Mr Cuffe's appointment to the Argo Investments board came as the LIC announced the retirement of current director Rob Patterson, whose current term expires in October 2016.
Mr Patterson joined Argo in 1969 as company secretary. He was appointed chief executive officer in 1983 and managing director in 1992.
Argo chairman Ian Martin said the company's current strong reputation is largely due to Mr Patterson's "loyalty, passion, business acumen, and of course his skill as a fund manager".
Mr Cuffe joined Colonial First State in 1988 and became chief executive officer two years later.
"The [Argo] board is very pleased to make this appointment, following an external search process which identified that Mr Cuffe's wealth of experience and impressive track record in the investment management industry make him ideally suited to joining Argo's board," Mr Martin said.
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