Last week, the fund advertised for a head of investment strategy that would report to Holzberger.

Vilgan said the fund’s long-standing relationship with QIC would continue after it had obtained an APRA license, and gained autonomy over its investment strategies.

“QSuper is expecting to have a long and strong relationship with QIC across many aspects of investment management,” she said.

Meanwhile, at QIC, Mercer Human Resources had been contracted to assist in a review of its organisational structure to assess whether the manager could be better prepared for future market crises, Doug McTaggart, chief executive officer of QIC, said.

“The global financial crisis has created a lot of lessons to be learnt, and we’re trying to analyse them now, and whether we’ve been adequately set up for it,” McTaggart said.

Until the review is completed, Holzberger’s responsibilities would be shared among QIC asset management executives.

“We will soon make decisions about
what we should look like and who we replace.”