Founding CEO dies

The founding chief executive of the New Zealand Superannuation Fund has died in Australia. Paul Costello, who was also the founding boss of Australia’s giant Future Fund, passed away after a long illness. Costello, in his early 60s, was picked in 2003 to be the inaugural chief of the Super Fund, after a worldwide search. When he left three years later, thenchairman David May said Costello had made “a tremendous contribution”, leading the fund through its critical establishment phase. The New Zealander had been Superannuation Trust of Australia chief executive before the 2003 Auckland appointment. Costello is survived by his wife, Denise, and their children Caitlin and Harry.