First State Super CIO to Exit

Richard Brandweiner is set to join an impact investment firm.

The CIO of Australia’s First State Super is to leave the pension after three years of leading its investment operations.

Richard Brandweiner—named on CIO’s Power 100 list last year—is to join impacting investment firm LeapFrog Investments at the end of this year, First State Super said in a statement.

First State Super has appointed Damian Graham as acting CIO while it seeks a permanent replacement, effective August 22. Graham was previously CIO at public sector financial advisor StatePlus, which was recently purchased by First State Super.

Brandweiner will continue to work at the A$71 billion (US$54 billion) pension as executive investment consultant until he leaves in December, the pension said.

CEO Michael Dwyer indicated that First State Super would likely continue to work closely with Brandweiner in his new position.

“First State Super has been a leading advocate for the superannuation industry to play a greater role in developing high quality investments that deliver both financial and social outcomes,” Dwyer said. “We are keen to work with Richard and the team at LeapFrog to develop investment vehicles that will deliver on this objective on a global scale while generating strong investment returns for our members.”

First State Super Chairman Neil Cochrane praised Brandweiner’s “outstanding leadership.” The departing CIO “has an enduring commitment to impact investing,” Cochrane added. “Together with the board and our First State Super leadership team, I wish him every continued success in this mission.”

Related: The Power 100 2015