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VFMC appoints new chief executive

The Victorian government's $64 billion fund manager has named a new chief executive, as Lisa Gray retires after six years in the role.

The Victorian Funds Management Corporation will be headed by Kate Galvin as the next chief executive from October 11.

Galvin has an 18 year-long career spanning advice, asset management, private banking and corporate banking.

Most recently she was responsible for NAB's health business, where she led a national team of corporate and business bankers, in collaboration with the Medfin and HICAPs brands. Before this, she led NAB Private's business in Victoria, South Australia and Western Australia.

She has also held the role of JBWere's managing director, head of advice.

VFMC said Galvin was picked for the role after an extensive search.

"The board and I are delighted that Kate will be joining VFMC to lead the team, building on the strong foundations established in recent years," VFMC acting chair Lisa Gay said.

"Her extensive asset management, banking, wealth management, markets, and legal expertise will enable VFMC to continue with its strong momentum."

Gray's retirement is effective September 30. In the 10 days to Galvin's start, VFMC chief investment officer Russell Clarke will act as the interim chief executive.

Gray announced her intention to retire in April. She has since joined ING's board as a non-executive director.

According to VFMC, Gray is retiring from her executive career.

"After nearly six years at VFMC, Lisa advised it was time to extend her business and leadership contribution to a broad portfolio of directorship and advisory interests," VFMC said.

"Lisa has been an outstanding leader of VFMC and leaves the organisation in a significantly better place, well positioned for a challenging and exciting future. The board and I thank Lisa for her courage, challenge, optimism and empathetic leadership," VFMC chair James MacKenzie said.

VFMC had about $64 billion in total assets at June 2020. It managed money for 31 Victorian public authorities and related organisations, according to its FY20 annual report.

Read more: VFMCLisa GrayJames MacKenzieKate GalvinRussell Clarke