Future Fund board chairman, Peter Costello believes David Neal, the fund's current chief investment officer, is the best qualified person for the managing director's role.
The former Federal Treasurer announced that Neal will takeover from interim managing director, and chief financial officer, Paul Mann, as head of the $100 billion sovereign wealth fund in August following an extensive global search for the ideal candidate.
Costello said the search process confirmed that Neal was the best qualified candiate for the position.
"He has played a pivotal role in establishing the Fund, building its credibility and delivering strong returns for Australia. The Board is confident that he and his team will build on this and strengthen the Fund's reputation as a leading global investment institution," Costello said.
The process to appoint a new chief investment officer will commence immediately.
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