Lisa Gray and David Deverall
Two of Australia’s largest fiduciary investors, Victoria Funds Management Corporation and NSW Treasury Corporation (TCorp) last week announced new chief executives to fill the vacancies from last year.
VFMC has appointed former NAB executive Lisa Gray and TCorp has appointed former Perpetual Trustees chief executive David Deverall. Deverall resigned from his most recent job, as chief executive of fund manager Hunter Hall, it was announced just hours before the TCorp position was confirmed.
VFMC manages about $51 billion for various Victorian government entities, including insurers and super funds. Similarly, TCorp manages about $80 billion for a range of NSW Government bodies, having merged its investment operations with those of NSW Workcover and the big closed defined benefit fund, State Super (STC). That merger is still being implemented.
Warren Lee left VFMC last September, while Stephen Knight retired from his role at TCorp in October. Lee was appointed a non-executive director of Tower Ltd last May. Knight is also expected to take on some board positions after 10 years at TCorp.
The new chief executives at each organisation are both well known in the funds management industry. Gray was at NAB or its affiliates between 1998 and 2014. She was the chief executive for the Plum joint venture with Vanguard, the chief executive of MLC’s insurance business and a regional general manager of the retail bank. Her most recent role was as group executive of enterprise services and transformation.
Deverall spent six years in the funds management group at Macquarie before becoming chief executive of Perpetual for just over seven years. His resignation from that position, in June 2010, surprised the market. Deverall also gave the board 12 months notice, saying he wanted a change from running and ASX-listed company. He became chief executive of Hunter Hall in 2012.