Feb 4 (Reuters) - Australian pension fund company IFM Investors on Tuesday named David Neal its new chief executive officer as the current boss nears retirement.
Neal, who has been with state-owned sovereign wealth fund Future Fund Management Agency for nearly 13 years, has been at the helm since 2014.
Under his leadership, Future Fund has returned 9.9% per annum over the last five years and reported a strong 11.5% return in fiscal 2019, according to the fund’s 2019 annual report.
“David has been instrumental in designing and implementing an investment strategy that has grown the Future Fund to its current value and in building a robust and effective organisation,” Peter Costello, chairman, Future Fund Board of Guardians, said in a statement.
Neal will be taking over from retiring Chief Executive Brett Himbury, IFM Investors said, adding that the dates will be confirmed soon.
Cameron Price, general counsel and chief risk officer with Future Fund, will be the acting chief executive after Neal leaves the sovereign fund on Feb. 28.
“The industry super funds movement has now clearly reached a scale where we can attract the very best corporate leaders in the world,” IFM Chair Greg Combet said.
Reporting by Niyati Shetty in Bengaluru, Editing by Sherry Jacob-Phillips