The $32 billion South Australian public sector fund is bidding farewell to a long-standing portfolio manager who looked after its alternatives portfolio.
Clive Boyce managed Funds SA's private equity, infrastructure and opportunistic property investments, starting in 2005. He stepped away from full-time executive activities last Friday.
"Funds SA is currently expanding its investment team to enhance capabilities, evolving organisational strategy and managing growing funds under management," a statement from the manager said.
Boyce researched potential managers and investments, monitored existing ones and assessed the overall mix and performance of the portfolio.
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Funds SA chief executive Jo Townsend said: "Clive has been a key contributor at Funds SA [and]part of the fabric of the organisation over a long period of time. We thank him, and wish him all the very best in his future endeavours."
Funds SA manages money for public sector superannuation schemes, insurers and endowment funds.
Last month, Funds SA put its custody contract to tender, inviting six custodians J.P. Morgan, NAB, Northern Trust, RBC, State Street, BNP Paribas and Citi in a process advised by Mercer Sentinel.
J.P. Morgan has had a stranglehold on the fund's custody contract for 18 years.