GOVERNANCE
The Investment Manager – IBA Asset Management
IBA Asset Management Pty Ltd is the Investment Manager of the IPF and I-REIT. It has been appointed by the Trustee to:
- set the overall strategic direction and investment strategies of the Funds, including their investment objectives, risk tolerance and the strategic asset allocations;
- exercise oversight of the Funds and monitor their performance;
- choose, monitor the performance of and, if necessary, replace the Investment Consultant to the IPF; and
- provide general financial product advice to the Trustee on matters relating to the management of the Funds.
The Investment Manager is a wholly owned subsidiary of IBA. It has a majority of independent board members and an independent chairperson. The board brings significant experience in investment, governance and Indigenous affairs. Biographies for each director are set out below.
IBAAM Board of Directors
Rhea Diacopoulos
Non-Executive Director
Ms Diacopoulos is a Macquarie Group executive currently overseeing the legal and governance function for the Asia Pacific region of Macquarie Asset Management’s Real Assets business.
She has held additional legal roles across the Macquarie Group, including within Macquarie Capital and the Financial Management Group. She is a practising Australian lawyer with over 25 years of legal experience including 20 years’ experience in the financial services industry, working across a broad spectrum of transactions and industry sectors.
Ms Diacopoulos's experience includes fund raising (including equity & debt capital markets), project finance, local and cross border public and private mergers and acquisitions, fund establishment & governance and general corporate law.
Prior to joining Macquarie, Ms Diacopoulos worked as a senior lawyer for Australian law firm, Clayton Utz in their Corporate Advisory/Mergers & Acquisitions team. She holds Bachelor of Arts and Bachelor of Laws degrees from the Australian National University.
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John Dillon
Non-Executive Director
Mr Dillon is a senior property professional with over 30 years’ experience across property markets including the office, industrial, retail and healthcare sectors.
He has held senior fund management, asset management, valuation and advisory roles with Dexus, Lend Lease, Colonial First State Global Asset Management and Jones Lang LaSalle and is experienced with major asset acquisition, divestment, development projects and lease negotiations.
He holds an Associate Diploma in Valuation from RMIT and a Diploma of Applied Finance and Investment from the Securities Institute of Australia. He is a member of the Australian Property Institute and a member of the Royal Institute of Chartered Surveyors.
He has held senior fund management, asset management, valuation and advisory roles with Dexus, Lend Lease, Colonial First State Global Asset Management and Jones Lang LaSalle and is experienced with major asset acquisition, divestment, development projects and lease negotiations.
He holds an Associate Diploma in Valuation from RMIT and a Diploma of Applied Finance and Investment from the Securities Institute of Australia. He is a member of the Australian Property Institute and a member of the Royal Institute of Chartered Surveyors.
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Caleb Adams
Non-Executive Director
Mr Adams is a sustainable investment professional with experience across institutional asset management, financial services and corporate sustainability. He is currently a Portfolio Manager, Investment Stewardship, at Victorian Funds Management Corporation (VFMC) — a public authority with over $100 billion in assets under management — where he supports the integration of environmental, social and governance (ESG) considerations into investment strategy, asset allocation and portfolio oversight, with a particular focus on infrastructure and property. He previously worked at E&P Financial Group, providing wealth management services to First Nations clients, large family offices and not-for-profit endowments, and has held roles at AMP Capital and Lendlease across real assets, ESG strategy and investor engagement.
A proud Wulli Wulli man, Caleb is committed to advancing First Nations economic participation and sustainable finance. He has contributed to advisory, committee and board roles across the investment, climate and not-for-profit sectors, and to national and international initiatives supporting responsible investment and Indigenous economic development. He is a member of the Foundation for Young Australians Investment Committee, served as a Non-Executive Director of Climate Action Network Australia (CANA), and has held advisory roles with RIAA, ASFI and Philanthropy Australia.
Caleb holds a Bachelor of Environmental Engineering (Hons), a Master of International Development, and is a Graduate of the Australian Institute of Company Directors (GAICD).
A proud Wulli Wulli man, Caleb is committed to advancing First Nations economic participation and sustainable finance. He has contributed to advisory, committee and board roles across the investment, climate and not-for-profit sectors, and to national and international initiatives supporting responsible investment and Indigenous economic development. He is a member of the Foundation for Young Australians Investment Committee, served as a Non-Executive Director of Climate Action Network Australia (CANA), and has held advisory roles with RIAA, ASFI and Philanthropy Australia.
Caleb holds a Bachelor of Environmental Engineering (Hons), a Master of International Development, and is a Graduate of the Australian Institute of Company Directors (GAICD).
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David Ross
Non-Executive Director
Mr Ross was born in Alice Springs and is of Arrernte/Kayteye descent. He joined the Central Land Council in 1979 and undertook an Associate Diploma in Business Management at the South Australian Institute of Technology in 1986-87.
He progressed to the position of Deputy Director in 1988 and then Director (CEO) of Central Land Council in 1989. Mr Ross was appointed to the Aboriginal and Torres Strait Islander Commission part time in 1992, then full time in 1994.
The following year he was appointed the inaugural Executive Chair of the Indigenous Land Corporation. After a four-year term as Executive Chair he returned to Alice Springs and was again appointed Director of the Central Land Council in 1999. He remained in that role until June 2019.
In addition to running one of the most respected and long-standing Aboriginal organisations in Australia, Mr Ross has played a significant role on national Indigenous issues, particularly those relating to land rights, native title, and economic development. He holds directorships on the boards of Centrefarm Aboriginal Horticulture Ltd and Centrecorp Aboriginal Investment Corporation Pty Ltd.
He progressed to the position of Deputy Director in 1988 and then Director (CEO) of Central Land Council in 1989. Mr Ross was appointed to the Aboriginal and Torres Strait Islander Commission part time in 1992, then full time in 1994.
The following year he was appointed the inaugural Executive Chair of the Indigenous Land Corporation. After a four-year term as Executive Chair he returned to Alice Springs and was again appointed Director of the Central Land Council in 1999. He remained in that role until June 2019.
In addition to running one of the most respected and long-standing Aboriginal organisations in Australia, Mr Ross has played a significant role on national Indigenous issues, particularly those relating to land rights, native title, and economic development. He holds directorships on the boards of Centrefarm Aboriginal Horticulture Ltd and Centrecorp Aboriginal Investment Corporation Pty Ltd.
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Faysal Fassi
Executive Director
Mr Fassi joined IBA in 2016 after 15 years in the small business and start-up space. He launched his first company when he was 25, and grew the business until it was acquired by a multinational company. He set-up and managed a tech business incubator backed by the World Bank before joining a telecom operator as their Customer Service Director. Faysal resumed his entrepreneurial career by co-founding several start-ups on four continents, one of them winning multiple awards in Europe.
Mr Fassi holds a Master of Economy & Finance, is a graduate of the Australian Institute for Company Directors, and attended the Stanford Executive Program for Growing Companies.
Mr Fassi holds a Master of Economy & Finance, is a graduate of the Australian Institute for Company Directors, and attended the Stanford Executive Program for Growing Companies.
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I-REIT Investment Committee Members
An investment committee has been appointed by the Trustee based on recommendations of the Investment Manager to approve matters relating to the I-REIT including:
- acquisitions and divestments;
- new leases or lease renewals that constitute 30% or more of the gross revenue of the relevant Property;
- debt finance facilities;
- material redevelopment or refurbishment of a Property; and
- certain related party transactions.
The Investment Committee currently comprises 3 members. Decisions are made by a two-thirds majority with each member having a single vote.
The members of the Investment Committee may change from time to time.
Francina Turner
Non-Executive Member
Francina Turner has developed an expansive career as a senior executive and executive director with over 30 years’ experience in real estate, emerging asset classes, investment management, finance, risk management, and corporate governance,
Ms Turner is Company Secretary of the Possability Group Limited, a national disability and care service provider. She has also held roles as a governance and risk manager for the Royal Botanic Garden and Domain Trust and investment manager for a family office. Ms Turner was the Managing Director and Company Secretary for Asia Pacific Data Centre Group (2012 to 2017), having previously worked at Stockland, Lend Lease Corporation and Macquarie Group Limited (1995-2010). At Macquarie, Ms Turner’s positions included Trust Manager for unlisted property syndications and General Manager of the listed LeisureWide Property Trust. She also has held voluntary non-executive positions for not-for-profit organisations.
Ms Turner is a graduate from the University of New South Wales (Bachelor of Commerce in Marketing and Hospitality Management) and FINSIA (Diploma of Applied Finance).
Ms Turner is Company Secretary of the Possability Group Limited, a national disability and care service provider. She has also held roles as a governance and risk manager for the Royal Botanic Garden and Domain Trust and investment manager for a family office. Ms Turner was the Managing Director and Company Secretary for Asia Pacific Data Centre Group (2012 to 2017), having previously worked at Stockland, Lend Lease Corporation and Macquarie Group Limited (1995-2010). At Macquarie, Ms Turner’s positions included Trust Manager for unlisted property syndications and General Manager of the listed LeisureWide Property Trust. She also has held voluntary non-executive positions for not-for-profit organisations.
Ms Turner is a graduate from the University of New South Wales (Bachelor of Commerce in Marketing and Hospitality Management) and FINSIA (Diploma of Applied Finance).
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Stuart Robb
Non-Executive Member
Stuart Robb is a proud Larrakia and Torres Strait Islander man with broad experience across ASX listed companies particularly in mining, energy (LNG), investment and funds management, as well as in the public sector and non-for-profit organisations. He is passionate about promoting self-management, self-sufficiency, and economic independence of Aboriginal and Torres Strait Islander people. Stuart joined Rio Tinto in 2021 and currently holds the position of Manager of Group Internal Audit Operational based in Brisbane. Stuart previously held positions in Government Relations and Procurement at Rio Tinto.
Outside of Rio Tinto, he also sits on the Investment Committee for Aboriginal Hostels Limited (AHL) and is a board member of First Nations Broadcasting (Darwin).
Stuart holds a Diploma of Investor Relations from the Australian Institute of Investor Relations (AIRA), a Master of Accounting from Bond University, a Bachelor of Business from RMIT University and has completed Melbourne Business School’s MURRA Indigenous Business Leadership program.
Outside of Rio Tinto, he also sits on the Investment Committee for Aboriginal Hostels Limited (AHL) and is a board member of First Nations Broadcasting (Darwin).
Stuart holds a Diploma of Investor Relations from the Australian Institute of Investor Relations (AIRA), a Master of Accounting from Bond University, a Bachelor of Business from RMIT University and has completed Melbourne Business School’s MURRA Indigenous Business Leadership program.
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Paul Healy
Non-Executive Member
Paul Healy BSc, FRICS is a highly respected real estate investment executive with more than four decades of experience across direct property, listed real estate securities and institutional portfolio management in Australia and the UK. He spent over 20 years at BlackRock as a Managing Director, where he led the Australian property business, chaired the Australian Property Investment Committee and served on the Global Property Investment Committee.
During this time, Paul was responsible for property acquisitions, asset management strategy, portfolio construction, governance and investor communications, as well as guiding the business through the Global Financial Crisis and the orderly wind up of property funds. He is a Fellow and former Chairman of the Royal Institution of Chartered Surveyors (Vic/Tas) and a recipient of the RICS Lifetime Achievement Award.
Paul currently holds a number of senior non executive and advisory roles, including Director positions with long standing private real estate investment groups and CEO of the Property Funds Association of Australia. He has previously served as Chair of an investment committee for a major unlisted real estate fund, advised institutional investors including the Future Fund, and acted as a trusted advisor to boards and investment committees on strategy, risk management, liquidity and governance.
During this time, Paul was responsible for property acquisitions, asset management strategy, portfolio construction, governance and investor communications, as well as guiding the business through the Global Financial Crisis and the orderly wind up of property funds. He is a Fellow and former Chairman of the Royal Institution of Chartered Surveyors (Vic/Tas) and a recipient of the RICS Lifetime Achievement Award.
Paul currently holds a number of senior non executive and advisory roles, including Director positions with long standing private real estate investment groups and CEO of the Property Funds Association of Australia. He has previously served as Chair of an investment committee for a major unlisted real estate fund, advised institutional investors including the Future Fund, and acted as a trusted advisor to boards and investment committees on strategy, risk management, liquidity and governance.
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Jana King
Executive Member
Ms King has strong asset and fund management skills with over 15 years’ experience in equity analysis, investment management, governance, risk management and sustainability. She is passionate about creating long-term positive impacts for First Nations people and organisations through successful commercial activities.
Ms King sits on a range of boards, as well as being the Director of Investment and Asset Management at IBA, where she is responsible for overseeing a diverse portfolio with assets valued in excess of $600 million, including managing the acquisition and divestment of assets. Ms King has previously held the role of Head of Investor Relations for IBA, giving her a deep understanding of IBA’s co-investors and their aspirations and challenges.
Other previous experience includes strategy and investment analyst roles at Citi and Morgan Stanley, and KPMG where she provided strategic advice regarding the identification, management and reporting of key social and environmental risks and opportunities. She holds a Master of Commerce from the University of New South Wales and is a member of the Australian Institute of Company Directors.
Ms King sits on a range of boards, as well as being the Director of Investment and Asset Management at IBA, where she is responsible for overseeing a diverse portfolio with assets valued in excess of $600 million, including managing the acquisition and divestment of assets. Ms King has previously held the role of Head of Investor Relations for IBA, giving her a deep understanding of IBA’s co-investors and their aspirations and challenges.
Other previous experience includes strategy and investment analyst roles at Citi and Morgan Stanley, and KPMG where she provided strategic advice regarding the identification, management and reporting of key social and environmental risks and opportunities. She holds a Master of Commerce from the University of New South Wales and is a member of the Australian Institute of Company Directors.
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The Trustee – One Managed Investments Funds
One Managed Investment Funds Limited (OMIFL), a subsidiary of One Investment Group Pty Ltd, is the trustee of the IPF and I-REIT. One Investment Group Pty Ltd is an independent Australian funds management business that focuses on providing responsible entity, trustee, custody and administration services to funds.