(Pictured: Paul Costello)

Paul Costello, the founding chief executive of the Future Fund, has joined the board of Qantas Super, taking the spot vacated by Australia’s new Governor General, and knight, Sir Peter Cosgrove.

In a perhaps-unavoidable understatement, Anne Ward, Qantas Super’s chair, said: “Paul brings a wealth of experience in investments, governance, operations and superannuation policy to Qantas Super.”

Before building the Future Fund from a piece of legislation into Australia’s largest fiduciary investor, now with a team of about 90 people, Costello was the chief executive of the A$20 billion New Zealand Superannuation Fund and, before that, the chief executive of the former STA, which merged with ARF into AustralianSuper, Australia’s largest super fund.

Since leaving the Future Fund in November 2010, after four years at the helm, Costello has held a range of non-executive directorships, including chair of the Blackstone Group in Australia and New Zealand. He resigned from Blackstone last December but retains board positions at AIA Australia and the RBA Payments System.

With about $6 billion in assets and 33,000 members, Qantas Super is among a handful of remaining big corporate super funds in Australia. It is also one of the oldest, dating back to 1939.

Ward said: “Paul’s insights and acumen will be particularly valuable as we continue to navigate ongoing changes in the superannuation industry while focusing on delivering strong and positive outcomes for our members.”