Future Fund Appoints Korn Ferry for Executive Search
Posted on 09/28/2013
On September 25, 2013, Australia’s Future Fund announced that it would appoint executive search firm Korn Ferry to assist in the search for a president and managing director for the sovereign fund. The Future Fund is looking both externally and internally for a qualified candidate.
The announcement comes directly on the heels of the Fund’s announcement weeks earlier signaling the departure of former Future Fund President Mark Burgess. Burgess had only been with the Fund two years, but made intimations that he preferred working with struggling organizations and not simply managing well established ones.
Indeed, the asset management team seems to have a firm grasp of the markets. In the past three years ending June 30th, 2013, the A$ 88.9 billion wealth fund has posted returns of 10% (15.4% in 2012/2013), well exceeding its baseline of a 6.8% long-term return per annum, according to a statement.
Burgess will stay with the fund until a predecessor can be found – saying in an interview that he would then return to the private sector.