IFM Investors has appointed David Neal of Australia’s Future Fund to succeed retiring CEO Brett Himbury.

Neal will leave at the end of the month after nearly 13 years at the A$168bn (€102bn) sovereign wealth fund, initially as its inaugural CIO and then as CEO from 2014.

Cameron Price, Future Fund general counsel and chief risk officer, will act as CEO until a replacement is found.

IFM Investors increased its assets under management (AUM) from A$23.6bn in 2010, when Himbury took the helm, to A$163bn today. Infrastructure assets account for more than 58% of its AUM, which also includes debt investments, listed equities and private equity.

IFM chair Greg Combet said Neal would “continue the global evolution of IFM Investors consistent with our purpose – to deliver strong net returns to the millions of members of our super fund, pension fund and institutional investors”.

He said: “We have an ambitious agenda going forward – to maintain strong investment performance across our asset classes and products, continue to grow and evolve as an organisation, and to be leaders in responsible investment.”

Established more than 20 years ago and owned by 27 major pension funds, IFM Investors runs a global network with a presence in Europe, North America, Australia and Asia.