Wendy Norris quits the Future Fund

The Future Fund will need to reshuffle its investment team after the sudden resignation of its deputy chief investment officer.

Longstanding executive Wendy Norris has quit Australia's sovereign wealth fund after 13 years to take up the position of chief executive at OneFortyOne.

Interestingly, her new position was announced by her employer OneFortyOne in a LinkedIn post last Friday night.

OneFortyOne is a forestry and timber company.

It owns and operates sustainable softwood forests and innovative sawmills in Australia and New Zealand.

Norris will start her new job in June.

"Wendy has made a tremendous contribution to the Future Fund and leaves our organisation as a highly respected investment leader," said the Future Fund.

"Taking on a chief executive position is a natural next step in her career after 13 years of dedicated service at the Agency and we wish Wendy every success in her new role."

The fund said Norris's team will report to the chief executive and acting chief investment officer Raphael Arndt.

Norris is the third top executive to depart the fund in the year.

The Future Fund's investment chief Sue Brake left in June last year, citing family reasons. She is now on the Monetary Authority of Singapore's Risk Advisory Panel.

Brake's sudden departure followed the resignation of the Future Fund's deputy chief investment officer for public markets David George, who moved to Magellan as chief executive.

These departures led to the appointment of three deputy chief investment officers reporting to Raphael Arndt, who took on the acting chief investment officer role.

As a result of the new structure, Wendy Norris became deputy chief investment officer, of change and innovation, hedge fund specialist Ben Samild took on the role of deputy chief investment officer, of portfolio construction, while private equity specialist Alicia Gregory joined the senior leadership team as deputy chief investment officer, private markets.

Norris was part of the Future Fund team that established OneFortyOne, investing in Australian and New Zealand forest estates and timber manufacturing businesses in South Australia and New Zealand. She has also served on the board of OneFortyOne.

At the Future Fund, Norris has been responsible for over $60 billion of direct investments that include forest/timberlands, private equity, and infrastructure, including airports and ports.

Speaking of the appointment, OneFortyOne chair John Gilleland called Norris brought with her a deep understanding of OneFortyOne and the forest and timber processing sectors.

"Wendy has a proven record and extensive background ranging from water resources in her early career to banking, investments and investment management," he said.

"Her experience in forestland and infrastructure investments places her in a unique position within our industry.

"Her experience with stakeholders, including shareholders, boards, government and finance across ours and many sectors is key for the evolving business environment we are in."

Recently, the Future Fund hired Carlyle dealmaker David Bluff as head of private equity and TCorp's Ben Griffiths as a director of its equities arm.