The Future Fund announced a raft of changes to its investment team as it looks to grow over the next decade.
Head of property Barry Brakey is leaving the Future Fund after 10 years. He led the development of a quality property portfolio with exposures across Australia, the US and Europe valued at more than $8 billion.
In addition to the two deputy chief investment officers announced in March 2018, the Future Fund announced it has created five new roles and appointed existing senior investment staff.
The new roles and those appointed to those roles are: Stewart Tillyard as head of unlisted property; James Fraser-Smith as head of unlisted infrastructure and timberlands; Sarah Carne as head of listed tangible assets; Craig Dandurand as head of debt; and Ben Samild as head of alternatives.
Future Fund chief executive David Neal said the new structure is designed to maintain the organisation's significant asset class expertise while providing additional scope for collaboration across teams and sectors.
He added Brakey has been instrumental in the creation of the property portfolio and its significant contribution to the $80bn of investment returns produced since inception.
"He has recruited and developed a high performing team and has brought his experience and leadership to bear across the broader investment team, including having served as acting head of infrastructure and timberlands. His contribution to the whole organisation's culture and success has been enormous and I wish him well for his future success," Neal said.
"I am also pleased that we have been able to appoint existing members of the team to new roles. This demonstrates the depth of talent from which we benefit. This new structure will help us build on our success as the Future Fund grows over the decade ahead and strengthens our ability to combine deep sectoral expertise with the ability to collaborate across teams."
Brakey commented: "It has been an honour to have been part of the journey and I am proud of what we have achieved. I am grateful to have been involved with an exceptional group of people and with many of the world's best property partners.
"It is the right time for me to find my next challenge, knowing that the team and the property portfolio are in great shape and well positioned to continue to deliver outstanding results," Brakey said.
The sovereign wealth fund was valued at $141bn as at 31 March 2018.