The Chairman of the Future Fund Board of Guardians, Hon Peter Costello AC, today announced the appointment of David Neal to the position of Managing Director of the Future Fund Management Agency.
Mr Neal has served as the Chief Investment Officer of the Future Fund since July 2007 and was previously Head of Investment Consulting with Watson Wyatt Australia.
The appointment follows a comprehensive international and Australian search process and completion of all the necessary Australian Public Service recruitment requirements.
After a short period of scheduled leave, Mr Neal will take up his new role on 4 August 2014. Until then Paul Mann, Chief Financial Officer, will continue as acting Managing Director.
Mr Neal’s promotion will open up the position of Chief Investment Officer and a process to appoint a new CIO will commence immediately in accordance with Australian Public Service recruitment requirements.
Mr Costello said, “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. He has played a pivotal role in establishing the Fund, building its credibility and delivering strong returns for Australia. The Board is confident that he and his team will build on this and strengthen the Fund’s reputation as a leading global investment institution.
“I would also like to thank the Chief Financial Officer, Paul Mann, for his leadership as acting Managing Director during this process.”
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About the Future Fund
The Future Fund is Australia’s Sovereign Wealth Fund responsible for investing the assets of the Future Fund and three Nation-building Funds. The Future Fund has generated a return of 7.0% per annum since its establishment, adding around $40 billion to the portfolio which now has a value of $100 billion.