Doug McTaggart, the chief executive of the $60.2 billion Queensland Investment Corp., will quit on June 30 next year.

McTaggart, 58, will become an adviser to the fund. Executive search firm Korn Ferry will recruit a new CEO.

“We feel very sure that we have ample time to find and appoint a high calibre replacement,” said QIC chairman Peter Young in a statement.

McTaggart says by June next year he will have spent almost 14 years at QIC. He joined in August 1998 when the fund managed less than $20 billion.

“I think it’s time,” he says. “The business is in good shape.”

McTaggart says his proudest achievement is “assembling and maintaining one of the highest-ranked investment teams in the country”.