Key Takeaways
- • Michael O'Brien appointed Managing Director of QIC Global Real Estate, replacing Steve Leigh who announced retirement in 2018, with O'Brien reporting directly to CEO Damien Frawley and serving on the executive committee.
- • O'Brien brings $26 billion in asset management experience from his role as CFO and former CIO of Vicinity Centres, where he managed investment strategy across 62 shopping centres in an integrated platform.
- • Leadership transition structured with David Asplin as Acting Managing Director during the changeover, ensuring continuity in managing QIC GRE's global operations and team of over 500 professionals.
- • O'Brien's career spans major Australian real estate operators, including senior investment and operational roles at GPT Group and Lend Lease Corporation, providing institutional asset management expertise.
- • QIC GRE platform represents significant AUM, with references to the firm managing approximately $22–26 billion in global real estate assets as part of QIC's broader $130+ billion institutional portfolio.
Summary
QIC, Brisbane-based alternative investment manager wholly owned by the Queensland Government, has announced the appointment of Michael O'Brien as Managing Director of Global Real Estate, succeeding long-serving incumbent Steve Leigh. The appointment marks a formal leadership transition for one of Australia's largest institutional real estate platforms, with Leigh having announced his retirement in 2018.
O'Brien assumes the role with substantial credentials in large-scale real estate asset management. Most recently serving as Chief Financial Officer and former Chief Investment Officer at Vicinity Centres, he directed investment strategy for an integrated platform managing approximately $26 billion in retail assets across 62 shopping centres. His background includes senior investment and operational positions at two of Australia's largest real estate investors: GPT Group and Lend Lease Corporation. In his new position, O'Brien will report to QIC Chief Executive Officer Damien Frawley, join the QIC executive committee, and oversee a global team exceeding 500 professionals.
Frawley stated that O'Brien's "leadership qualities and market acumen" position the firm's real estate platform to sustain strong investment returns while building on the track record established by Leigh and QIC GRE. To ensure operational continuity during the transition, David Asplin, QIC GRE's Chief Operating Officer, has been appointed Acting Managing Director pending O'Brien's formal assumption of the role.
The appointment reflects QIC's strategic focus on maintaining institutional-caliber leadership within its alternatives platform. As of June 2025, QIC manages over A$130 billion in assets under management across diversified strategies, with the global real estate division representing a material component of the firm's institutional investor base.
O'Brien assumes the role with substantial credentials in large-scale real estate asset management. Most recently serving as Chief Financial Officer and former Chief Investment Officer at Vicinity Centres, he directed investment strategy for an integrated platform managing approximately $26 billion in retail assets across 62 shopping centres. His background includes senior investment and operational positions at two of Australia's largest real estate investors: GPT Group and Lend Lease Corporation. In his new position, O'Brien will report to QIC Chief Executive Officer Damien Frawley, join the QIC executive committee, and oversee a global team exceeding 500 professionals.
Frawley stated that O'Brien's "leadership qualities and market acumen" position the firm's real estate platform to sustain strong investment returns while building on the track record established by Leigh and QIC GRE. To ensure operational continuity during the transition, David Asplin, QIC GRE's Chief Operating Officer, has been appointed Acting Managing Director pending O'Brien's formal assumption of the role.
The appointment reflects QIC's strategic focus on maintaining institutional-caliber leadership within its alternatives platform. As of June 2025, QIC manages over A$130 billion in assets under management across diversified strategies, with the global real estate division representing a material component of the firm's institutional investor base.
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