Future Fund's Board of Guardians is searching for a new general manager after current GM Paul Costello announced his intention of leaving the $87 billion organization.

The board is seeking expressions of interest from Australia and overseas. Costello will stay in his role until the end of the year in order to make a smooth transition to the new leadership.

In a statement released to the media, fund chairman David Murray said, “Paul has played a critical role in building the Agency and recruiting a skilled team to develop and implement the investment program.

These foundations have been laid while navigating the additional challenges of an unprecedented period of volatility in financial markets.”

Costello led the New Zealand Superannuation before joining the fund as its first employee in November 2006. The fund has grown from an initial $18 billion in a cash account to more than $87 billion of investments.

The present general manager said he is “proud to have led the Agency through its start-up phase and
to have brought together the people, capabilities and infrastructure for its future. As the organisation moves into a new phase the time is right for new leadership.”

Costello is yet to announce his plans for the coming year.