Future Fund names a new managing director for its fund agency.

Future Fund, the Australian sovereign wealth fund, has named a new managing director for its fund management agency.

Effective 4 August 2014, David Neal takes up a key role at Future Fund Management Agency, replacing Paul Mann, the chief financial officer, who has been serving as acting managing director. Neal has served as chief investment officer since July 2007 and, prior to that, as the head of investment consulting at Watson Wyatt Australia. 

His promotion opens up the position of CIO. A process to appoint his replacement will begin immediately, said the firm a statement.

Future Fund is responsible for investing the assets of the Future Fund and three nation-building funds in Asutralia. Its current portfolio has a value of A$100 billion.