QIC loses CIO to Middle Eastern fund

Adriaan Ryder, who since 2008 has been serving as QIC’s chief investment officer (CIO), is leaving the organisation this Friday to take on a position with “a major Middle Eastern investment fund”, the Australian asset manager said in a statement.

The firm would not comment further on Ryder’s new employer, citing “confidentiality reasons”. According to media reports, however, Ryder will be joining the Abu Dhabi Investment Council (ADIC), the investment arm of the Abu Dhabi government.

“Adriaan made a significant contribution to QIC and a number of key clients through his focus on the fiduciary management function of the Queensland government’s retirement assets as well as by deepening our sovereign wealth fund networks,” said Damien Frawley, QIC’s chief executive.

Asked whether QIC would be naming a successor to Ryder, a spokesperson told Infrastructure Investor that Jim Christensen, who was appointed managing director of QIC’s Global Multi-Asset team last month, will now be responsible for managing the Queensland government’s long-term assets.

Although his appointment is recent, Christensen is not a newcomer to QIC. Between 1997 and 2009, he served as managing director of QIC’s active management division. He then served as CIO at TelstraSuper for the following six years.

“Mr Christensen’s appointment has been part of a planned succession process that sees Adriaan Ryder primarily focus on strategic level investment advice and relationships with the Queensland government and investment opportunities, and relationships, across the global sovereign wealth fund and public fund community,” QIC wrote in a statement announcing Christensen’s appointment.

“With his experience and expertise, it will be extremely beneficial for QIC to have Adriaan concentrate on these key areas moving forward,” Frawley had said at the time.

Other aspects of Ryder’s role and responsibilities will be allocated to a number of senior QIC executives over the next few weeks, the spokesperson said.

QIC is one of the largest institutional investors in Australia. It currently oversees about $52.4 billion in assets under management globally, with $435 million in infrastructure. The firm services more than 90 clients, including governments, pension plans, sovereign wealth funds and insurers across Australia, Asia, the Middle East and the US.