Future Fund promotes CEO

The Future Fund has promoted chief investment officer Raphael Arndt to CEO.

Arndt first joined the sovereign wealth fund in 2008 as head of infrastructure and timberland. He was named chief investment officer in 2014.

Future Fund chair Peter Costello said, "Raphael is an effective leader who has proved his ability to build high performing teams and organisations. He has been integral to developing the way the organisation works as well as driving the development and implementation of its investment strategy.

"His knowledge of the organisation, combined with his global perspective on institutional investment, make him an outstanding leader for the Future Fund."

Arndt will take the helm at the end of the financial year. Cameron Price will continue as acting CEO until 1 July.

Before joining the Future Fund, Arndt was an investment director at Hastings Funds Management.

"I am honoured to have this opportunity," he said. "Investing for the benefit of future generations of Australians, the way we strengthen the government's long-term financial position and the support our investment activity provides to areas such as medical research have never been more important.

"We have excellent people and a resilient organisation. I'm looking forward to maintaining and developing these strengths particularly given the changes and challenges in the operating and investment environment," said Arndt.

The Future Fund is recruiting for a new chief investment officer.