Tony Day, head of strategy at Australia’s A$68 billion (US$59 billion) Future Fund, is leaving the sovereign wealth fund to form his own business.
Mr. Day will be replaced by Stephen Gilmore, the Future Fund’s current senior strategist.
David Neal, chief investment officer of the Melbourne-based fund, said Mr. Day, who joined the fund in 2007, had “played a critical role during the important establishment phase of the fund, building a highly skilled team, shaping the long-term asset allocation and helping to protect and grow the fund in an enormously challenging environment.”
Mr. Day’s new business will offer asset allocation and macroeconomic strategy advice to large fiduciary investors. He said he was “in negotiations” for the Future Fund to be an early client, as well as other major institutions, both in Australia and overseas.
Michael Bailey is editor of Investment magazine in Sydney.