TCorp is combining functions from teams to create a new chief investment officer role, following the government’s consolidation of three investment teams last year.
Three investment teams from TCorp, State Super, and icare were brought together, which resulted in TCorp managing around $70 billion for clients across New South Wales.
“Twelve months ago TCorp only had about 10 to 15 people in its investment areas, but now we have 50 people. There has been a significant process of integrating the teams, so now the appointment of a single chief investment officer is a logical outworking of that from the way in which we manage investment processes,” said David Deverall, chief executive of TCorp.
He added there were some internal candidates, but that they were also looking externally for candidates.
Deverall was appointed as chief executive about six months ago, with strategy for the organisation being one of his early focuses, “in order to become a best in class investment manager for many clients across the state of New South Wales”.
“It’s a case of bringing together [different responsibilities] to have a CIO role just like the CIO role in many other organisations,” Deverall said.
“What we are doing is combining the roles of the teams who are responsible for doing manager selection – we mostly do manager of managers, as we only manage some cash and fixed income in-house – and merging that team in with the team that is responsible for the analysis for asset allocation and dynamic attic asset allocation, as well as the advice to customers on their investment strategy.”
The combination of these duties have created the new chief investment officer role, which is aimed to be filled by the end of the calendar year.
Another new role
Deverall is also creating another role, the general manager of client relationships, to look after the clients that range from those with a few million dollars up to the largest, State Super, which has $35 billion in funds under management.
“Our aim is to be the best in class provider for financial management advice to the New South Wales government and all that is set within that, but we have to be organised and have the right people to enable ourselves to do that, that’s what this is part of,” Deverall said.
He added even though they were all part of the same “government family,” and some clients had to use them, he was seeking to create a model where they would choose to use TCorp, whether they were compelled to or not.