Longtime Future Fund CEO to depart

Future Fund Management Agency CEO, David Neal, will leave the organisation at the end of February to take up the CEO job at IFM Investors.

Neal joined the Future Fund in 2007 as their first chief investment officer and was named CEO in 2014.

Future Fund chair, Peter Costello AC, said, "David has done a terrific job first as Chief Investment Officer and then as Chief Executive Officer. He has been instrumental in designing and implementing an investment strategy that has grown the Future Fund to its current value and in building a robust and effective organisation."

Costello says Neal played a central role in the performance, reputation and success of the organisation as one of the most successful Sovereign Wealth Funds.

Cameron Price, general counsel and chief risk officer, will act as CEO while the fund undertakes a global search for a new CEO.

Before joining the Future Fund, Neal spent 15 years with Willis Towers Watson in the UK and establishing the firm's investment consulting business in Australia.

Neal is moving to lead IFM Investors, something IFM chair Greg Combet says he's well-equipped to do. "[Neal] is a superb leader and an investment professional with a highly successful record. David will continue the global evolution of IFM Investors consistent with our purpose - to deliver strong net returns to the millions of members of our super fund, pension fund and institutional investment."

Neal replaces Brett Himbury, who is retiring after 10 years in the top job.