John Sorrell will be departing BT Investment Management at the end of May, leaving Scott Osborne as the sole head of income strategies.
Osborne, who had been co-head with Sorrell, is to assume portfolio responsibilities immediately. BT said Sorrell’s departure was “a personal decision”, and the fund has no current plan to hire another joint head. Sorrell has since been appointed to the newly merged $12 billion Tyndall/Suncorp fixed income team as head of credit. Reporting to head of fixed income, Roger Bridges, Sorrell will be joined by newly appointed head of portfolio management, Darren Langer from Perpetual, and credit analyst Alleria Chan, who rejoins Tyndall/Suncorp after a 12-month stint with Sorrell at BT. These three appointments bring the fixed income team to eight; an increase in size and experience that managing director Brett Himbury said will give the merged fund greater scale and scope.
Future Fund chief investment officer Ben Samild said that FY24 has been a great year for alpha creation, thanks to strong returns in equities and, unusually, across multiple hedge fund strategies all at the same time. He reflected the past few years have been “a difficult time to be an asset owner and to generate positive returns for risk assets” but the Future Fund is tracking well of its long-term mandate.
Simon Hoyle and Darcy SongSeptember 4, 2024
