Home Hedge Funds Future Fund CIO to step down for family reasons

Future Fund CIO to step down for family reasons

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Sue Brake is stepping down as chief investment officer of Australia’s Future Fund for family reasons, according to a news release from the Melbourne-based sovereign wealth fund Tuesday.

Raphael Arndt, CEO of the fund, which reported portfolio assets of A$200.7 billion ($150.8 billion) as of March 31, will take on the additional role of acting CIO until a permanent replacement can be named, the news release said.

Prior to becoming CEO, Mr. Arndt had been CIO from 2014 through 2020.

Ms. Brake, named acting CIO in July 2020, was subsequently elevated to CIO in December of that year, overseeing the fund’s investments through the market turbulence that followed the global pandemic crisis of early 2020.

In the wake of that violent market sell-off and unprecedented central bank policy response, Ms. Brake “was instrumental in the in the review” of the Future Fund’s investment strategy, the release said.

Under her watch, the fund moved to boost its resilience to inflationary pressures before the need to do so became obvious, and the portfolio strategy increased its focus on idiosyncratic sources of alpha.

Ms. Brake said in the release that she is 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.”

Ms. Brake couldn’t be reached for further comment.

With Ms. Brake’s departure, the Future Fund will restructure its investment team to ensure “that the function is best placed to meet the challenges of the evolving macro environment,” the release said. “The new structure will bring focus to optimizing governance, people and technology with three deputy CIO roles reporting directly to the chief investment officer.”

Wendy Norris, formerly deputy CIO, private markets, will become deputy CIO, change and innovation.

Alicia Gregory, previously head of private equity, will take on the broader role of deputy CIO, private markets.

Ben Samild, formerly deputy CIO, portfolio strategy, will become deputy CIO, portfolio construction — effectively combining the roles of deputy CIO, portfolio strategy and deputy CIO, public markets.

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