Future Fund has promoted its chief investment officer as its new boss.
Dr Raphael Arndt has become the sovereign wealth fund’s new chief executive, after holding the role of CIO since 2014.
He is the permanent replacement for predecessor David Neal, who departed in February to become CEO of IFM Investors.
Future Fund chief risk officer Cameron Price will remain as acting CEO until Dr Ardnt commences in the role from 1 July.
Meanwhile, the fund will commence a hunt for a new CIO.
Chairman Peter Costello stated Dr Arndt would be commencing after the financial year ends to “ensure a smooth transition during what remains an uncertain investment environment”.
“This will allow him to concentrate his full focus on investment during this challenging time,” Mr Costello said.
On Dr Arndt, he added: “He has been integral to developing the way the organisation works as well as driving the development and implementation of its investment strategy.”
“His knowledge of the organisation, combined with his global perspective on institutional investment, [makes] him an outstanding leader for the Future Fund.”
Dr Arndt joined the Future Fund in 2008.
He commented he is looking forward to maintaining and developing the strengths of the organisation through the challenging operating and investment environment ahead.
“Investing for the benefit of future generations of Australians, the way we strengthen the government’s long-term financial position and the support our investment activity provides to areas such as medical research have never been more important,” Dr Arndt said.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].