graham hart superyacht

New Zealand's richest man Graeme Hart's new superyacht revealed after secretive construction

• Melania Watson

New Zealand's richest man's new superyacht has been revealed after weeks of speculation.  

Graeme Hart's 103m yacht was spotted in Amsterdam, featuring enough space for 20 crew and 18 guests.  

More from Newshub

His daughter, Gretchen Hawkesby, shared a collection of photos including herself, Hart and other family members on Instagram, while on a trip to Amsterdam for the boat launch.  

The freshly renovated, pristine white superyacht has been the subject of much speculation over the past month.  

Boat International revealed the yacht includes four exterior hot tubs, a swimming pool that covers the entire height of the main deck and a helicopter hangar concealed in the foredeck.   

On the interior, the yacht has a glass staircase and an elevator in the main atrium.  

"The yacht has maintained a single-deck engine room, which is no easy feat for a yacht of this size," Boat International reported.  

Formerly known as Feadship 1011, the yacht has now been named Ulysses.  

Boat International said the yacht was spotted recently in transport from Feadship's Makkum site to its Amsterdam facility.   

They described the yacht as having "distinctive clean lines" and a "squared-off deck design".  

Feadship revealed the yacht includes 1100sqm of exterior glass used in twenty exterior sliding doors, 12 glass windbreaks and 6m panels of glass along the main deck guest cabins.  

Ulysses is the same name as one of Hart's previous superyachts which he sold in 2017.  

The project is the fourth largest Feadship to be built to date, following the 118.2m Feadship 821 and Feadship 1010, both currently in build at the shipyard, and the 110m Anna. The superyacht is set to embark on sea trials later this year. 

The Stunning Ritz Carlton EVRIMA Yacht

Gliding Across Tokyo’s Sumida River: The Mesmerizing Zipper Boat

CROCUS Yacht: An 48 Meter Beauty by Admiral

PHI Yacht – Royal Huisman’s $45 Million Superyacht

• Zuretti Interior Design
• Zuretti Interior
• Zuccon International Project
• Ziyad al Manaseer
• Zaniz Interiors. Kutayba Alghanim
• Yuriy Kosiuk
• Yuri Milner
• Yersin Yacht

• Superyachts

ULYSSES Yacht – World-class $250 Million Superyacht

The owner commissioned the extraordinary superyacht with Norway-based shipyard Kleven.

She features exterior designs from H2 Yacht Design and naval architecture Oscar Mike Limited and Marin Teknikk AS.

The fantastic explorer yacht was delivered in 2018, replacing the owner’s previous 107m superyacht, ANDROMEDA.

ULYSSES yacht interior

The striking interior of the ULYSSES Yacht features design from British company H2 Yacht Design .

ULYSSES has accommodation for 30 guests in 15 cabins across the expansive size of the yacht. The yachting experience is luxurious, with a crew of 48 accommodated in 24 cabin spaces.

She has five spacious decks and features a massive shaded pool area with a luxurious lounging area.

The ULYSSES yacht is loaded up with tenders, including a custom 21-meter Princess 68 yacht. She also features a helipad and hangar for her Bell 429 helicopter.

The helicopter is the perfect way to ferry guests on and off the vessel and explore the surrounding areas.

There is generous storage for large tenders, toys, and land vehicles. The Jacuzzi and sun pads are along the stern where guests can take in sweeping views.

ULYSSES features a large swimming platform that is the perfect spot for guests to relax beside the water and take a dip in the ocean.

The social areas are complemented by a wine bar, cinema, sauna, and a large gym for the many guests to make use of.

The exterior of the ULYSSES features rugged designs and was delivered to her owner in 2018.

The builder was Kleven Maritime AS from Norway and features naval architecture and exterior design from Oscar Mike Limited and Marin Teknikk AS .

Her imposing exterior features a dark blue hull in steel and a white superstructure in aluminum.

The incredible yacht has an impressive exterior that reflects the luxurious interior of the vessel. She was most recently refitted in 2020.

Specifications

The 116.15m ULYSSES has a beam of 18m and a draft of 5m. The vessel has a displacement of 6862 gross tons and a range of 8000 nautical miles.

She has 2 Caterpillar engines. Her top speed is 12 knots, and she reaches a cruising speed of 10 knots.

She is classed as an expedition vessel and is the largest expedition yacht in the world, overtaking LUNA Yacht’s position as number one. The $250 million superyacht has an annual running cost of $20 – $30 million.

ULYSSES in Gibraltar

Do you have anything to add to this listing?

• H2 Yacht Design
• Marin Teknikk

Love Yachts? Join us.

Related posts.

SKAT Yacht – Masterful $60M Superyacht

LIFE SAGA Yacht – Elegant $50M Superyacht

Jeff Bezos’ Magnificent KORU Yacht and ABEONA Support Vessel

EMINENCE Yacht – World-class $90M Superyacht

Graeme Hart's new $78m Yacht Launched

New Zealand's richest man has splashed out on a second luxury yacht - this one worth up to an estimated $78 million.

Graeme Hart, reportedly worth around $7 billion, was revealed as the owner of a new expedition super yacht launched in Norway at the weekend.

Norwegian boat builder, Kleven, which usually specialises in oil and fishing industry vessels, launched the 107-metre yacht on Saturday local time, revealing its billionaire owners who were there to watch as it ploughed into the water for the first time.

Mr Hart and wife Robyn were photographed at the shipyard in Ulsteinvik, 570km north of the capital Oslo.

"This is a very exciting project for us. We have been around in the yard and on board the vessel, and I'm very pleased with Kleven and the work that has been done here so far," Mr Hart told business newspaper Dagens Naeringsliv.

He had followed the construction process closely since the contract was awarded last year, he said.

Hundreds of locals turned up to watch the boat launch, the paper reported, taking photographs and videos as it was released.

Both Mr Hart and Kleven would not reveal to the newspaper how much the yacht was worth, but local estimates put it at between 300 million and 400 million Norwegian Krone (between $58 million and $78 million).

However, the monster-sized yacht, which has been named Ulysses, was not built to laze around celebrity ports, the paper said, with Kleven boasting it was built to be "very robust and seaworthy".

It was especially suited to longer expeditions in rough waters, while also being designed for a "luxury" experience. It comes equipped with a helicopter deck, hangar, swimming pool, hot tub, and accommodation for 60 people.

The boatbuilder was hoping this would help it launch into the luxury market.

"The project shows that we can also deliver in this unique market. These are exciting times," Stale Rasmussen, chief executive of Kleven said in a statement.

The ship was designed by Marin Teknikk, which has a long history of working with Kleven.

Ulysses will now undergo its luxury fit-out, with an expected completion date sometime in the spring of 2015.

The owner of the super yacht had been kept under wraps since Kleven announced the contract last year.

It revealed it had been hired to build an expedition support vessel for an international owner, and that the price was "a pretty spectacular sum".

The secret owner had wanted a Norwegian shipbuilder and construction at a Norwegian shipyard because of the "delivery time, quality and price", it said at the time.

Mr Hart shuns the media spotlight, but has grabbed headlines in the past for his luxury yachts.

He previously owned a 58-metre luxury motor yacht, also called Ulysses, which was moored at Auckland's Viaduct for years before being sold, renamed Grand Rusalina and relocated to Monaco.

His 77-metre superyacht Weta is currently in Whangarei reportedly undergoing a $50 million makeover, after sitting for more than a year near Silo Park in Auckland's Wynyard Quarter.

Ulysses luxury features:

* Helicopter hanger

* Swimming pool

* Sleeps 60 people

* 107 metres long

From a truck driver to New Zealand’s richest man. Graeme Hart has showcased his Covid lockdown project, a 338-foot-long superyacht that boasts four Jacuzzis, an extensive swimming pool, a concealed helicopter hangar, a winter garden, and even a hospital.

Note – As of the writing of this article, according to the Bloomberg Billionaires Index, Graeme Hart had a net worth of $9.7 billion (US).

You may also like

Leonardo DiCaprio and Beyoncé take a look at the 367-feet-long megayacht Renaissance, one of the world’s newest, biggest, and most expensive yachts to charter at $3.2 million for a week

Instead of a luxurious megayacht, Ray Dalio the billionaire hedge fund manager has the world’s most advanced exploration vessel. Helmed by scientists the 285 ft ship has wet and dry labs, helicopters, submarines, and a state-of-the-art media center.

Sanctioned Russian billionaire’s $500 million megayacht was to arrive in Cape Town today. The 10,000-ton vessel mysteriously disappeared after leaving Hong Kong 16-days ago.

Pininfarina-designed luxury yacht concept ‘Aurea’ revealed

Docked next to each other, Amazon founder Jeff Bezos’ $500 million megayacht and AliExpress founder Jack Ma’s $200 million superyacht literally dwarfed every vessel in the marina

Alloy’s spacious 67 meter Sailing Superyacht Vertigo will be launched soon

In a surprising turn of events, a sanctioned Russian oligarch scored a victory against French authorities in a frozen yacht fight. Billionaire Alexey Kuzmichev can now lounge on his yacht La Petite Ours on the French Riviera

Is Mark Zuckerberg planning to buy a sanctioned oligarch’s abandoned $382 million superyacht? Longer than a football field, the brand new vessel has a helipad with a hangar, swimming pool, a sky lounge & a massive deck for the Facebook CEO to do martial arts on.

This German billionaire’s $110 million yacht just won the Oscars of superyachts – So classy is the 246 feet long Kensho that its elevator buttons are made from mother of pearl, the master suite has louvre-effect leather ceiling, & the bathtub is carved from a block of Carrara marble.

The global authority in superyachting

• NEWSLETTERS
• Yachts Home
• The Superyacht Directory
• Yacht Reports
• Brokerage News
• The largest yachts in the world
• The Register
• Yacht Advice
• Yacht Design
• 12m to 24m yachts
• Monaco Yacht Show
• Builder Directory
• Designer Directory
• Interior Design Directory
• Naval Architect Directory
• Yachts for sale home
• Motor yachts
• Sailing yachts
• Explorer yachts
• Classic yachts
• Sale Broker Directory
• Charter Home
• Yachts for Charter
• Charter Destinations
• Charter Broker Directory
• Destinations Home
• Mediterranean
• South Pacific
• Rest of the World
• Boat Life Home
• Owners' Experiences
• Interiors Suppliers
• Owners' Club
• Captains' Club
• BOAT Showcase
• Boat Presents
• Events Home
• World Superyacht Awards
• Superyacht Design Festival
• Design and Innovation Awards
• Young Designer of the Year Award
• Artistry and Craft Awards
• Explorer Yachts Summit
• Ocean Talks
• The Ocean Awards
• BOAT Connect
• Between the bays
• Golf Invitational
• Boat Pro Home
• Pricing Plan
• Superyacht Insight
• Product Features
• Premium Content
• Testimonials
• Global Order Book
• Tenders & Equipment

From the archives: Inside 107m Andromeda, the toughest toybox on the water

In 2016 Graeme Hart took delivery of 107.4-metre Andromeda (then known as Ulysses ), a hardy, go-anywhere explorer capable of carrying a 21-metre multihull in the foredeck.  Eight years on and now under new ownership, Hart's vision lives on – albeit with a change of hull colour and new faring. In this 2016 deep dive from the BOAT International archives, Stewart Campbell gets a closer look at Andromeda . 

There’s something wide-eyed and wonderful about Andromeda . If you put a bunch of 10-year-old kids in a room, dosed them up with sugar and told them to design a boat between them, I’d put good money on it coming out like this — and carrying the same sort of kit: six motorbikes, two ATVs, a helicopter, a twin-hulled 50-knot support boat, a Sealegs amphibious RIB and full-on landing craft. It’s a Tonka truck with a hull. It’s an iceberg-dodging, wave-crunching, mile-munching, ocean-eating, horizon-conquering monster. 

The 107-metre explorer yacht  looks totally out of place the first time I spot her, anchored off genteel Cap d’Antibes, with not a snowy peak or dreamy atoll in sight. She’s a fair way off shore but still dominates the horizon. Eclipse is also in town but, from a distance, it’s hard to tell that the Blohm+Voss yacht is 55 metres longer than Andromeda , whose 6,000 gross tonnes and six decks tower above the waterline.

Her look, that toughest-kid-in-the-anchorage aesthetic, was a naked statement of intent from her commissioning owner, Kiwi billionaire Graeme Hart, and his close collaborator on the exterior styling, Kyle Dick, of OscarMike Naval Architects in New Zealand. “The portrayal of strength is not misleading,” says Hart. “It is what it is. Andromeda is a boat to be used. Everything about it is to be used. My theme with cruising is ‘no limits’.” Dick says they were going for “expedition style with real presence”. Job done on that score.

Andromeda was former owner Graeme Hart’s fifth superyacht (his sixth, the 116 metre Ulysses was delivered by Norweigan yard Kleven in 2018). His previous boat was the well-known, no-nonsense 58.5 metre Trinity yacht Ulysses , now called Grand Rusalina . And before that was a 49 metre Feadship now known as Teleost . Each jump up the chain demonstrates an attempt by Hart to achieve the perfect balance in a boat, which comprises three main elements, he says: seakeeping, volume and support.

“I’ve always strived to deliver the best seakeeping because, guess what, people can get pretty fragile in a Force 9 gale. Number two is volume because you want to bring friends and family and you don’t want 10 or 20 people clambering over each other. I remember building our 49 metre Feadship and it felt like we were building the Oriana ! But we soon found the volume limiting so went on to build a 1,000 gross tonne boat, and now Andromeda is a 6,000GT boat,” he says.

“The last element is support — and that’s about tender ops, activities and things like that. From day one in New Zealand we were brought up in an active boating lifestyle, but you can’t just pull up in a bay and sit there. What are you doing? Well, on Andromeda we have everything you possibly can do. If you want to put some bikes in the landing craft and go riding, then off you go. If you want to get the heli out and reconnoitre, then off you go. The whole suite of support activities is there."

Hart’s journey to find a shipyard that would be able to deliver on all three fronts took him far north, to the fjords of Norway and the little town of Ulsteinvik. There, he found Kleven Verft, a world leader in building offshore support vessels (OSVs). “What we learnt was that the real SUV of the sea was these OSVs that support the oil rigs — that was the big ‘ahhh’ moment. These are the guys that really understand how to build a vessel that’s intended to cope with any sea condition and provide maximum comfort, stability and safety.”

But first Kleven needed to be convinced to take on a project unlike anything that had come before it. “We needed to think through if this was right for us,” says Ståle Rasmussen, the yard’s CEO. “In the end it came down to the partners and how we were able to co-operate and work together – this is what shipbuilding is all about.”

The Andromeda dream team became: Kleven for construction; OscarMike, with heavy input from Hart, for the exterior styling and layout; Marin Teknikk for the naval architecture and London’s H2 Yacht Design for the interiors, working closely with Hart’s wife, Robyn. Outfitting, meanwhile, was done in Germany by Finnish company Europlan, which has a proud history of fitting out cruise ships but a very limited one working with superyachts. But then again, nothing was ordinary about this build.

“I love building and creating something that wasn’t there before,” says Hart. “There’s no replication. You’re not hitting a ‘I’ll have another one of those’ buttons. You’re creating something that hasn’t been done before, so it’s a journey.”

You get a sense of Andromeda ’s commercial roots when stepping on board, with the high door cills, unpolished welds and, of course, that unfaired hull. But it’s all contextual. If you were walking into a high-maintenance interior that cost €20,000 a square metre, it wouldn’t feel quite right.

The job of mellowing the unalloyed masculinity of Andromeda fell to Jonny Horsfield, of H2. “We went for light, pastel colours and a relaxed summer house feel inside,” he says. “We felt the concept of the yacht was to be a go-anywhere ‘superyacht’ rather than a basic functional explorer.

“We worked mostly with the interior contractor, Europlan, who were fast learners. For example, they expect a wall finish to be part of a panel system that can be repeated quickly across a large ship, but we explained that yacht interiors are made up of layers of finishes and they soon understood and adapted quickly.”

One of H2’s big inputs was to bring the spa and superyacht gym together at the rear of Andromeda ’s main deck, creating one large wellness centre. Horsfield also suggested relocating the cinema to the boat deck, where it joins a clubby saloon to form a more informal party area, complete with pool table and mirror-finish stainless steel bar.

Europlan really hit a high note with this unit, says Horsfield. “They are really comfortable with metal finishes and the bar was easy for them to produce.” Two areas where there was zero attempt to restrain the commerciality of the contractors — and to great effect —were the galley and bridge on Andromeda .

The former is a chef’s dream, offering immediate access to a big forward pantry, a huge island and enormous windows. It’s all on the same level as Andromeda ’s main dining areas, which are two separate spaces: one formal, with a long banqueting table, and a more informal canteen-like set-up.

The bridge, meanwhile: whoa. Visibility through those forward-leaning frames is outstanding and, such is their scale and height, they make everything else in the anchorage look like a bath toy. “The concept for the bridge on Andromeda was offshore support vessel pumped up with a bit of carbon fibre and teak,” says Captain John Brining. “I’ve worked on the biggest cruise ship in the world — and this is better.”

The entirely Rolls-Royce bridge is also Hart’s favourite part of Andromeda . “I love being up there, especially if we’re going into a new port or anchorage. You can sit in the lounge to starboard and have breakfast or lunch, or if we’re doing a sunset cruise we’ll sit there with a glass of wine. It’s a very social space but you’re not getting in the way. Just the elevation, the windows, the design – it’s an area you could happily spend a lot of time in.”

Space is a theme throughout. Guests, of which Andromeda can carry 36, each get very generous quarters, spread across three decks, with the choicest digs being the two VIPs on the boat deck, each with its own private superyacht balcony . The upper deck guest cabins also get some shared outside real estate. “That’s fabulous because for most guest cabins on yachts they’re looking out of a porthole. Some cabins are bigger than others but there’s no apology needed anywhere,” Hart says. The biggest cabin is naturally the owner’s – and it occupies an entire deck.

Unusually, the bedroom is rear-facing, overlooking a private aft terrace, while forward is a lounge and bar. Horsfield also designed all the exterior deck layouts and furniture, and he kept to the theme. “We tried hard to make sure the functionality of the exterior decks related to the concept of world cruising. The basic concept was: breakfast on the aft main deck, lunch and chilling on the aft pool deck and dinner on the upper deck.”

It’s worked out a little like that, says Hart. “We might have breakfast on the aft deck and evening drinks on the main deck. You go up to the sky lounge to play pool at night and have a pre-dinner cocktail. The pool deck serves two purposes: one as a daytime activity area but it’s also a great party environment at night. We got such a big [11 metre] pool because often, if you’re cruising in the South Pacific, sometimes jumping off the back of the boat is not always the best idea. And if Andromeda swings at anchor, suddenly you’ve got a 500 yard swim home.”

That’s if you’ve got time for swimming, because Andromeda has one big problem: you’re almost paralysed with choice. Housed in the well forward is a 21 metre foiling catamaran, known as U21, owned by the Harts for years, which is an independent cruiser in its own right. It can be craned off in just over an hour (“down from three,” the captain says proudly) and take parties fishing or exploring.

It’s the choice when you want to get up close and personal with nature, something Hart learnt the hard way. “We were in Alaska and went exploring in a RIB and by the time we got back to the boat we almost had hypothermia. If you’re in Alaska and you want to go exploring, you do it in U21!”

There are also two 14 metre Naiad RIBs housed on Andromeda’s boat deck that can be splashed in no time, as well as four sailing dinghies, four jet skis, the landing craft and amphibious RIB. But it’s what’s kept in the toy garage that will quicken the heart of anyone in touch with their inner 10 year old. Complete with sofa and access to a modest beach club, two brand new Harleys gleam next to the untouched Ducatis and zero-miles KTMs. The two ATVs sit temptingly, too.

“It all comes back to why you’re on the boat,” says Hart. “You’re on Andromeda to make the most of every single day. For some people that will mean sitting by the pool, but for others it will be taking out a motorbike or exploring in some remote area in the ATVs. You can bring the landing craft up alongside and in no time you’re off on land exploring or cruising. It’s just really cool to have a menu of things to maximise your experience.”

Andromeda comfortably ticks the support and volume boxes, then, but what about seakeeping? She hasn’t been tested yet in the wild, desolate seas of the high latitudes, but you get the impression that the huge flared bow will shrug off anything too testing. Captain Brining says the worst he’s encountered at the helm were 4.5 metre seas, which barely registered on the bridge.

Andromeda's a heavy unit – all steel and Ice Classed – so runs pretty flat, or as the captain puts it: “You’d have smashed the interior to pieces before you’d be worried about the ship.” Then, at anchor, the dynamic positioning can be engaged, the huge 13 square metre stabilisers flapping in tune with the bow thruster and azipulls to keep you dead still. The diesel-electric set-up also means that pristine anchorages will remain unspoilt by any chug, as Andromeda quietly slips out on batteries alone.

Then your only decision is what to do with the 8,500 nautical miles in Andromeda's ’ tanks. “Just fill it with fuel and food and she can go for months,” says Hart. “You just have to figure out what you want to do. There’s a big old world out there beyond St Tropez.”

First published in the September 2016 edition of Boat International. Subscribe below and never miss an issue.

More about this yacht

More stories, most recent, from our partners, sponsored listings.

Business Insider: Graeme Hart's superyacht Odyssey sold to Kiwi businessman, Bauer's magazine price, Phil Goff's tape measure

Share this article

Reminder, this is a Premium article and requires a subscription to read.

Billionaire Graeme Hart has sold one of his superyacht fleet, a 40-metre Princess called Odyssey. Photo/supplied

Stay up-to-date with The Insider, a weekly column featuring what's happening behind the scenes in business.

Mystery Kiwi buys Hart yacht

Billionaire Graeme Hart's $21.4 million Princess superyacht Odyssey has been bought by a New Zealand businessman.

The sleek 40.2-metre vessel has been in the Mediterranean but is due back in Auckland in the New Year, in time for America's Cup viewing.

Odyssey can accommodate up to 12 guests in five cabins, all with en suites, and seven crew. The cabins include two full-beam staterooms and a VIP suite featuring super-king beds with leather-topped bedside tables, and a spa bath and underfloor heating in each bathroom.

The highly specced vessel was built in the UK in 2015 and designed by superyacht expert Bernard Olesinski. The Fendi Casa interior oozes luxury, with walnut finishing, immaculate polished floors and lush carpeting.

The superyacht has generous lounge areas, formal dining for 10 inside and al fresco dining for 10 on the upper deck.

Outside it features multiple sun-deck spaces and a spa pool. The stern door drops down to create a teak-laid bathing platform at sea level, with access to a floating swimming pool. Toys stored in the garage include two tenders and a jet ski.

The Princess vessel, originally christened Anka and with a teal-coloured hull, was repainted dark blue after Hart bought it. The superyacht went up for sale last May with an asking price of $21.4m. Odyssey sold in November for an undisclosed price to a New Zealand businessman the Herald has agreed not to name.

Hart, 65, has made something of a money-making hobby in either building, or buying and refitting enormous superyachts in the past few years. So far he's owned three superyachts called Ulysses - a 57.6m vessel he renamed, and another two -107m and 116m - he had built in Norway. He also owned the 77m superyacht Weta.

He has another superyacht called Odyssey, originally named J'Ade when Hart bought it last year. The 57m vessel has undergone a refit at Whangarei and is now in the Bay of Islands.

Hart, New Zealand's richest man, owns private equity firm Rank Group, and global packaging, food and beverage giant Reynolds Group.

Mercury loving Kiwi mags

It's now four months since publicity-shy Mercury Capital took ownership of a portfolio of iconic NZ magazines previously owned by German multimedia company Bauer.

The Insider understands Mercury - chaired by expat Kiwi Clark Perkins - is very happy with the way the deal has turned out, having paid just $15m for the New Zealand titles.

This figure has never been released publicly, and sources close to the business say Mercury believes the investment has paid for itself already.

Since the end of the lockdown, magazines have returned to supermarket shelves and with it at least some of the advertising revenue that had dried up.

Mercury, whose directors include Sky TV founder Craig Heatley, has a secret weapon in that it also owns Blue Star Group, which includes Webstar - the printer of many Bauer titles - so it's making the most of it.

The New Zealand portfolio of magazines now trades under the banner Are Media and consists of flagship titles Woman's Day, New Zealand Woman's Weekly, and The Australian Women's Weekly NZ, along with home category leader Your Home & Garden, current affairs weekly NZ Listener and Air New Zealand's award-winning magazine Kia Ora. It also includes websites Now to Love, Homes to Love and Beauty Heaven as well as real estate publication Property Press.

Popular titles not included in the portfolio are North & South, now owned by journalists Konstantin Richter and Verena Friederike Hasel, and Metro, which was acquired by businessman Simon Chesterman.

Reports out of Australia have suggested the full portfolio across both sides of the Tasman set Mercury back A$50m - pocket change compared to the A$525m Bauer paid for the properties in 2012.

My consultancy is bigger than your consultancy

Auckland Council's reception lounge hosted an unusually corporate boasting match this week, as the mayor and councillors keenly measured the size of consultancies in a contest to prove that bigger is better.

The arena was the finance and performance committee where a usually pro-forma review of treasury policies had become charged after revelations the council's use of interest rate swaps to cap its cost of debt has seen its books take a $2.7b hit as interest rates trended - seemingly inexorably - downwards.

Bright-eyed PWC partner Alex Wondergem presented and gave evidence that the council's position was "vanilla", "very consistent with best practice", and its interest rate swaps were used "to provide certainty and security over outcomes".

Goff could not resist getting out his measuring tape: "I think PWC employs more than a quarter of a million people around the world, I'm not quite sure how many people Rodney Jones employs."

Economist Jones, and his Wigram capital, had appeared in the Herald the week prior arguing the council's ballooning swaps liability represented a "disaster" for ratepayers.

Councillor Chris Darby attempted to drag discussions away from crude size and back towards ideas, but made matters worse by describing Wigram as "quite a small provincial company of just four people".

For the record: Wigram is a macro advisory firm based largely in Auckland, and employs 15 staff including a number of data science PhDs who provided early modelling of Covid spread for the Beehive from January. Jones, it's founder, was until recently based in Beijing providing advice on the Chinese banking system and has tended to appear more in the pages of the Financial Times than the New Zealand Herald.

Goff trumpeted Wondergem's endorsement that showed "this is not a disaster, this is not incompetent, this is an orthodox - maybe a little conservative - way of managing your risks" and described the PWC partner's perspective as "a third-party independent expert view".

No mention was made, however, of Wondergem's position on the council's Treasury Management Steering Committee, having recently replaced fellow PWC partner Stuart Henderson. This steering committee was the very body which made the hedging decisions council was seeking assurances over.

Latest from Business

Apple reaches settlement over Tim Cook’s China demand comments

Financial Times: Investors claimed CEO misled them during an earnings call in 2018.

Ex-Files: My ex-wife is claiming economic disparity and wants a $150k payout

Job cuts possible at Les Mills International as customers ditch online workouts

Unhappy Ardern distances herself from $3.2m doco; film set for $1.2m taxpayer rebate

Big data needs big storage solutions