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MONEY MANAGEMENT

Victorian Funds Management taps next CIO

Russell Clarke was named chief investment officer of Victorian Funds Management Corp., effective May 15.

Mr. Clarke replaces Andrew Elliott, the manager’s deputy CIO who stepped in as acting CIO after Justin Pascoe left recently to spend more time with his family.

When Mr. Clarke assumes the CIO role in May, Mr. Elliott will resume his deputy CIO position, said Kerrie Howard, VFMC’s company secretary.

Mr. Clarke will come to VFMC — set up in 1994 to provide investment and fund management services to public authorities in the state of Victoria and now oversees A$52 billion ($40 billion) in assets — from Mercer, where he served as global CIO (mainstream assets) and CIO (Pacific) for the consultant’s $185 billion implemented consulting business.

Tracey Hayward, a Melbourne-based spokeswoman for Mercer, said in an email Mr. Clarke will remain Pacific CIO until mid-May. Phil Graham, deputy CIO for the Pacific region, will step in as acting CIO. She didn’t respond specifically to questions on the global CIO role.