A $6 billion industry fund is searching for a replacement investment analyst, but is yet to advertise the position.

Auscoal, which is based in Warner’s Bay near the NSW city of Newcastle, needs to replace Daniel Grioli, who left in January after two and a half years with the fund.

Grioli had covered the Australian equities, global equities and cash investments for the fund. He has recently moved to Sydney with his wife and is seeking a position in the investment management industry here. For a year up until March 2008, Grioli valued structured equity products and hedge fund derivatives for Deutsche Bank, prior to which he was a forex  salesman for ANZ Bank.

The investment manager at Auscoal, Paul Coenraads, said he was searching for a new analyst through his own contact base at this stage.