NSL asset value K4bil

 THE value of Nambawan Super Ltd’s assets soared to K4 billion last year, up nearly half a billion from 2011, board chairman Sir Nagora Bogan said.

The fund posted a net return of K351 million in the last financial year.

Nambawan Super manages the superannuation funds of K3.8 billion for its 131,000 members from both the private and public sectors. 

Speaking during the appointment of Garry Tunstall as chief executive officer yesterday, Sir Nagora said the fund was currently expanding its portfolios aimed to grow Nambawan Super.

Tunstall is an accomplished senior executive manager with 40 years of banking and finance experience, having worked in both the Middle East and Australasia Pacific Region, he said. 

Sir Nagora said: “Tunstall brings on board solid leadership, capabilities and significant expertise in banking and finance. 

He is well experienced in working in PNG as well as international markets. 

“He has a track record of delivering solid results, developing and promoting Papua New Guinean employees, and improving services to customers, which are qualities that will benefit the members of Nambawan Super Ltd and we are delighted to have him in our team.”

Tunstall said his key focus was to help grow members’ funds, which in turn could help grow the economy.

He said the fund would also improve technology in all its 19 branches.

Sir Nagora said the board had also restructured its organisation and expanded its second tier management level to include chief investment officer, a chief operations officer and chief financial officer. 

“This restructure was done to ensure that the fund upscale its capability to grow its own internal investment management and oversight capability and also its capability to improve services and product range for its members,” Sir Nagora said.

Newly-appointed chief investment officer Michael Block will lead the commercial department in overseeing the investment and property activities of the company.