Nicole Connolly, head of alternatives at Telstra Super, will leave the big corporate fund to take a senior consulting role.

Connolly will leave the fund in the coming weeks to join Russell Investments as director of consulting for alternatives, confirmed Greg Liddell, the director of consulting and advisory services with the business.

He said Connolly would be “dealing with institutional clients on advice around manager appointments and constructing alternatives portfolios,” and would work with the company’s model portfolio group, a global team that designs investment strategies for various risk profiles.

Connolly will continue to be based in Melbourne, and will be supported there by Henry Stephens, who was made responsible for consulting clients about private equity and direct property investments after former head of private markets, Andrew Goddard, was retrenched in April 2008.

It is understood that Connolly resigned from Telstra Super on Friday March 5. Martin Crowe, chief executive officer of the fund, was unavailable for comment about replacing Connolly due to the Labour Day holiday in Victoria.