The Future Fund Management Agency has seen the departure of its chief investment officer (CIO), Sue Brake, who has cited family reasons as the reason for leaving the organisation, triggering a restructure of its investment team.
Brake had been in the role since December 2020 and was appointed as the acting CIO in July 2020, having joined the Future Fund as deputy CIO, portfolio strategy, in June 2019.
As CIO, Brake was instrumental in the review of the Future Fund investment strategy. She was also a member of the organisation’s senior leadership team.
Dr Raphael Arndt, Future Fund chief executive, said: “I want to thank Sue for her valuable contribution to the Future Fund during a time of unprecedented change in global markets and economies.
“Her leadership and work on the review of the investment strategy leave a significant and positive legacy at the Future Fund. We wish Sue all the very best for the future.”
Brake said: “I am very proud of the Investment team’s achievements over the past few years, which will enable the Future Fund to continue its critical mission of investing for the benefit of future generations of Australians.
“It has been a privilege to contribute to the success of the Future Fund and to work with such a talented team of investment professionals.
“I am looking forward to this period where I can focus on my family, and grateful that I am able to leave the team and portfolio in very good hands to do that.”
Brake’s departure triggered the Future Fund to restructure its investment team so that the function was best placed to meet the challenges of the evolving macro environment.
The new structure would bring focus to optimising governance, people and technology with three deputy CIO roles reporting directly to the CIO.
Wendy Norris would become deputy CIO, change and innovation, Ben Samild, would take on the role of deputy CIO, portfolio construction and Alicia Gregory would join the senior leadership team as deputy CIO, private markets.
The organisation said the new team would combine deep skills and capabilities, and a range of perspectives and tenures with the Future Fund.
Dr Arndt would act as CIO while maintaining his role as CEO until the CIO position was filled. Dr Arndt was previously the CIO between 2014 – 2020.