Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Tainui appoints ex-Heartland exec Stephen

Tainui appoints ex-Heartland exec Craig Stephen to drive new investment strategy

By Paul McBeth

Sept. 18 (BusinessDesk) - Tainui Group Holdings, which manages the commercial interests of Waikato-Tainui Te Kauhanganui Inc, has appointed former Heartland New Zealand executive Craig Stephen to oversee its shift to attract bigger and faster investment returns.

The iwi’s corporate unit plans to shift its investment strategy towards short-term property development and taking direct stakes in medium to large private businesses, and has appointed Stephen as chief investment officer to identify, analyse and realise new investments, it said in a statement. Tainui Group Holdings has previously focused on long-term property development, such as its Base project in Te Rapa.

“Craig has an impressive set of skills and a wealth of experience which we believe are well suited to our new investment strategy,” chief executive Mike Pohio said. “The majority of our assets will remain and we will continue to invest in property, but we will diversify our investments with a view to achieving higher cash returns, more quickly, than property investment can give us.”

Stephen finished up at Heartland last week, having been involved in the merger between Marac Finance and the Canterbury and Southern Cross building societies after joining former Marac parent Pyne Gould Corp in 2009 as chief investment officer.

Tainui Group Holdings had assets of $725.4 million as at March 31, making it the country’s second biggest commercial iwi entity behind Ngai Tahu’s $809.4 million as at June 30 last year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news