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VFMC wraps up leadership changes

Victorian Funds Management Corporation (VFMC) has fine-tuned its absolute returns team following an overhaul of the investment function late last year.

The absolute returns team manages private credit and hedge fund exposures within client portfolios.

VFMC investment chief Russell Clarke said it made sense to separate the future management of these two asset classes given the size of the assets now managed in these portfolios.

"This is a natural evolution of the team and is a recognition of the success of the absolute returns team and its increased role in our portfolio structures," he said.

Clarke said he was "delighted" to finalise the leadership evolution of the investment team, saying VFMC is well set up for the future.

"It is particularly pleasing to be able to promote from within, given the strength of the team," he said.

Last October, Clarke revamped his investment team to build a more efficient delegation structure.

His four direct reports now include head of portfolio management group, head of asset classes, head of client portfolio design and executive manager of investments.

As part of this overhaul, Mark Aarons, VFMC's head of investment risk and absolute returns, was promoted to head of asset classes, the largest of the four investment functions.

"Since Mark Aarons' promotion as the head of asset classes in October, we have been reflecting on the best structure for our absolute returns team going forward, which Aarons previously led," Clarke added.

Accordingly, Dom Beckers has been promoted to the newly created role of head of private credit.

Beckers is currently a senior portfolio manager in VFMC's absolute returns team and has been with the fund since 2016 when he joined as an assistant portfolio manager.

Before that, he was a consultant and a member of the fixed interest and portfolio construction research team at JANA Investment Advisers.

Before joining JANA in 2010, he worked as an assistant portfolio manager at Vanguard Investments, covering domestic and international equities.

In another significant move, Andrew Korbel will take on the newly created position of head of hedge funds.

Korbel also works in the absolute returns team as a senior portfolio manager.

Arriving in 2009, this is his second stint at the $92 billion quasi-sovereign wealth as he worked there between 1994 and 1996.

Both leads will report to Aarons in his capacity as head of asset classes.

Separately, Ben Graetzer has been named head of portfolio risk and solutions. It is also an internal promotion (and an existing role that Graetzer has recently been filling in an acting capacity.

"These are some well-deserved promotions, so as you can imagine, there is a lot of resulting positive energy in the team," stated Clarke.

Read more: VFMCMark AaronsAndrew KorbelBen GraetzerDom BeckersFunds Management CorporationJANA Investment AdvisersRussell ClarkeVanguard Investments