Fund manager Victorian Funds Management Corporation (VFMC) has appointed John Fraser as chair, replacing Mike Fitzpatrick, who left the firm in December 2008.
Fraser is the chair and chief executive of UBS Global Asset Management.
Before joining UBS in 1993, he was a deputy secretary with federal Treasury.
The firm also announced the resignation of chief executive Syd Bone.
Bone worked at VFMC for four years. Under his tenure, the team grew from 20 to 68 people.
"Syd leaves the organisation well positioned to deliver on its vision of creating a centre of investment excellence in Melbourne," VFMC acting chair Melda Donnelly said.
VFMC chief investment officer Justin Pascoe will act as interim chief executive.
