The Future Fund Management Agency today announced changes to its investment team which will support the efficient and flexible management of the investment portfolio as it continues to grow over the decade ahead.
Barry Brakey, Head of Property, has decided to leave the organisation after 10 years. Barry has led the development of a high quality property portfolio with exposures across Australia, the USA and Europe valued at over $8bn at 31 March 2018.
With Barry's departure, and following the appointment of two Deputy Chief Investment Officers announced in March 2018, the Agency has reorganised its investment team to create five new roles and has appointed existing senior investment staff into those roles.
The new structure is designed to maintain the organisation's significant asset class expertise while providing additional scope for collaboration across teams and sectors.
The new roles and those appointed to those roles are:
- Head of Unlisted Property – Stewart Tillyard
- Head of Unlisted Infrastructure & Timberlands – James Fraser-Smith
- Head of Listed Tangible Assets – Sarah Carne
- Head of Debt – Craig Dandurand
- Head of Alternatives – Ben Samild
David Neal, Chief Executive Officer, said:
‘Barry 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 & Timberlands. His contribution to the whole organisation's culture and success has been enormous and I wish him well for his future success.
‘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.’
Barry Brakey said:
‘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.’
Notes to editors:
About the Future Fund
The Future Fund is Australia’s sovereign wealth fund. At 31 March 2018 it was valued at $141bn and has returned 8.5% pa over the last 10 years, against a target benchmark return of 6.7% pa. Investment returns have added over $80bn to the original contributions of $60.5bn made by government.
Established to strengthen the Australian Government’s long term financial position, the Future Fund Board of Guardians, supported by the Future Fund Management Agency, is responsible for investing the assets of the Future Fund. The Board of Guardians is also responsible for investing four other public asset funds with a combined value of $25bn.
Barry Brakey, Head of Property
Barry Brakey joined the Future Fund as Head of Property in January 2008 and in this role grew the Future Fund’s investment portfolio to $8.2bn as at 31 March 2018. Previously he ran his own property advisory business. He was responsible for over $4bn of property invested both domestically and globally for a number of Australian government, industry and corporate superannuation and investment funds.
Barry is a past National President of the Australian Property Institute and has a wide involvement in property industry issues.
For more information:Will Hetherton
Head of Public Affairs & Strategic Relations
+61(0)3 8656 6400
+61 (0)439 016 678
Adviser, Public Affairs & Strategic Relations
+61 (0)3 8656 6400
+61 (0)439 181 153