Future Fund chief investment officer Sue Brake has announced that she will be leaving the organisation “for family reasons”.
Ms Brake initially joined Australia’s sovereign wealth fund in June 2019 as deputy CIO, portfolio strategy, before taking on acting CIO in July 2020 and then permanently in December 2020.
Future Fund CEO, Dr Raphael Arndt, thanked Ms Brake for her contributions, saying she was “instrumental” in the review of the fund’s investment strategy.
“Her leadership and work on the review of the investment strategy leave a significant and positive legacy at the Future Fund,” Dr Arndt said.
“We wish Sue all the very best for the future.”
Ms Brake added: “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.”
The Future Fund has announced a restructure on the back of Ms Brake’s departure, with three of its deputy CIO roles to report to the CIO.
The fund confirmed the appointments of Wendy Norris as deputy CIO, change and innovation, Ben Samild as deputy CIO, portfolio construction and Alicia Gregory as deputy CIO, private markets.
Dr Arndt will take on the acting CIO position, having previously worked in the position between 2014-2020, until the role is filled.
The news comes just a few months after the Future Fund announced it would wind down its $200 million holdings in Russian companies.
“The Future Fund has implemented all sanctions imposed by Australia, the United States and the European Union to date,” a spokesperson for the fund said in March.
“We have devoted significant resources to compliance and will continue to do so as additional sanctions are announced.”