Future Fund Names Infrastructure Chief

Australia’s sovereign wealth fund has promoted an internal candidate to lead its growing infrastructure and timberland portfolio.

Wendy Norris, who joined the Future Fund in 2010, has replaced Raphael Arndt at the helm of the $8 billion portfolio, the institution has announced. Arndt was promoted to CIO in September last year,

“[Wendy] combines infrastructure portfolio management, asset management and transaction expertise with the ability to contribute to investment thinking across all asset classes,” said Arndt, who was tasked with creating an infrastructure portfolio when the fund was launched in 2008. He also thanked Barry Brakey, the fund’s head of property, who had been looking after that section of the portfolio while a replacement was found.

Norris takes the lead as the portfolio, which made up 7.4% of the A$109 billion fund at the end of December, has been outperforming. In his review of the year, CEO David Neal said infrastructure “had performed extremely well” in 2014 and alongside private equity and property had “significantly outperformed listed markets”.

At the end of 2011, there was just A$4.1 billion in this portfolio to make up 5.4% of the fund, which at that time stood at A$73 billion. It has been steadily growing since.

Prior to joining the Future Fund, Norris was investment director at Hastings Funds Management in New York, San Antonio (Texas), and Melbourne.

Related content: Power 100 Raphael Arndt & ‘No Infrastructure Bubble,’ Says Aus Future Fund