Institutional investment manager QIC has appointed Damien Frawley as CEO to succeed Doug McTaggart who announced late last year his intended retirement in mid 2012.

 

With over 26 years’ experience in the financial services sector, Mr Frawley joins QIC from BlackRock Australia, where he was the country head, responsible for a business managing $45 billion in assets.

 

QIC Chairman, Peter Young, welcomed Mr Frawley’s appointment.

 

“Damien is enormously respected for his ability to integrate highly complex organisations with a range of challenges including diverse products and people and management structures, and has demonstrated his ability to do this across both domestic and international markets.”

 

“Damien’s breadth of experience across strategic, client, sales and operational issues make him ideally suited to lead QIC, Australia’s third largest institutional fund manager. I am particularly pleased that Damien is joining us from BlackRock with whom we have a strong working relationship and I am sure this will strengthen further.”

 

Prior to his roles at BlackRock as Managing Director, CEO (2010-present) and Managing Director, Head of Account Management Group (2005-2010), Mr Frawley was the Director, Head of Retail Sales at Merrill Lynch Investment Management, Australia, from 2002-2005.

 

Mr Frawley will commence his role as CEO with QIC by July 2012.

 

QIC has $60.2 billion in funds under management.