QIC chief to retire

QIC chief executive Damien Frawley is set to step down in 2022.

Frawley has been with the Queensland-based firm since 2012 following several years as managing director and chief executive with BlackRock.

Reflecting on his decision, Frawley said the time feels right. "As QIC reaches our 30th year of operations, the timing of my departure feels about right. We have all achieved a great deal and I leave an executive team well equipped to continue leading the business successfully into the future," he said.

"Together with our board and investment teams, we have shaped a strategic direction for QIC that I firmly believe sets us on a continued successful path - with our core objective of being client-led in all that we do."

The firm is currently engaging in a search for Frawley's replacement. He will remain atop the organisation until a replacement is found.

QIC chair Ian Martin wished Frawley well and thanked him for his leadership, "Damien is highly respected across the Queensland, Australian and international investment landscape and has been instrumental in getting QIC to the position that it holds today.

"His strong and inclusive leadership, open and frank approach, laser-like focus on investment performance and delivering to clients expectations have all been instrumental in molding QIC's culture and track record."

Before moving into finance, Frawley was a professional rugby player, playing in tests for the Wallabies in the mid-1980s.