Money Management

QIC names next head of A$22.4 billion real estate business

Michael O'Brien will join QIC Ltd. as managing director, global real estate, the company announced Monday.

Mr. O'Brien will replace Steve Leigh, outgoing managing director and founding member of the Brisbane-based money manager's global real estate business, who announced his retirement at the end of 2018.

Mr. O'Brien was chief financial officer of Vicinity Centres, an Australian Securities Exchange-listed asset management platform with A$27 billion ($19.6 billion) in retail property assets under management.

A spokeswoman for Vicinity Centres said the firm's treasurer, Kah Wong, has been named acting CFO while a search is conducted to find a permanent replacement. Mr. O'Brien will stay on to ensure a smooth transition in the medium term, she added.

Mr. O'Brien will lead a team at QIC managing roughly A$22.4 billion in real estate assets on behalf of institutional clients.

As of Dec. 31, QIC had total assets under management of A$85.7 billion.