Australia’s Future Fund announced on Wednesday that Chief Executive Officer Raphael Arndt will step down at the end of the year, concluding a six-year tenure as the fund’s longest-serving leader.
The A$356 billion sovereign wealth fund, which has operated for 20 years, also reported a 14.8% return for the fiscal year ended June 30, exceeding its 8% government-mandated target. This follows a 12.2% return in the prior year. The fund’s assets increased to A$356 billion from A$337.2 billion three months earlier, according to the latest portfolio update released Wednesday.
Arndt, who previously served as the fund’s chief investment officer for six years, will leave the organization with a leadership team he described as highly capable and supported by a strong board. The Future Fund’s Chair, Greg Combet, confirmed the transition but did not name a successor in the statement.
Australian equities within the portfolio rose to A$30.4 billion from A$28.7 billion in the prior quarter. The fund’s performance metrics and asset growth were disclosed alongside the annual update, which covers the fiscal year ended June 30.
