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June 2022
AAM Magazine
June 2022
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Australia’s Future Fund CIO Sue Brake to exit the wealth fund

Future Fund
By Hui Ching-hoo   
June 23, 2022

Australia’s Future Fund Chief Investment Officer Sue Brake is departing after three years at the A$201 billion (US$139.34 billion) sovereign wealth fund.

She is leaving for “family reasons” and Chief Executive Officer Raphael Arndt will be the acting CIO until her replacement is appointed, Future Fund says in a statement on June 21.

It did not specify her departure date and spokespersons for the fund did not immediately respond to questions from Asia Asset Management.

Brake joined the fund as deputy CIO for portfolio strategy in June 2019 from insurance brokerage and advisory firm Willis Towers Watson Australia. She succeeded Arndt as Future Fund’s CIO in December 2020 when he was promoted to CEO.

“Her leadership and work on the review of the investment strategy leave a significant and positive legacy at the Future Fund,” Arndt says in the statement.

With her departure, Future Fund says it has reshuffled its investment team “so that the function is best placed to meet the challenges of the evolving macro environment”.

Wendy Norris will become deputy CIO for change and innovation. Alicia Gregory, the head of private equity, will take over Norris’s current role as deputy CIO for private markets.

Ben Samild, who is head of alternatives, will become deputy CIO for portfolio construction.