The influential chief executive of the Australian Investment Council, Yasser El-Ansary, has stood down after nearly a decade in the role.
The Council, which represents the Australian venture capital and private equity sectors, announced on Tuesday morning that Mr El-Ansary would depart the organisation in the coming months to take on a new role in the financial services sector, with a search for his replacement now kicking off.
Mr El-Ansary has led the Australian Investment Council since November 2013, and guided the organisation through a new strategic direction and broader changes in the wider private capital sector.
He was instrumental in driving the tax concessions introduced by former Prime Minister Malcolm Turnbull in 2016 as part of the National Innovation and Science Agenda.
Australian Investment Council chairperson Alicia Gregory thanked Mr El-Ansary for his eight years at the helm of the group.
“Yasser has done a terrific job as our chief executive. He has been instrumental in designing and implementing frontline industry leadership positions on a wide range of important policy and regulatory issues,” Ms Gregory said.
“Australia’s private capital industry is a critically important part of the national economy because it’s responsible for catalysing investment into businesses that will create new industries and new jobs of the future.”
The importance of the sector to the wider economy has become more prominent and widely understood during Mr El-Ansary’s tenure.
The private capital industry has experienced significant growth and development in recent years, Mr El-Ansary said.
“I’m really proud of what we have been able to achieve in the eight years that I have been fortunate enough to lead the Council. Our industry is a powerhouse of the economy – the significant rise in funds under management and invested capital we’ve seen over the past few years is testament to the growth of our sector and the significant contribution that it makes,” he said.
“Now is the right time for me to step aside and enable a new leader to help write the script for how Australia’s private capital investment industry can make an even bigger contribution to the economy and our community in the years ahead.”
Mr El-Ansary will remain in the role over the coming months while the Council begins the search for his replacement.
Mr El-Ansary is also a board member of the Australian Medical Research Advisory Board, and previously worked at the Institute of Chartered Accountants in Australia and PwC.
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