Institutional investment manager QIC has named Damien Frawley as its new chief executive.
Frawley joins QIC from BlackRock Australia where he held the position as chief executive and managing director.
He will succeed Doug McTaggart who announced late last year his intention to retire midway through 2012.
"The 14 years that Doug has been at QIC have resulted in an organisation which can demonstrably give the best-of-breed products that have provided solution-based initiatives to our existing clients," QIC chairman Peter Young said.
"What I look forward to Damien doing is to continue to build on expanding client relationships and expanding the client base, both domestically and internationally, certainly with a strong interest with sovereign wealth funds."
As CEO, Frawley will be responsible for making changes to the group. However, Young does not expect personnel changes, initially.
"As the new chief, he will look at the existing talent base. He has met with the majority of the boutique heads . and I think there is already a good amount of respect [on both sides]," Young said.
"There is a very good business to go forward."
Asked whether Frawley's appointment would affect the relationship between BlackRock Australia and QIC, Young said he believed it would not.
"No, BlackRock has been very supportive and there is an excellent working relationship between QIC and Blackrock," he said.
Frawley begins his new role on 1 July.
He will work with McTaggart and the QIC board to ensure a smooth transition.
Prior to his time with BlackRock, Frawley was the director, head of retail sales, at Merrill Lynch.
QIC is a leading provider of dynamic investment solutions for superannuation funds and other institutional investors and has $60.2 billion in funds under management.
