By Abhinav Ramnarayan

LONDON, March 24 (IFR) - The World Bank is set to begin the search for someone to take over from vice president and treasurer Madelyn Antoncic after she announced that she will vacate the position this summer.

Antoncic steps down from the position when her contract runs out in mid-July and will return to the private sector. The supranational will commence the search for a replacement shortly, according to an internal memo.

Antoncic has worked at World Bank for four years, overseeing the management of approximately USD140bn in assets for World Bank and other official-sector investors.

She started her career as an economist at the Federal Reserve Bank of New York, before moving to Goldman Sachs in 1985.

Antoncic joined Lehman Brothers in 1999 first as global head of risk policy and subsequently as global head of market risk management. From 2002 to 2007, she served as chief risk officer.

(Reporting by Abhinav Ramnarayan; Helene Durand)