The Guardians of New Zealand Superannuation Board announced it has appointed Paul Costello (46) as the chief executive of the Guardians of New Zealand Superannuation.

Costello, a New Zealander, is currently the chief executive of the Superannuation Trust of Australia which invests $4 billion in retirement savings for more than 400,000 Australians. He is a graduate of Canterbury and Massey Universities and is an Associate of the Securities Institute of Australia.

He is returning to New Zealand after almost 15 years in the superannuation industry in Australia. He was selected following a worldwide search process, conducted with the assistance of a specialist executive search firm.

"I am excited to have the opportunity to use the experience I have gained over recent years in such an important initiative for New Zealand," Costello says.

Guardians’ chairman, David May, said that Costello brought significant experience and executive skills to the Guardians. "Paul brings a wealth of important knowledge and experience gained with large public sector investing," he said.

"His skills will greatly assist the Guardians’ during the crucial start-up phase and as the Guardians’ structure and operations become more established."

Costello will take up his appointment on March 31. The board also announced that it would hold press conferences in Wellington and in Auckland on 28 February to introduce Costello.