(Pictured: Troy Rieck)
Troy Rieck, the former head of “capital markets” at QIC, has left the firm after 13 years. The role, which covered development of strategies for big-picture risks, such as currency, will be assumed by Michael McNee.
The capital markets team, which was set up just prior to the start of the global crisis in 2007, was merged with the global multi-asset division in February this year with the aim of better leveraging the synergies of the two groups and providing a simpler client interface. That division is headed by Adriaan Ryder, who is also QIC’s CIO.
Rieck said last week: “I loved doing what we were doing for clients and wish QIC and the team all the best. It’s just time for me to do new things… I got to the stage where I had done most of the things I’d wanted to do. I will take some time off and think about what to do next.” He resigned in August and left the firm last month.
He said that the super industry was going through a lot of change. The two big things super funds and others were wrestling with were the rise of SMSFs and the retirement incomes space. “Those trends interest me,” he said.
He was happy to “hop on a plane” as often as required for a new role but was not keen on moving his family from Brisbane.
Now known as the “implementation team”, QIC’s capital markets unit was designed to help investors to put their best ideas into practice, including currency hedging, liquidity management, counterparty risk management, structuring and advice, managing transition risks, and value-add from better ways to implement decisions.