As it heads into its second decade, Australia’s A$138.9 billion ($107.8 billion) Future Fund sovereign wealth fund will be changing its organizational structure in terms of its investment team.
Dr. Raphael Arndt will stay on board as the Melbourne-based fund’s CIO, adding the investment duties of the chief investment strategist to his responsibilities as well as leading the asset class teams. Stephen Gilmore, the current chief investment strategist, will aid in Arndt’s transition before his departure from the fund in late April.
The Future Fund will also seek to fill the newly created role of head of portfolio strategy.
Wendy Norris, the fund’s head of infrastructure and timberland, will become deputy CIO of the private equity markets, while David George, head of debt and alternatives, will become deputy CIO for public markets. Norris will oversee private equity, property, infrastructure, and timberland, while George will monitor listed equity, overlays, debt, and alternatives.
The Future Fund has also created a chief technology officer position, which will be responsible for leading the IT area as well as investment solutions. The CTO will work with the investment team to “develop bespoke investment technology solutions to drive investment insights,” according to a news release. The fund will soon perform a global search process to fill the position.
In addition to his obligations as general counsel, Cameron Price will also become the fund’s chief risk officer.
According to a news release, the changes are “focused on simplifying the structure and reinforcing our focus on the performance of the portfolio as a whole.”
“Over the last decade, the Future Fund has exceeded its benchmark return and generated over $78bn in investment returns,” said CEO David Neal in a statement. “To sustain our success as our portfolio grows, we are refining our structure. This will strengthen our collaborative approach and help us to be more nimble and streamlined in the hunt for investment opportunities, the management of the investment portfolio, and the creation and use of technology and risk insights.
“Implementing these changes will help us stay sharply focused on our task of investing for the benefit of future generations of Australians,” Neal said.
Tags: Australian Future Fund, Investment Team, Sovereign Wealth Fund