Melda Donnelly, the founder of the Centre for Investor Education and director of Victorian Funds Management Corporation, has agreed to be acting chair of the funds management group as well as deputy chair, while the search continues for a permanent candidate.

The retiring chair, Mike Fitzpatrick, had a farewell function in his honour in Melbourne last week, which included Victorian Treasurer, John Lenders. After thanking Fitzpatrick for his contribution, Lenders said that he anticipa ted that Donnelly would chair the organisation into the new year.

Meanwhile, possible candidates suggested for the permanent role include former funds manager and corporate director Linda Nichols. A former chief executive of the old County NatWest funds management firm, now a part of Invesco, Nichols is also a former chair of Australia Post and Perpetual and director of St George Bank. She also has several charitable interests including The Smith Family and medical research.

VFMC recently appointed a new CIO, Justin Pascoe, to replace Leo de Bever, who returned to Canada, but this year ensured stability at the organization by extending the contract of the CEO, Syd Bone.

It is understood that a couple of existing directors, including Melda Donnelly, have been suggested as candidates for permanent chair. Donnelly is also a former funds manager, heading up QIC in the 1990s, and has been a director of other companies including Network Ten.

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