Future Fund’s Wendy Norris to join OneFortyOne as CEO

Wendy Norris helped lead the Future Fund’s investment in OneFortyOne in 2012 in a previous role as head of infrastructure and timberland.

Wendy Norris, deputy chief investment officer for change and innovation at Australia’s Future Fund, is set to join plantation forestry company OneFortyOne as chief executive officer in June 2023.

OneFortyOne was established in 2012 by a consortium of investors including the Future Fund, as well as the Massachusetts Pension Reserves Investment Management Board. The financial consortium that backs OneFortyOne is managed by Campbell Global, which was acquired by JPMorgan Asset Management in 2021.

The firm was formed following the acquisition of a 105-year lease of 80,000 hectares of radiata pine forestry assets from the South Australian state government. It has added further assets to its portfolio, including the Jubilee Sawmill in Mount Gambier and Nelson Forests in New Zealand, both in 2018.

Norris was part of the team that made the Future Fund’s initial investment into OneFortyOne, as part of her previous role as a director and head of infrastructure and timberland. In 2018, she was promoted to deputy CIO, private markets, before shifting into the deputy CIO, change and innovation role in June 2022. She has previously served on the board of OneFortyOne.

OneFortyOne chairman John Gilleland described Norris as an “outstanding choice” for the role, which has been vacant since October 2022 when previous CEO Andy Giles Knopp resigned. Chief people officer Peter Brydon has filled the role of interim CEO since.

In a statement, Gilleland said: “Wendy has a proven record and extensive background ranging from water resources in her early career, to banking, investments and investment management. 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. Importantly, Wendy’s relationships will serve all stakeholders well in assuring OneFortyOne continues as a trusted partner.”

In its most recent portfolio update at March 31, 2023, Future Fund’s infrastructure and timberland portfolio sat at a combined A$19.2 billion ($12.7 billion; €11.5 billion), comprising 9.4 percent of the fund’s assets. It does not separate timberland from its wider infrastructure asset allocation in its portfolio updates.

In its most recent annual report, OneFortyOne stated that it is 64 percent owned by Australian superannuation and sovereign wealth funds, with 36 percent of the business owned by US pension and other offshore funds. The firm generated revenue of A$694 million in the year to June 30, 2022.