Council investment arm expected to work harder

The Hawke's Bay Regional Investment Company Ltd (HBRIC) presented its quarterly update to the Hawke’s Bay Regional Council’s (HBRC) Corporate and Strategic Committee on Wednesday.

 HBRC councillors are making changes to allow its council-controlled investment arm to provide greater returns on its investments.

 Council Chair Hinewai Ormsby says HBRIC has a new level of expectations from the Council.

 “We want our investments to work harder, so we have set a level of expectation for HBRIC in the coming years. Improving performance with our investments will play a key role in offsetting rates in the future.”

HBRC councillor and HBRIC Director Neil Kirton says the investment company has appointed Debbie Birch and Jonathan Cameron as new independent directors and is changing its investment approach.

 “We are setting it up to be more successful. Their success will benefit the whole region.

 “Following a review process that was initiated by the incoming Council in 2023 HBRIC’s mandate has been extended to also include the management of investment assets held under Council ownership.

 “This will ensure an overall group portfolio approach is taken to drive higher overall consistency of returns and performance.”

 The Chair of HBRIC, Dan Druzianic, also noted that as a result of the changes HBRIC had engaged FirstCape Group as a strategic partner, including the appointment of Harbour Asset Management as the HBRC’s sole fund manager.

 “We are excited to see where this new partnership with FirstCape and Harbour can take us. They deliver market-leading investment outcomes for our clients.

 “Their clients include some of the biggest KiwiSaver scheme providers, charitable trusts, iwi, government institutions, and corporate superannuation funds.”

15 May 2024

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