Professor Patrice Derrington, a New York-based real estate investment expert, has been appointed to the Board of QIC Limited, the Australia-based asset manager specialising in diversified global alternatives.
QIC Chairman Don Luke said that QIC will benefit from Professor Derrington’s extensive real estate investment experience, including directorships and executive positions at JP Morgan Chase, Lower Manhattan Development Corporation and Victory Capital Management.
“Professor Derrington also brings on-the-ground Australian experience, most recently as CEO of Penrith Lakes Development Corporation and previously as CEO of Campus Living Villages.”
Born in Queensland, Australia and now based in New York, Professor Derrington is a highly respected real estate expert, the Professor of Real Estate at Columbia University, Director of the M.Sc Real Estate
Program and Director of the Centre for Urban Real Estate.
Professor Derrington has represented the interests of David Rockefeller on real estate investments and acted as Vice President of the Lower Manhattan Development Corporation where she managed critical strategic initiatives to rehabilitate the neighbourhood post 9/11 World Trade Center attacks.
QIC CEO Damien Frawley welcomed the appointment and said Professor Derrington would help to drive the strategy of the Global Real Estate division of QIC, which recently announced the acquisition of the interests of its joint venture partner, Forest City Enterprises, in a portfolio of 10 US regional shopping malls.
“This portfolio is valued at approximately USD$3.175 billion and we are also expanding its operational presence in the US and transferring Forest City’s mall operating platform and key retail personnel to QIC.
“Bringing someone of the calibre of Professor Derrington onto our Board with her thorough understanding of the US real estate market will help QIC to drive investment performance from this portfolio and deliver returns for our clients.”
Professor Derrington holds a Doctorate in Philosophy (Architecture/Civil Engineering) from the University of California and an MBA from the Harvard Graduate School of Business Administration, as well as First Class Honours in Architecture and the University Medal from the University of Queensland.
In addition to Professor Derrington’s appointment, Paul Gallagher has been reappointed to the QIC Board. Mr Gallagher, a Partner in the Audit and Assurance Services Division at BDO, has been a director since December 2014. Mr Grant Murdoch has retired from the QIC Board after serving since November 2011.
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QIC is a global diversified alternative investment firm offering infrastructure, real estate, private equity, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with A$82.0 billion (US$62.9/£48.4 billion) in funds under management, offering infrastructure, real estate, private equity, liquid strategies and multi-asset investment services. QIC has over 700 employees and serves more than 110 clients including governments, pension plans, sovereign wealth funds and insurers, spanning Australia, Europe, Asia, Middle East and the US. Headquartered in Brisbane, Australia, QIC also has offices in New York, San Francisco, Los Angeles, London, Sydney, and Melbourne. For more information, please visit: www.qic.com.
QIC Limited ACN 130 539 123 (“QIC”) is a wholesale funds manager and its products and services are not directly available to, and this document may not be provided to any, retail clients. QIC is a company government owned corporation constituted under the Queensland Investment Corporation Act 1991 (Qld). QIC is regulated by State Government legislation pertaining to government owned corporations in addition to the Corporations Act 2001 (Cth) (“Corporations Act”). QIC does not hold an Australian financial services (“AFS”) licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. QIC Private Capital Pty Ltd (“QPC”), a wholly owned subsidiary of QIC, has been issued with an AFS licence and other wholly owned subsidiaries of QIC are authorised representatives of QPC. QIC’s subsidiaries are required to comply with the Corporations Act. QIC also has wholly owned subsidiaries authorised, registered or licensed by the United Kingdom Financial Conduct Authority (“FCA”), the United States Securities and Exchange Commission (“SEC”) and the Korean Financial Services Commission.
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 As at 30 June 2017