After nearly 15 years with Industry Funds Management and its predecessor firm, Damian Moloney, the chief executive, has resigned.
Garry Weaven, IFM chair, has instituted a search, including possible internal candidates, for a new chief executive.
Moloney had been involved with IFM since its inception, as Industry Fund Services, in 1995, overseeing its expansion in Australia, Europe and the US.
Weaven told IFM shareholders last week, who consist of 36 not-for-profit super funds, that it was “with both sadness and empathy” that he received Moloney’s resignation.
“This marks the end of a great era of development and success for the company and comes at a time when even greater growth and success awaits us,” he said. “Needless to say, whilst I regret Damian’s decision, I fully understand that there comes a time when one feels the need to step aside.”
Moloney said he would have a break before considering a new role.
Highlights from his tenure at IFM included:
. IFM’s ability to be a significant player in the unlisted space and with good performance and low fees, both in Australia and in Europe and the US.
. The “good work” done in after-tax management with listed equities
. Industry funds performance in general “which we’ve helped with”, and
. The original ‘compare the pair’ advertising campaign for the then IFS, which was initially called ‘net benefit to members’.
IFM has about $20 billion under management in a range of active and passive funds. It has more than 100 staff in its Melbourne, London and New York offices.
Moloney was a consultant with the former Towers Perrin before joining IFM. He has also been a senior tutor with the University of Melbourne.
Kyle Mangini, the IFM head of infrastructure and specialised funds, will take over Moloney’s board positions at Pacific Hydro and Melbourne Airport.