.

The newly formed entity, named FirstCape, results from the integration of Jarden’s wealth division JB Were NZ with Harbour Asset Management and BNZ Investment Services.

In his new role, Whineray will oversee assets totaling $29 billion in funds under advice and administration, as well as $15 billion in funds under management, which includes $5 billion in KiwiSaver funds.

The primary objective of FirstCape is to ensure an increasing number of New Zealanders can retire comfortably.

Malcolm Jackson, the current CEO of Jarden wealth management and soon-to-be chief executive of FirstCape, highlighted Whineray’s expertise in sustainable investment gained from his tenure at the Super Fund. Jackson emphasized Whineray’s understanding of the long-term positive impact on the nation’s wealth preservation and growth in an equitable manner.

The departure of the CEO of New Zealand’s Superannuation Fund signals the need for liquidity level adjustments in the coming decade and hopes for changes in tax regulations. He elaborated on the fund’s investments, resulting in a 9.69 percent average annualized return.

The official establishment of FirstCape is scheduled for early May, marking the commencement of Whineray’s role.

Jackson emphasized the urgency to address the shortfall in savings compared to other nations like Australia and expressed confidence in Whineray’s involvement in launching FirstCape to tackle this challenge.