Queensland Investment Corporation’s $10 billion ‘implemented solutions’ multi-manager business has a new leader after a surprise resignation on Friday.
Seven months after he replaced Greg Liddell as head of implemented international equities at QIC, Greg Clarke resigned and left the Brisbane-based manager on Friday, a day after two of his team members – portfolio manager Kevin Wan Lum and senior analyst Raymond Perina – did likewise.
Clarke has been replaced by Aongus O’Gorman, formerly head of the now-obsolete implemented absolute returns team, who had been running the implementation and risk management functions of the ‘implemented solutions’ business while Clarke had overseen research and portfolio management.
QIC’s chief executive Doug McTaggart was unavailable at presstime, however head of client solutions Tony Cahill said the resignations were all voluntary.
He said O’Gorman would now oversee completion of the merger of the old ‘absolute returns’ and ‘international equities’ businesses into the single ‘implemented solutions’ business. That business will have five lines – portfolio management, manager research, implementation, risk analytics and client solutions – the heads of which have not all been determined. Cahill said the consolidation of functions like risk analytics would free up more time for portfolio managers and manager researchers to concentrate on finding alpha sources.
QIC recently hired Suncorp Investment Management’s head of world equities, Rob Wood, to design and implement global equity manager portfolios, and is in the process of finding a replacement for head of alpha investments, Charles Woodhouse, who left for QSuper earlier this month.
Cahill said Woodhouse’s QIC role had been focused on major client QSuper, whereas his replacement would have a more holistic investment governance function.
In a note to QIC staff on Friday, McTaggart mentioned the departures of Clarke, Wan Lum and Perina in the context of Project Galaxy, QIC’s ongoing “review of our organisational structure [to] position ourselves to meet the challenges ahead and take advantage of emerging market opportunities”.
Project Galaxy is operating against a backdrop of foundation client, Queensland public sector scheme QSuper, setting up its own investment governance structure, hiring key QIC staff such as CIO Brad Holzberger and searching for a master custodian as it prepares to allocate assets outside QIC for the first time.
It is understood that Greg Clarke and his fellow departees have not been offered positions at QSuper.