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Australian Ethical announces departure of long-standing CIO

Australian Ethical announces departure of long-standing CIO

3 minute read

David Macri will exit the ethical investment manager at the end of the year.

Australian Ethical Investment has announced that David Macri will step down at the end of 2022 after 14 years at the investment firm, including 11 as its CIO.

In an announcement to the ASX on Friday, Australian Ethical MD John McMurdo said that Mr Macri had helped to transform the firm into an ethical investment management ‘powerhouse’ with over $6.2 billion in funds under management across managed funds and superannuation.

“David was responsible for developing unique investment strategies and processes that enabled our funds to deliver excellent investment performance over the last decade, and has worked tirelessly to demonstrate that you don't need to compromise on investment performance to invest ethically,” said Mr McMurdo.

“He has built and led a highly capable investment team which we are confident will continue to deliver long-term investment performance for our investors.”

Commenting on his departure, Mr Macri said that he was proud to be leaving the firm in an excellent position.

He also expressed confidence that the Australian Ethical team would be able to build upon the existing platform and its strengths and add more diverse capability and product offerings.

“While I will greatly miss working alongside such an experienced and capable team, after more than a decade as CIO, now feels like a natural juncture to assess my next challenge and allow others to build on what has been achieved,” Mr Macri said.

On behalf of the firm, Mr McMurdo thanked Mr Macri for his significant contribution and wished him every success for the future.

Australian Ethical confirmed that the search for a new CIO was already underway and that it anticipated there would be a high-quality pool of candidates.

In August, the firm posted a 15 per cent decrease in net profit after tax to $9.6 million and a 21 per cent increase in operating revenue to $70.8 million for the 2022 financial year.

Earlier, Australian Ethical Super signed a Successor Fund Transfer deed with Christian Super.

All 30,000 Christian Super members are expected to be transferred into Australian Ethical Super in late 2022 or early 2023.

Jon Bragg

Jon Bragg

Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.