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

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news