BRISBANE’S urban wealth fund, the City of Brisbane Investment Corporation (CBIC), has appointed Simone Desmarchelier as its new board chair.
Desmarchelier has more than 25 years’ experience with real estate and investment funds in Australia, UK and Europe, including previous work with other sovereign wealth funds.
Brisbane Lord Mayor Adrian Schrinner said Desmarchelie “was a standout from an incredibly talented pool of applicants”.
“One of my first commitments as Lord Mayor was to ensure all future dividends from the City of Brisbane Investment Corporation be used to create new and improved parks, sporting fields and green space,” Schrinner said.
Desmarchelier said she was attracted to the role due to CBIC’s successful track record and strong prospects for continued growth, and its purpose to deliver strong, sustainable and socially responsible investment to fund Brisbane’s future.
“I grew up here and although I have lived in other countries, Brisbane has always been home. I’m passionate about Brisbane and am a great believer in the city’s potential for its residents and for investment.”
The city facing further significant growth and investment on its way to the 2032 Olympics.
Desmarchelier said that CBIC’s ambition to grow and constantly stretch itself holds great appeal for her.
“What I like about CBIC is that it is conscious that it’s investing for the benefit of not just one but multiple generations of people in Brisbane, so the approach to investment always comes back to that long-term focus.
“Although a commercial return is important, CBIC is mindful of who is going to benefit in the long run.”
In the last financial year, CBIC delivered an overall return of 13.8%, outperforming its original return target.
