After a decade running the property division of Australia’s Future Fund, Barry Brakey is to leave the AUD141bn (€91bn) sovereign wealth entity.

With his departure, and following the recent appointment of two deputy chief investment officers, the fund has re-organised its investment team, creating five new roles.

Stewart Tillyard will be head of unlisted property, James Fraser-Smith will head unlisted infrastructure and timberlands, Sarah Carne will head listed tangible assets, Craig Dandurand is head of debt and Ben Samild head of alternatives.

Brakey implemented the fund’s investment strategy, including building a direct portfolio of domestic offshore assets in the UK and the US, valued at more than AUD80bn.

 “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 fund’s CEO, David Neal, said Brakey had been instrumental in the creation of the Future Fund’s property portfolio “and its significant contribution to the AUD80bn of investment returns produced since inception”.

Neal credited Brakey with having recruited and developed the property team, as well as bringing his expertise and experience to bear across the broader investment team, including having served as acting head of infrastructure and timberlands.