AUSTRALIA - The A$71.8bn Future Fund has named Mark Burgess its new general manager.
Burgess will join from the Treasury Group, a company that invests in small to medium sized asset managers, where he is currently chief executive. Burgess replaces Paul Costello who left in September.
Future Fund CEO David Neal will remain as acting general manager until Burgess starts mid-year. The fund did not give a specific start date in a release yesterday.
David Murray, chair of the Future Fund board said: "The Board feels that Mark stood out among a strong field of candidates and that he combines the necessary leadership skills and investment and administrative experience as the organisation continues to develop and pursue its investment objectives."
Separately, Future Fund said it has sold enough stock in telecommunications company Telstra to no longer be considered a substantial shareholder, or one who holds at least 10% of shares in a company.
On 23 March, the fund reduced its holding to 620.4 million shares, or 4.99% of the company. In October, the fund said it had sold 113.6 million shares in the company between 29 September and 19 October dropping its holdings to 10%.
"Moving below the substantial shareholder level is a result of the board's on-market selling program which commenced on 29 September 2010. The on market selling activity has been conducted smoothly and in an orderly manner to avoid untoward market impact. Selling averaged less than 15% of the volume of Telstra shares traded on market over the period and achieved a price greater than the volume-weighted average price during active trading days," according to a Future Fund release.
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