David Neal, chief investment officer of Australia’s A$96.6 billion (US$90.9 billion) Future Fund, has been appointed as the next managing director of the Future Fund Management Agency, said Will Hetherton, the Melbourne-based fund's spokesman.
Mr. Neal will take on his new role Aug. 4.
Until that time, Paul Mann, the fund's chief financial officer, will continue to serve as acting managing director, an additional role he assumed in February when Mark Burgess, managing director and president of the agency, left.
In an e-mailed response to questions, Mr. Hetherton said the “president” title no longer will be used at the fund.
Mr. Neal was selected following a global search conducted by executive search firm Korn/Ferry International.
The fund will start a search for a new CIO immediately, according to a Future Fund news release Friday.
Asked whether an acting CIO will be named, Mr. Hetherton said it's too early to say how the position will be covered should a replacement not be found by Aug. 4.
Mr. Neal was appointed as the Future Fund's first CIO in July 2007.
Before assuming the CIO role, Mr. Neal — in his capacity as head of investment consulting with Watson Wyatt Australia — served as a consultant to the fund, Mr. Hetherton said.