Despite significant global geo-political and market volatility, QIC has delivered $3.7 billion for the Queensland Government in 2021-22.
QIC CEO Kylie Rampa said the corporation produced positive investment performance for the Queensland Government’s funds managed by the corporation.
“Delivering $3.7 billion builds on a healthy surplus within the funds managed by QIC, including its defined benefit liability – and that value is just what was produced for the Queensland Government, not for QIC’s private investors,” Ms Rampa said.
“In a year where rising inflation and heightened geopolitical tension were significant influences on markets, this is an outstanding result and strengthens the State’s balance sheet.
“During periods of such volatility, our value proposition is reinforced. We construct and manage resilient portfolios on behalf of our investors aimed at delivering attractive, risk-adjusted returns.
“The result achieved for the State is demonstration of that value proposition in action.”
Ms Rampa said QIC is one of Australia’s largest wholesale fund managers, with more than 100 local and international institutional clients, and $98.7 billion in funds under management at 30 June 2022.
“We are proud of our status as a government-owned corporation and the high standards of investment and financial management it fosters,” she said.
“QIC reported a net profit after tax of $92.2 million. In addition, by growing our client base and funds under management, QIC increased its after tax profit by 29% compared to the previous financial year.
“In this context, QIC has also delivered an additional $255.5 million to the Queensland Government as a shareholder through profit, tax equivalents and other payments.
“That means more funds for the State to invest in its priorities such as schools, hospitals and other important community services and infrastructure,” Ms Rampa said.
Today, QIC’s investment capabilities comprise infrastructure, real estate, private debt, fixed interest and overlays, natural capital and private equity.