Four years after becoming its first employee, Paul Costello will leave his role as general manager of Australia's giant Future Fund, saying “new leadership” was appropriate now that the A$87 billion (US$81.2 billion) vehicle was beyond its “startup phase.”
Mr. Costello said he will remain in his role for another couple of months, to “facilitate a smooth transition” to a new leader of the Future Fund Management Agency, Melbourne.
The fund's board of guardians said it already was searching for a replacement for Mr. Costello; sources in headhunting circles said it was likely the recruitment process would be run by Spencer Stuart.
Board Chairman David Murray paid tribute to Mr. Costello, particularly for his role in “recruiting a skilled team to develop and implement the investment program.”
The advance notice of his departure led some industry observers to question whether Mr. Costello, who ran Superannuation Trust of Australia and New Zealand Super Fund prior to joining the Future Fund role, had another job to go to.
Michael Bailey is editor of Investmentin Sydney.
