Meet our Executive Leadership Team

Our Executive Leadership Team brings diverse investment, financial and business leadership to VFMC. VFMC’s executive team is led by Lisa Gray and has a strong commitment to workplace diversity.

Lisa Gray

Chief Executive Officer (CEO)

Lisa joined VFMC as CEO in February 2016.

Her career spans over 25 years predominantly in financial services having held various executive roles at NAB, MLC and Axa. She is an exceptional business leader capable of delivering outstanding commercial outcomes.

Lisa’s signature strength is strategic execution achieved by blending the power of communication with a unifying purpose to create self-sustaining organisations. She brings a unique combination of applying data insights, analytics and strategic intuition to make courageous, transformational decisions that deliver strong commercial results.

Lisa is a winner of the Telstra Business Women’s Award for medium-sized enterprises and prestigious Rupert Murdoch Fellowship for Leadership and Management.

Lisa holds a Bachelor of Town & Regional Planning with Honours (University of Melbourne), Graduate Diploma in Management (RMIT), MBA (University of Melbourne / Columbia University) and AMP (INSEAD).

Lisa is a Director of ING Australia and a member of Chief Executive Women.

Russell Clarke

Chief Investment Officer

Russell joined VFMC in May 2017 as Chief Investment Officer (CIO) where he is responsible for overseeing the management of more than $60bn on behalf of a number of Victorian public authorities.

Russell joined VFMC from Mercer where he was the Global CIO (Mainstream Assets) since 2011 and CIO (Pacific) since 2003. This role saw him overseeing all discretionary equity, listed property, fixed income and multi-asset portfolios worldwide and was specifically responsible on a day-to-day basis for all portfolios based in the Pacific region. Russell also chaired the Mainstream Assets Global Investment Committee and Global Strategic Research Committees. Prior to this, he spent six years in Mercer Australia as an investment consultant and head of Investment Research.

Russell also gained eight years of investment and financial services experience working as manager of the investment research function for one of Australia’s largest superannuation funds, UniSuper, and as head of Investment Performance Analytics for a major fund manager.

Russell holds a bachelor of economics from Macquarie University. He is a fellow of the Institute of Actuaries of Australia and a senior associate of the Financial Services Institute of Australasia, and has lectured and tutored in investment subjects for both organisations.

Sally Collins

Chief Operating Officer

Sally joined VFMC as Chief Operating Officer (COO) in May 2017 with more than 20 years experience in financial services with NAB, CBA and AXA.

Her more recent roles have been as General Manager Business Management/COO for both MLC’s Wealth business and NAB’s Business Bank.

Sally brings to VFMC deep operations and services experience across investment operations, business performance, risk management and transformation. Her recent focus has been leading multiple functions to deliver improvements across customer experience, investment processes, first line risk management, data and analytics, and technology enabled transformation.

Sally holds a Bachelor’s degree and Graduate Diploma in Psychology and a Diploma in Financial Planning. She is a member of the Australian Institute of Company Directors and a non-executive director of Autism Awareness Australia. She is also a published author.

Johanna Neilsen

Head of People

Johanna joined VFMC in November 2018 as Head of People.  Prior to this, Johanna spent nine years at Cbus Super Fund as the Executive Manager People & Culture, developing and leading the people strategy, initiatives and practices of the Fund as part of the Executive team.

Johanna also spent six years at ESSSuper and prior to this worked in human resources teams across the manufacturing and professional services sectors in both Australia and London.

Johanna holds a M.HRM from Deakin University.

Lucy Carr

Chief Risk Officer

Lucy joined VFMC in December 2019 as Interim Chief Risk Officer where she is responsible for the risk and compliance function. She has more than 19 years experience in financial services across Vanguard, AXA and EY.

Prior to joining VFMC, Lucy spent eight years at Vanguard Australia in various executive roles including Head of Human Resources, Head of Enterprise Risk Management and Head of Fund Financial Services, as well as serving as a member of Vanguard Australia’s Board of Directors for two and a half years.

Lucy brings to VFMC deep experience in risk management, operations and leadership.

Lucy holds a Bachelor’s degree in Commerce from the University of Melbourne.

Sarah Dunn

Head of Client and Market Development

Sarah joined VFMC in September 2020 as Head of Client and Market Development where she is responsible for client and stakeholder management, market development, performance and communications. Sarah has more than 25 years’ experience in financial services, investment management and trusteeship across the UK, Europe, North America and Asia Pacific.

Prior to joining VFMC, Sarah spent 18 years with HSBC in a range of leadership positions across investments, wealth management and private banking, latterly running their Private Bank in Canada before joining ANZ in Melbourne in 2010.  At ANZ, Sarah was the MD of ANZ Trustees (a wholly owned subsidiary responsible for Australia’s largest philanthropic portfolio and providing investment management services for a significant book of NFPs, charitable foundations and private wealth).  More recently she held the roles of Country CEO Cook Islands and Country COO Taiwan.  Sarah’s final role at ANZ was the Head of Group Services prior to assisting Latitude Financial Services to establish their customer remediation and conduct and culture programs.

Sarah studied Classics, Latin and Modern Greek at the University of Leeds, UK and Modern Greek at the University of Thessaloniki, Greece.

VFMC news

Chief Investment Officer Russell Clarke’s Interview with II Network

VFMC’s Russell Clarke:  Russell Clarke believes the whole can be greater than the sum...

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BNY Mellon Selected by VFMC to Support Data Transformation

Victorian Funds Management Corporation (VFMC) is delighted to announce they have selected BNY Mellon...

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Fiduciary Investors Symposium

VFMC CEO Lisa Gray participated in a panel discussion at the Fiduciary Investors Symposium...

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VFMC named in the top 25 most responsible asset allocators

The Responsible Asset Allocator Initiative (RAAI) at New America seeks to mobilise large pools...

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