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Sovereign Wealth Funds

Future Fund hires investment consulting veteran as deputy CIO, portfolio strategy

Sue Brake will join the Melbourne-based Future Fund in June as the A$147 billion ($104 billion) sovereign wealth fund's deputy chief investment officer, portfolio strategy, according to a Future Fund announcement Monday.

The position is new.

Ms. Brake will come to the Future Fund from investment consulting firm Willis Towers Watson, where she serves as a senior investment consultant, advising institutional clients.

A Willis Towers Watson spokeswoman said Ms. Brake will remain with Willis Towers Watson until early May.

Regarding plans to replace Ms. Brake, the spokeswoman said WTW is "considering options around our strategic advisory offering" and will be making an announcement on its leadership soon.

A Future Fund spokeswoman, in an email, said Ms. Brake will play a key role in bringing top-down perspectives to the table on how developments in the "global economy, financial markets and political risk" will impact the fund's portfolio, and "the level of risk we can accept in pursuit of our objectives."

The spokeswoman said those top-down insights will be "joined up" with the bottom-up views on the risks and rewards assets around the world are offering now, identified by Wendy Norris and David George — named just over a year ago, respectively, to the new positions of deputy CIO of private markets and deputy CIO of public markets.

"By blending together the big picture and local insights, we generate a rich and nuanced view of the opportunities and outlook, which enables us to design 'optimal portfolios,' " the spokeswoman said.