Leslie said the board had been "pleased with the calibre of the candidates" and it was hoped an appointment would be made soon.

ISI began the search after former chief executive Vance Arkinstall - who had held the post for 10 years - stepped down in July 2010.

Arkinstall resigned from the post after the Securities Commission accused him and other directors at Dominion Finance of making false prospectus and investment statements.

At the time ISI chairman Sean Carroll said given the key nature of the role it was, "important the right candidate is selected and that the process is not unduly rushed."

As well as the imminent arrival of a new chief executive the ISI is set to undergo further board changes in the wake of the departures of both Helen Troup and Steve Boomert.

Troup stepped down from the board after departing from her role as OnePath chief executive in the wake of ANZ assuming full control of the company.

The bank appointed John Body to head its new wealth management business, ANZ Wealth.

Boomert is departing after leaving his role as Tower Health and Life managing director after a strategic review of the company prompted Tower to merge its life, general insurance and investment operations.

Leslie said the boardroom reshuffles came in the wake of a hectic end to 2010, with the OnePath and Tower changes, Tower's aborted bid for Fidelity Life and the sale of Tyndall Asset Management to Japan's Nikko Asset Management.

More of Arkinstall stepping down from ISI can be found here