$30 million dollar growth for CINSF

$206.0m December 2022

$235.8m December 2023

The Cook Islands National Superannuation Fund ended 2023 on a high with their Assets under Management at NZD$236million, up almost $30million on 31 December 2022.

CEO Damien Beddoes acknowledged the strong results in Global Equities, in particular the end of the year, along with steady contributions from members, providing solid growth for the Fund, to be able to declare the following 2023 returns to members:

Growth Fund 15.0%

Balanced Fund 12.6%

Conservative Fund 8.8%

Beddoes explained the CINSF with the support of the Board and Trustee have now implemented 3 major strategic initiatives being the transition to a reference portfolio by the investment team, bringing the Fund Administration and Member Registry from New Zealand providers back to the CINSF office, and building a robust Risk Management Framework across the Fund.

The reference portfolio is designed to obtain market returns at the lowest possible cost, and the CINSF Investment Team are using global Exchange Traded Funds (ETFs) provided by Vanguard and Black Rock to achieve this with significant investment fee savings to members.

The Fund Administration and Member Registry was previously outsourced to New Zealand’s Link Market Services, and in October 2023 the CINSF successfully transitioned onto the NZX Wealth Technologies software that enables the CINSF Office to perform all the administration and registry services in-house. This has created skilled local employment opportunities at CINSF whilst achieving cost reductions.

To support the governance oversight of the internal Investment and administration the CINSF have also implemented a Risk Management Framework supported by a new Risk Management software to monitor, manage, and report on the internal operations and the Funds fiduciary obligations.

Beddoes expressed his appreciation of the CINSF Boards support for continuous improvement, having a highly skilled Executive Team that enabled the Fund to take on tactical strategies and deliver the intended objectives, and the support of staff that have taken up the challenges, career progression opportunities, and are now administering the Fund.


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