(pictured: Patrick Farrell) 

Pat Farrell, the former chief investment officer at BT Financial Group, who left that firm in May, will become the new chief investment officer at Suncorp, following the retirement last month of Nick Basile.

The appointment is expected to be announced this week. The role, based in Sydney, oversees the mostly outsourced investments of about $20 billion in insurance assets for the bank.

Under the previous stewardship of Basile, Suncorp expanded the multi-manager arrangements for its investment management, diversifying its risk away from the main manager, Nikko Asset Management.

Back at BT Financial Group, Farrell’s old job, which he held for about eight years, has already been filled by Martyn Wild, who was recruited across from the separately listed BT Investment Management.

It involves oversight of all portfolios including diversified funds, MySuper lifestyle portfolios and the Westpac staff super accumulation and defined benefit funds.

Basile, who has had a long history in the multi-manager space starting with MLC in the 1980s, is looking to take on several non-executive director roles in the industry.