QIC has announced a restructuring of its management roles that will divide the responsibilities of the head of funds management into a distribution role and a boutique management role.

The $60 billion government-owned investment manager switched to a multi-boutique structure in 2009 and since then the businesses have increased in diversity and grown, attracting a number of international investors.

QIC head of funds management Hazel McNeilage has decided to leave the firm, after two years in the role.

McNeilage said the growth of QIC over this period had made it necessary to have a senior person focus solely on the development of the boutique business without having the additional responsibilities for distribution.

"I'm very much in favour of this decision and was part of this decision," she said.

"I see this as a natural evolution given the success QIC has had. It is time to split up the role."

She said she had no interest in taking up either position.

"This position has worked very well for QIC and has worked very well for me, but I can see a time when it won't," she said.

Before joing QIC, McNeilage worked with Principal Global Investors as global head of sales in New York, while she has also worked as head of asset consulting with Towers Perrin.

She said she was looking at a few possiblities, including returning to New York.

"I have an apartment in New York, I'm a UK citizen, so I might move to London, but it wasn't Brisbane, that didn't fit in," she said.

McNeilage will remain with the firm until a smooth transition has taken place.

QIC plans to name the two new hires for the boutique management and distribution roles shortly.