(June 13, 2014) — David Neal, the CIO of Australia’s sovereign wealth fund, has been appointed managing director of the A$100 billion pot.
In August, Neal, who has lead the fund’s investment since 2007, will take over the top role made vacant following the resignation of Mark Burgess in September 2013. In the interim, the Future Fund’s CFO, Paul Mann, will continue to stand in as acting managing director.
“David is a world class investor and leader and the search process confirmed that he was the best qualified person for the role of managing director,” said Peter Costello, chairman of the Future Fund Board of Guardians and former Australian Treasurer. “He has played a pivotal role in establishing the fund, building its credibility, and delivering strong returns for Australia.”
Neal joined the fund at inception, initially as an advisor to the government in 2006 while head of investment consulting at Watson Wyatt in the country.
He consulted on and guided core aspects of governance, mandate, investment philosophy, and implementation. In 2007, he was appointed CIO and has since led the fund to grow from A$42.6 billion.
Neal was ranked in second place in aiCIO’s list of leading investors—the Power 100—in 2013.
The promotion leaves an opening at the top of the fund, which has begun a search for a new CIO in accordance with Australian Public Service recruitment requirements.
Over the past 12 months, the fund has appointed several leading sector specialist to its staff roster, including the former hedge fund chief at the California Public Employees Retirement System.
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