Head of Equities departs TCorp following restructure

NSW Treasury Corporation (TCorp) has confirmed to Industry Moves the departure of head of equities, Peter Laity, effective August 2018.

Laity's departure follows a May 2018 announcement by TCorp that it would be restructuring its investments business and creating five new roles.

A TCorp spokesperson has confirmed that two of these roles have since been filled internally, with Steve McKenna, former head of investment strategy & asset allocation, moving into the role of head of investment advisory and Patrick Fanning, former senior manager of fund operations and implementation, moving into the role of head of exposure management. Recruitment is still underway for the roles of head of portfolio construction, head of partner selection and GM technology.

The spokesperson added that the new investment team structure will be "launched [this] week" and that as Laity's role will not form part of the restructure he will not be replaced.

Laity, who was previously head of equities at State Street, moved into the role at TCorp in June 2015 following the amalgamation of assets of the three New South Wales state funds: Safety, Return to Work and Support Division (SRWSD), SAS Trustee Corporation (STC) and NSW Treasury Corporation (TCorp).

Laity has updated his LinkedIn account to say "Looking for new opportunities."