QIC will exit two of its investment businesses following an overhaul of the group.
In August, the firm signalled the establishment of a number of investment boutiques including global fixed interest, global real estate, global infrastructure, global private equity, implemented Australian equities, quantitative management, strategy and capital markets.
Following the establishment of the boutiques, the firm will discontinue its implemented solutions and global tactical asset allocation businesses.
QIC will be working with clients in these two strategies to wind down their investments.
"The new business strategy provides QIC with a sharper focus to continue to grow its business," QIC chief executive Doug McTaggart said.
QIC's Australian equities team will be structured into separate boutiques of small companies and large companies and will also focus on after-tax management issues.
Following the announcement of the restructure, director of Australian equities Simon Hudson will depart the group. He will, however, assist QIC with finalising the restructure.
Hudson had worked at QIC for four years.
"There have been some staffing implications as a result of these decisions, including redundancies. However, where possible the people affected have been redeployed to emerging and growing areas of the business in line with our new strategy," McTaggart said.
QIC has grown from 30 Queensland-based clients to more than 80 local and international clients.
"The new business strategy will see QIC continue to grow and diversify its client base," McTaggart said.
Consulting firm Oliver Wyman and Mercer Human Resources assisted the firm with the review.
