Don McLean will leave the $38 billion NSW State Super as chief executive officer at the end of the month and consider career opportunities outside the funds management industry.

“My term of appointment will soon expire and I’m not seeking another appointment,” McLean said. “It’s a career break. I’ve been in the job for five years. I’m taking a break and will look at doing something different.” A replacement for McLean is currently being sought. The outgoing CEO said the defined benefit fund had continued to diversify its investment portfolio since it began reducing allocations to Australian equities while increasing flows to alternative investments – particularly infrastructure – throughout 2006. “We’ve made some allocations to global infrastructure. Direct investment [in infrastructure] is something we’re looking at. It’s a matter of finding the opportunity.” He said the fund was nearing its $2 billion limit for investments in infrastructure, which have been made in consultation with Access Capital Advisors. Before joining State Super, McLean held executive positions with BT’s retail business and MLC. Given the small size of the State Super secretariat, McLean said his replacement was more likely to be recruited externally rather than promoted from within.

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