Overview
- The Future Fund announced on Wednesday that chief executive Raphael Arndt will step down at the end of the year to return to the private sector.
- The fund reported a 14.8% return for the year to June 30 and said assets rose to A$356 billion, beating the government target of 8.0% and lifting Australian equity holdings to A$30.4 billion.
- Chair Greg Combet did not name a successor in the statement and the board says it is conducting a broader recruitment process, leaving succession and stewardship as the immediate governance focus.
- Arndt has worked at the Future Fund for roughly two decades, including six years as chief investment officer before becoming CEO, during which the fund's assets increased by more than A$150 billion.
- The board highlighted recent domestic commitments of about A$3.5 billion to housing, infrastructure and the energy transition, and markets and policymakers will watch whether the next leader keeps that strategic direction.