David Neal leaves Future Fund for IFM Investors
The man Peter Costello credits as crucial to the success of Australia’s $168bn Future Fund has found a new job.
The head of the $168bn Future Fund, David Neal, is stepping down from the top job and will leave the organisation at the end of the month to take up the CEO role at global funds manager IFM Investors.
Mr Neal will replace outgoing IFM Investors CEO Brett Himbury, who announced his retirement late last year.
Future Fund general counsel and chief risk officer Cameron Price has been appointed as acting CEO while a global search gets underway for Mr Neal’s replacement.
“It has been a privilege to contribute to the establishment and success of the Future Fund. I will be forever grateful for the unique opportunity I have had to help build Australia’s sovereign wealth fund and to work with truly impressive colleagues and board members over the last 13 years,” Mr Neal said.
“While I am looking forward to fresh challenges, I am proud that the organisation is in great shape to continue its mission of investing for the benefit of future generations of Australians.”
Future Fund chairman Peter Costello said Mr Neal had been instrumental in designing and implementing the fund’s investment strategy
“The fund is highly regarded as one of the world’s most successful sovereign wealth funds and David has played a central role driving its performance and reputation,” he said.
Mr Neal had been on the executive team at the Future Fund for 13 years, firstly as its inaugural chief investment officer from 2007, before taking on the top job in 2014.
Commenting on the appointment at IFM Investors, chairman Greg Combet said he was pleased to have secured the services of Mr Neal, who he described as a superb leader.
“David will continue the global evolution of IFM Investors consistent with our purpose – to deliver strong net returns to the millions of members of our super fund, pension fund and institutional investors,” Mr Combet said.
“We have an ambitious agenda going forward – to maintain strong investment performance across our asset classes and products, continue to grow and evolve as an organisation, and to be leaders in responsible investment.”
The Future Fund last week revealed it had grown by $21bn over 2019 following a healthy 14.3 per cent annual return, as low interest rates boosted equity markets.
The marathon man doggedly chasing a cure for brain disease
South African born, Melbourne educated Professor Peter van Wijngaarden heads the largest brain research centre in the southern hemisphere and the marathon runner’s cause is personal.
Supermarket suppliers’ council chief shown the door
Mystery surrounds the immediate exit of Tanya Barden as chief of the Australian Food and Grocery Council, leaving the peak body representing supermarket suppliers without a leader.