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Two new Guardians to oversee NPDC investment fund

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PUBLISHED: 10 APR 2026
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Two new Guardians are joining the board that keeps our Perpetual Investment Fund (PIF) in good financial shape for the benefit of future generations.​

The pair are helping to ensure a smooth transition of the four-strong New Plymouth PIF Guardians who oversee the independent management of the fund, which was worth $426.5 million at the end of March this year.​

“Sound and independent fiscal management has helped the PIF offset rates by more than $284 million since it was created in 2004, including about $12 million in the 2024-2025 financial year, and it’s set to contribute another $12.5m this financial year,” says NPDC Group Manager Finance and Planning John Scott.​

“Our new Guardians bring skills and experience that will help it navigate the challenges we face so we can help keep rates affordable and keep our district thriving today and sustainable tomorrow.”​

The PIF has also helped NPDC keep its AA/A-1+ credit rating from international ratings agency S&P Global, reflecting strong financial management and confidence in the future.​

The new Guardians are:​

Grant Hassell – an investment professional with 35 years’ experience in New Zealand and global markets, a licensed independent trustee appointed by the Financial Markets Authority and a director of several superannuation schemes.​

Ian Russon – an experienced professional director and licensed independent trustee, currently serving as chair of PSS Trustees Ltd (Police Superannuation Scheme), UniSaver Ltd, and the New Zealand Defence Advisory Trustee Board.​

Grant Hassell started as a Guardian on 1 April, and his appointment runs until 31 March 2029, while Ian Russon’s term runs from 1 November this year until 31 October 2028.​

They replace departing Guardians Graham Ansell and Michelle Tsui, joining sitting Guardians Mark Weenink and Sarah Vrede.​

At a glance:​

  • NPDC created the PIF in 2004 with the $259.4 million proceeds from the sale of its shareholding in Powerco.​​
  • Since then, the PIF has released a total of $284 million to NPDC, which has mostly gone to offsetting rates.​​
  • The PIF is independently managed by Mercer asset management, overseen by the New Plymouth PIF Guardians Limited, a council-controlled organisation.​​
  • Under the New Plymouth District Council (Perpetual Investment Fund) Act 2023, the PIF is protected for future generations, and the benefits are ring-fenced to residents living in the current district boundary.​​
  • NPDC manages assets, including the PIF, worth $4.4 billion and has an annual operating budget of about $262 million.​

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Page last updated: 11:24am Fri 10 April 2026

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