McTaggart said QIC had shorlisted for the vacant role of head of funds management, who will be the main interface with the boutique heads, while the manager would probably promote internally to fill its ‘Managing Director of Investment Services’ role. This was Margaret Sugden’s job, however McTaggart has seconded her to the ‘QSuper Taskforce’ charged with assisting QIC’s largest client to establish its own investment governance framework.

McTaggart said redundancies resulting from the restructure had been “redeployed to emerging and growing areas of the business” where possible.

He hoped the restructure would allow QIC to continue to grow and diversify its client base, which from 30 mainly Queensland-based clients five years ago, now number more than 80 clients from around Australia and the world.