The sudden resignation of Future Fund chief investment officer Sue Brake has led to a restructure of the sovereign wealth fund’s senior executive team including the promotion of head of private markets, Alicia Gregory, to one of three deputy chief investment officer roles.

The deputy chief investment officers report directly to chief executive Dr Raphael Arndt who has taken on the role of acting chief investment officer until a new appointment is made. Prior to being appointed chief executive in 2020, Arndt had been chief investment officer since 2014.

In the new leadership team, Gregory will work alongside deputy chief investment officer, change and innovation, Wendy Norris; and deputy chief investment officer, portfolio construction, Ben Samild.

Announcing the changes on 21 June, the Future Fund said Brake had decided to leave for family reasons.

Brake joined the Future Fund as deputy chief investment officer, portfolio strategy, in June 2019. She was appointed acting chief investment officer in July 2020 and was confirmed in the role in December of that year. Brake led the fund’s investment team through the global COVID-19 economic downturn.

The Future Fund said Brake’s departure had created an opportunity for its investment team to be restructured “so that the function is best placed to meet the challenges of the evolving macro environment”.

“Specifically, the new structure will bring focus to optimising governance, people and technology with three deputy chief investment officer roles reporting directly to the chief investment officer.”

Brake’s exit follows the May departure of former deputy chief investment officer David George in May. George left to take on the vacant chief executive role at embattled funds manager Magellan. He had been with the Future Fund for 14 years.

Image: The Future Fund’s new deputy chief investment officer, private markets, Alicia Gregory.