Investment Magazine
 

Rugby helps PacWealth land $1.1-billion mandate

  • 18 May, 2012
  • 0
  • print
This is an archived article originally published on I&T News
Adam Hill played six matches for the Pukpuks, crocodiles, Papua New Guinea's rugby team.

In 2009 Adam Hill was in Papua New Guinea, working in a Port Moresby accountancy office by day and coaching rugby union by night.

Then the country’s national team the Pukpuks, or crocodiles, called. They didn’t want a coach. The Pukpuks wanted Hill, who had played more than 100 first-grade games for Sydney rugby club Gordon, to play tighthead prop for the land of his birth.

Hill ended up playing six matches for the Pukpuks. He had spent the first six years of his life in PNG but it was on the rugby field that he learnt pidgin, bonded with men who did not grow up in Mosman on Sydney’s north shore and decided to make an investment in the country.

“We saw an opportunity in PNG’s funds-management industry to set up a company with international standards,” says Hill.

Last year Hill founded investment manager and adviser PacWealth Capital. He appointed former Colonial First State executive Ian Jenkins, who had worked in Sri Lanka and Hong Kong, as its chief executive.

Port Moresby-based PacWealth last week announced it had won a $1.1-billion mandate from Papua New Guinea’s National Superannuation Fund.

Hill also has a business in Sydney: Forte Private Wealth advises well-heeled individuals. Hill often greets clients next to a photograph of former Wallabies captain John Eales raising his arms in triumph after a try against the All Blacks in 2000.

He foresees further opportunities to win mandates on the back of Papua New Guinea’s economy. With a population of 6 million, the nation’s economy grew 9.3 per cent last year and 5.5 per cent this year due to a mining boom.

PacWealth currently has eight staff and another two will join this year. The company wants to bring staff to Australia to expose them to financial services practises outside PNG.

Hill believes PacWealth’s decision to hire almost entirely local staff and work with PNG institutions was a key determinate in winning its mandate.

It also helped that Hill’s father, Richard, has an accounting business with an office in Port Moresby headed by Michael Mayberry, a former board member of the Bank of Papua New Guinea. Adam Hill lived in Papua New Guinea between 2008 and 2009 with his wife and children.

“I still go back to PNG every three weeks,” says Hill. “It’s a land of opportunity.”

© Copyright: Whole articles from this website and newsletter cannot be reproduced without permission from the editor. If you wish to publish introductions to any article please ensure that it links to original content site www.investmentmagazine.com.au, and that it shows clear attribution to Investment Magazine, plus author name and date. Failure to abide by this request will be considered a breach of copyright and legal action will be taken.

Vote
Is core property and global infrastructure heading for a price bubble?
 
in News

QSuper segregates pension assets

QSuper has segregated $10 billion in assets held for members in retirement to capitalise on greater tax efficiencies. The change is expected to ... [more]

What is your fund doing about this graph?

Over 13 years of writing about pensions the graph below is one I have barely seen, but over the last few weeks it ... [more]

in News

Cbus wants impact study of pension at age 70

Cbus is to undertake an examination into the potential impacts on its members of shifting the pension age to 70. The fund has ... [more]

in News

Door opens onto full Chinese equity market

The diversity of Chinese equity portfolios is to increase when the number of companies accessible to foreign investors doubles at the end of ... [more]

in News

The great post-retirement opportunity

Australia has the opportunity to lead the world in post-retirement products and export its know-how, according to Moshe Milevsky, the internationally renowned author ... [more]

in News

Super Fund Awards’ finalists announced

The finalists of the Chant West/Conexus Financial Super Fund Awards have been announced by the research house Chant West. The fund ratings firm ... [more]

in News

New Vision Super CIO to target investment costs

Michael Wrysch has been tasked with reducing Vision Super’s investment costs as part of his new role as chief investment officer of the ... [more]

NGS rebrand – ‘for those who understand the true meaning of wealth’

A week after trustees of industry funds were warned that without a brand strategy they would not survive the ‘medium term’, NGS Super ... [more]

in News

Sunsuper confronts lack of board diversity

Sunsuper has improved the gender and geographical diversity of its board with the appointment of the Sydney based Elizabeth Hallett as an employer ... [more]

in News

QSuper’s cohort strategies pose challenge to US and UK schemes

QSuper’s creation of eight different investment cohorts for its members has sparked curiosity and admiration from defined contribution experts in the US and ... [more]

in News

CBUS members welcome income projections

CBUS has gained a 97 per cent approval rate from members for statements which confront them with an estimate of their income in ... [more]

in News

Sunsuper: a growing provider of private capital

Sunsuper is expanding its investment team to help it take greater advantage of investment opportunities. The fund, which runs $28 billion in assets, ... [more]

in News

Cost of Stronger Super leads to Media Super cutting CIO role

The cost of Stronger Super compliance and product development has led Media Super to cut the role of chief investment officer. Jon Glass ... [more]

in News

Sunsuper expands investment team to 18

Sunsuper has increased the size of its investment team to 18 with the appointment of Lounarda David to the newly created role of ... [more]

in

How data analysis can pay off

Whenever Manchester United play at home, eight hours after kick-off the local crime rate jumps by almost 10 per cent – regardless of ... [more]

For how long will Japanese equities boom?

After two decades of disappointment Japanese equities posted an incredible 57 per cent return in 2013. Leading institutional investors met in Melbourne to ... [more]

Tackling lawyer led insurance claims

Some of the most influential people in the group insurance space met in Sydney in March to discuss the sustainability of the sector. ... [more]