The QSuper investment committee will review the function of the head of investment services position at the fund before seeking to replace Michael Drew, who vacated the role last month for a position in academia.

Drew provided technical and strategic advice to the $23 billion QSuper regarding the investment program implemented by its funds manager, Queensland Investment Corporation (QIC). In this role, he liaised with both QIC and QSuper’s asset consultant, Watson Wyatt. Rosemary Vilgan, the chief executive officer of QSuper, said the fund’s investment committee would soon review the investment services role before deciding on the type of candidate required to fill the position. “The QSuper investment committee will give consideration for what it will seek in a replacement before they go to market,” Vilgan said.

Drew worked at the public sector fund for less than a year before exiting last month to become an Associate Professor of Finance at Griffith University in Brisbane. His assistant at QSuper, Adam Walk, left the fund at the same time. It is understood that he will work in Drew’s office at Griffith University while undertaking PhD studies. The interim replacement for Drew at QSuper, pending the outcome of the investment committee’s meeting, is Philip Greenheld.

While at QSuper, Drew oversaw the construction and implementation of an in-house risk management system monitoring the performance and integrity of member investment options. Vilgan said this system was now being run by a team that worked under Drew. “The system looks at how member investment options are behaving in response to market movements, and whether they’re behaving in accordance with how the options have been designed,” she said. “It focuses on the member investment choice end moreso than the investment allocation end.”

For the financial year to October 22, the crediting rate for the QSuper’s balanced option was -9.56 per cent, while its basic growth and high growth crediting rates were -11.67 per cent and -14.48 per cent respectively. The crediting rate for the fund’s cash option was 1.33 per cent.

In contrast, the fund’s defined benefit members enjoyed a 14.8 per cent crediting rate for the 2006-07 financial year. Members from the state government and police force received preservation crediting rates of the same value.