Mr O’Brien’s appointment fills the vacancy created by the retirement of founding QIC GRE team member and long-term Managing Director Steve Leigh, announced in 2018.

Announcing the appointment, QIC Chief Executive Officer Damien Frawley said: “Following a thorough executive search as part of the planned leadership transition in Global Real Estate (GRE), I am pleased to announce Michael O’Brien as the new Managing Director of GRE. Michael has a distinguished, 30-year real estate career and an impressive record of accomplishment in shopping centre management and development, real estate funds management and finance. His leadership qualities and market acumen will ensure that our real estate platform continues to deliver strong investment returns, building on the outstanding track record of Steve Leigh and QIC GRE.”
Mr O’Brien is currently Chief Financial Officer and former Chief Investment Officer of Vicinity Centres, Australia’s second largest listed manager of retail property, with responsibility for the investment strategy for an integrated asset management platform with some $26 billion in retail assets under management across 62 shopping centres.

Mr O’Brien has held senior investment and operational roles with Vicinity Centres, GPT Group and Lend Lease Corporation. While at Vicinity Centres, he has been responsible for the organisation’s finance, investment management and capital transactions, as well as its wholesale funds and strategic partnerships business. In his most recent role, he led the investment strategy for a retail portfolio with a significant pipeline of mixed-use development, similar to that of QIC.

Commenting on his appointment, Mr O’Brien said: “I am delighted to join QIC and assume responsibility for QIC’s global real estate platform. It will be a privilege to lead a world-class team of real estate specialists with significant operational and investment management expertise which has delivered strong investment returns for QIC’s clients. QIC’s heritage, track record, and well-deserved reputation among clients and counterparties, provides a strong foundation for future performance through both cyclical and systemic market changes.”

In this key leadership position at QIC, Mr O’Brien will report to QIC’s CEO Damien Frawley, serve on the QIC Executive Committee, and lead a team of more than 500 people globally managing 50 assets. QIC’s real estate portfolio is currently valued at approximately A$22.4 billion (US$15.7 billion) as at 31 December 2018 and is invested on behalf of institutional clients via cross pooled and segregated mandates.

David Asplin, QIC GRE Chief Operating Officer, has been appointed Acting Managing Director of QIC GRE during the leadership transition.

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“I am honoured that the Board has seen fit to appoint me to this position and to lead a company with such an enviable history,” said Mr O’Brien. “Equity Trustees is well positioned in our key markets and has worked hard to focus on our core strengths to maximise the value we deliver to our clients, and our investors.”

Mr O’Brien added that the Company has focussed in recent times on building foundations for growth, in its key businesses of Trustee and Wealth Services (servicing private clients), Superannuation and Corporate Trustee Services.

“Equity Trustees is a unique trusted brand with a strong, experienced leadership team and a loyal client base. As an independent trustee company, it has a distinguished history stretching back to the last century and the Victorian gold rushes, and I am proud to be a part of its future,” Mr O’Brien said.

Mr O’Brien joined the Board of the Company in July 2014. He was formerly CEO of Invesco Australia and CIO of AXA Australia and New Zealand, and held the position of Executive Director from April; he replaces former Managing Director Robin Burns in the role.

In announcing the appointment, Board Chairman, Tony Killen said: “The Board is delighted with the ongoing commitment Mick is making to the Company. In the short time he has been Executive Director he has demonstrated energetic and enthusiastic leadership of a high order, both internally and externally.”

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