QIC overcomes choppy markets to deliver record earnings

State-owned fund manager QIC has delivered record annual earnings of $8.9bn despite inflationary pressure and other challenges.

QIC boss Kylie Rampa says record earnings delivered.

Some good news for Queensland Investment Corporation (QIC) that has recently struggled with the choppy property market. The financial powerhouse delivered record annual earnings to Queensland government clients of $8.9 billion last financial year.

Assets under management increased to $111.7bn, with approximately 70 per cent of funds exceeding performance objectives with an operating pre-tax profit of $125m.

QIC chief executive Kylie Rampa says the results demonstrated the investment fund’s prudent financial management while navigating market volatility.

“For more than thirty years, QIC’s ongoing objective has been to deliver compelling long-term returns for clients and maximise shareholder value for the Queensland Government,” Rampa says. “Delivering record returns to Queensland government clients is a significant achievement against a backdrop of ongoing inflationary pressures and macroeconomic challenges.”

QIC boss Kylie Rampa says record profit delivered to Qld Government.

Rampa says earnings directly support the financial prosperity of Queensland universities, hospitals, schools, councils, charitable foundations, government and statutory bodies. She says challenging conditions for capital raising and valuations persisted, but did not deter QIC from growing its investor base, broadening existing client partnerships, and generating liquidity.

“A key driver in our success has been QIC’s global diversified platform, which allows us to maintain organisational stability and overall investment performance,” she says. Rampa says performance highlights included the deployment of $367m across seven private debt investments in renewables, alternative fuel, digitalisation, logistics and transportation sectors.

As the Queensland Government’s strategic investment advisor, QIC also has an investment proposal for the Gympie Road Bypass and supported the Queensland and Commonwealth governments to reach contract close on the establishment and operation of PsiQuantum’s computing facility in Brisbane.

Chrismas cheer

Leading syndicator Sentinel Property Group has appointed Victoria Chrismas as its new national retail leasing manager overseeing the group’s major shopping centre assets and large format retail centres. Chrismas, who has more than 15 years’ experience in the retail leasing sector, moved from Sydney to Brisbane earlier this year to join Sentinel as a senior leasing executive. She previously held senior roles with Mirvac and AMP Capital.

Victoria Chrismas has new role at Sentinel Property Group

Sentinel CEO Warren Ebert says Chrismas had played a key role since joining the Brisbane-based syndicator and was responsible for leasing transactions at Sentinel’s biggest asset, Casuarina Square Shopping Centre in Darwin. “We’re delighted to appoint Victoria and she will oversee our four shopping centres, including Casuarina Square and Caneland Central in Mackay, as well as five large format retail assets,” he says. Brisbane-raised Chrismas holds a Bachelor of Business Management (Real Estate and Development) from the University of Queensland and a Bachelor of Laws from Queensland University of Technology (QUT). She has been admitted as a solicitor to the Supreme Court of Queensland.

Room at the inn

The Westin Brisbane and Four Points by Sheraton Brisbane has unveiled a revitalised executive leadership team. Kelvin Ramm has been named cluster general manager for The Westin Brisbane and Four Points by Sheraton Brisbane. A former chartered accountant, Ramm entered the hotel industry at the Surfers Paradise Marriott Resort & Spa in 2001. He held senior leadership roles across the Marriott portfolio, including as general manager of their Melbourne and Brisbane five-star properties, before this new appointment. Ramm will be joined by Valerie Wade as cluster director of sales and marketing, Julie-Ann Watt director of sales, and Pamli Bose as director of distance overseeing the two properties.

Kelvin Ramm has been named as general manager for The Westin Brisbane and Four Points by Sheraton Brisbane.