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Australian Sovereign Wealth Fund Manager Mark Burgess Resigns

Sept. 4 (Bloomberg) -- Mark Burgess resigned as managing director of Australia’s Future Fund, the country’s A$89 billion ($81 billion) sovereign wealth manager.

Burgess, 50, will remain in the role he took up in 2011 to ensure a “smooth transition” to his successor and then return to the private sector, the fund said in an e-mailed statement today.

Future Fund assets under management have expanded about 19 percent to A$89 billion as at June 30, the fund said in a statement on Sept. 2. The fund has achieved an average annual return of 6.2 percent since it was established in May 2006, according to the statement.

“I respect Mark’s decision to return to the private sector at this time and we look forward to announcing a replacement to his position as the fund enters the next phase of its development,” chairman of the Future Fund Board of Guardians, David Gonski, said in the statement.

The Future Fund also manages assets totaling A$11.4 billion from three other government funds, taking total funds under management to more than A$100 billion.

Before joining the Future Fund, Burgess was chief executive officer of listed funds management company Treasury Group Ltd. in Australia.

To contact the reporter on this story: Iain McDonald in Sydney at imcdonald7@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

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