Raphael Arndt
Future Fund CEO Raphael Arndt announced plans to leave the sovereign wealth fund after nearly two decades, including six years in the top job.
Future Fund Chair Greg Combet said Arndt informed the board of the A$356 billion ($255.33 billion) fund of his intention to leave the organization and return to the private sector.
Arndt has been the longest-serving chief executive in the 20-year history of the Future Fund. Prior to his current role, Arndt had been CIO for six years.
Arndt will continue as CEO to the end of 2026 to support a smooth transition as the board considers the appointment of his successor.
Earlier this year, Richard Brandweiner joined the Future Fund as CIO.
Arndt also currently represents the Future Fund on the board of the Australia Pacific Airports Corp., operator of airports in Melbourne and Launceston, Australia. During his time as CIO, Arndt was a member of CIO’s Power 100 list. In 2017, he won CIO’s Industry Innovation Award in the Sovereign Wealth Fund category.
Arndt led the organization’s response to a rapidly evolving global investment landscape, driving advancements in data, technology and investment capabilities that strengthened the fund’s resilience and enhanced its ability to capture opportunities in complex global markets, according to a Future Fund statement.
“Under his leadership as chief executive the Future Fund has delivered strong long-term returns above its benchmark and increased total funds under management across the funds overseen by the board from A$205 billion to A$356 billion,” the Future Fund’s statement continued. “During [his] tenure the fund has also developed a high-performance, collaborative culture which is renowned globally.”
Combet called Arndt an “outstanding leader.”
“Australia is better off for his contribution to the Future Fund,” Combet said in the statement. “He leaves the fund well positioned to continue strong investment performance in the future.”
Arndt, in a statement about his decision to step down, said, “I am proud to have served as chief executive of the Future Fund. The fund is an important Australian institution, and I am confident it will continue to play a vital role for decades to come. All Australians are better off as a result. After six years as chief executive and having delivered two strategic plans and excellent investment results now is the right time for me to move into a new chapter of my working life. I leave the Future Fund with a highly capable leadership team that is supported by a strong board.”
His departure comes after his leadership was questioned in April during a period of staff turnover. In May, Arndt responded to staff exits while speaking at a Senate Estimates hearing, saying the turnover rate for the fund was about 6%, not at a “worrying level.”
A version of this article originally appeared in our sister publication, Financial Standard, which, like CIO, is owned by ISS STOXX.
Tags: Australia Future Fund, Raphael Arndt, sovereign wealth funds