Queensland Investment Corporation CEO to retire

Doug McTaggart, chief executive officer of Australia’s Queensland Investment Corporation, has decided to retire by June of next year. A replacement has not yet been named.

Doug McTaggart, chief executive of the Queensland Investment Corporation (QIC), a state-backed pension fund manager and institutional investor with A$60 billion (€45.4 billion; $63.7 billion) in assets under management, has decided to retire next year.

McTaggart has served as chief executive since 1998, according to a statement. During his tenure, QIC made its first direct infrastructure investment in UK water company Thames Water.  QIC also established a global infrastructure group in 2006 and has since committed A$3.1 billion to 13 investments, according to the group’s website.

McTaggart will retire effective on June 30, 2012. A replacement has not yet been named. Recruitment firm Korn Ferry will conduct “an extensive global search” for the new chief executive, according to a statement.

In addition to infrastructure investments abroad, QIC has become involved in a programme of major privatisations undertaken by the Queensland government in the past two years. 

In 2010, QIC, together with Australian fund manager Industry Funds Management, Global Infrastructure Partners, and a subsidiary of the Abu Dhabi Investment Authority won an A$2.1 billion, 99-year lease of the Port of Brisbane, and the state government also transferred a 40-year lease of Queensland Motorways to QIC earlier this year.

According to InfrastructureConnect, QIC has allocated 5 percent of its A$60 billion of assets to infrastructure, equating to just over A$3 billion. It was ranked the ninth-largest infrastructure investor globally in this year's Infrastructure Investor 30 ranking.