Australia’s sovereign wealth fund, the Future Fund, said on Wednesday that Chief Executive Officer Raphael Arndt will step down at the end of the year after a six-year tenure to return to the private sector.
Chair Greg Combet did not name a successor to the A$356 billion ($255.00 billion) fund in the statement.
Arndt is the longest-serving CEO in the 20-year history of the fund, and was its chief investment officer for six years before taking the top role.
“I leave the Future Fund with a highly capable leadership team that is supported by a strong board,” Arndt said.
The fund delivered a 14.8% return in the year ended June 30, above the government-mandated target of 8.0% and last year’s 12.2%, according to its latest portfolio update released on Wednesday.
Its assets climbed to A$356 billion at the end of June from A$337.2 billion three months earlier. Investments in Australian equities rose to A$30.4 billion from A$28.7 billion.
Reuters
