VFMC has replaced head of operations John Rodd with former Merrill Lyncher Brett Davidson, following the appointment of Leo de Bever as chief investment officer and chief investment strategist.

“We are expanding the scope of operations quite significantly,” VFMC chief executive officer, Syd Bone, said. Davidson’s role will also include mandate implementation responsibilities. VMFC’s current review of its investment strategy is expected to result in a split between alpha and beta responsibilities and Bond said Davidson’s broad experience would equip him well for the new role. Meanwhile, Canadian Bever has reportedly joined VFMC from MFC Global Investment management, where he is executive vice-president. VFMC, which now oversees the management of the combined assets for a number of Victorian Government schemes, is also considering whether it will bring more investment capabilities in-house. Bone said the best asset classes suited to internal management for the fund were infrastructure, private equity and possibly even property. “It’s possible we could also run Australian equities [in a quant style],” Bone said.