Australia's Future Fund, Melbourne, announced organizational changes aimed at strengthening its "investment, technology and risk functions" as the fund begins its second decade, said an announcement by the A$138.9 billion ($107.8 billion) sovereign wealth fund.
The changes, which include adding a new chief technology officer position, "will help the organization be more nimble and collaborative, recognize the importance of technology in maximizing the value of data and information in the investment process and further strengthen risk management and the use of risk insights," according to a Future Fund news release Thursday.
A new head of portfolio strategy position responsible for developing macroeconomic and capital market insights as well as portfolio analysis and construction will be added as well, reporting to Raphael Arndt, chief investment officer, said Future Fund spokesman Will Hetherton in an email.
Those portfolio strategy responsibilities had previously been overseen by Stephen Gilmore, the fund's chief investment strategist, who will leave the organization at the end of April following the transition to the new organizational structure, said Mr. Hetherton.
The new chief technology officer will take on another of Mr. Gilmore's responsibilities, overseeing investment solutions.
Mr. Gilmore said in an email that after 8 1/2 years with the Future Fund he's looking to "take some time out and travel a bit," before moving on to his next challenge.
The fund also announced some changes to the investment team, which the news release said are focused on "simplifying the structure" and "reinforcing our focus on the performance of the portfolio as a whole."
Wendy Norris, the head of infrastructure and timberland, is also taking on the new role of deputy CIO, private markets, with Barry Brakey, head of property, and Steve Byrom, head of private equity, reporting to her.
David George, head of debt and alternatives, will add the new role of deputy CIO, public markets, with Bjorn Kvarnskog, head of listed equity; Tanya Branwhite, head of market insights and portfolio implications; and Hugh Murray, head of overlays, reporting to him.
Also, Cameron Price, the fund's general counsel, will take on the additional role of chief risk officer.
The news release said a global search process for the new chief technology officer role will "commence shortly."
That role is being created "to further strengthen the organization's focus on maximizing value through the use of technology," and enhancing the fund's existing information technology efforts, which include a team that works closely with "the investment team to develop bespoke investment technology solutions to drive investment insights," the news release said.