QIC chief executive Damien Frawley will stand down in 2022

The man who has guided the fortunes of the Queensland Investment Corporation for the past nine years has confirmed he will stand down.

After nine years at the helm Queensland Investment Corporation chief executive Damien Frawley has announced he will leave the job.

Mr Frawley’s tenure has seen the Queensland Government-owned corporation expanded to have more than $88.8bn in assets under management for a range of government, domestic and global institutional investors.

Mr Frawley, who will stay until a successor has been appointed which is expected in early 2022, said he was proud of the achievements of the entire QIC team.

“As QIC reaches our 30th year of operations, the timing of my departure feels about right. We have all achieved a great deal and I leave an executive team well equipped to continue leading the business successfully into the future,” he said.

“Together with our Board and investment teams, we have shaped a strategic direction for QIC that I firmly believe sets us on a continued successful path — with our core objective of being client led in all that we do.”

QIC's chief executive Damien Frawley who will stand down in 2022.

Mr Frawley said one of the highlights for him was working with the Queensland Government to create the Queensland Future Fund.

“This initiative, including the transfer of the $7.8bn Queensland Titles Registry, will build wealth for future generations and demonstrates the value of an institution like QIC to the state,” he said.

The St Joseph’s College, Gregory Terrace old boy played rugby for Queensland and NSW as well as 10 Tests for the Wallabies in the 1980s.

He was managing director/CEO of the Australian arm of one of the world’s largest investments manager Blackrock before joining QIC in 2012.

QIC’s chairman Ian Martin AM said Mr Frawley was highly respected across the Queensland, Australian and international investment landscape.

“He has been instrumental in getting QIC to the position that it holds today,” he said.

“His strong and inclusive leadership, open and frank approach, laser-like focus on investment performance and delivering to clients expectations have all been instrumental in moulding QIC’s culture and track record.

“On behalf of the Board, the executive and all the QIC team, I want to thank Damien for his outstanding and down to earth leadership and we wish him all the very best in the next chapter of his life.”

Global executive search firm Egon Zehnder, has been appointed to undertake a global search for QIC’s next chief executive.