The Future Fund has appointed Dr Raphael Arndt to the position of Chief Investment Officer. Dr Arndt was previously the Future Fund’s Head of Infrastructure and Timberlands.

As Chief Investment Officer, Dr Arndt will have overall responsibility for leading the investment team in developing the research, due diligence and selection and
monitoring processes for assets and investment managers. Dr Arndt commences his new role immediately.

Stephen Gilmore, the Future Fund’s current Head of Investment Strategy, will take on additional responsibility for managing and monitoring total portfolio risk settings while continuing to focus on portfolio design and understanding the macroeconomic and market environment.

Both Dr Arndt and Mr Gilmore will report to David Neal, the Future Fund’s Managing Director.

Mr Neal said: “These arrangements will enhance our ability to interpret the broad investment environment and exploit specific insights from each asset class. The ability to bring these perspectives together and collaboratively develop investment ideas is a hallmark of our investment approach.

“Raphael has been a significant contributor to developing our investment strategy and process over the last seven years. With 20 years’ experience in researching and making investments, as well as building investment teams and institutional portfolios, Raphael has the commercial and leadership skills to help us refine our investment thinking and processes. He is the ideal person to foster the collaboration and contest of ideas that is central to our investment process.

“Stephen has led our work on macroeconomic and market monitoring, asset allocation and the use of portfolio overlay strategies and his rigour and insight have been of real value. Stephen and his team will continue to drive our understanding of the environment and our ability to position the portfolio appropriately for its mandate. With the addition of new risk monitoring responsibilities, Stephen is recruiting a senior additional person to provide further depth and focus in our investment risk management and reporting capabilities.”

A recruitment process for the position of Head of Infrastructure and Timberlands vacated by Dr Arndt will now commence and be undertaken in accordance with Australian Public Service requirements. While this process is underway Mr Barry Brakey, Head of Property, will take on the additional responsibility for leading the Infrastructure and Timberlands team on an acting basis.


Will Hetherton

Head of Public Affairs

Future Fund

+61 (0)3 8656 6400 or +61 (0)439 016 678

About the Future Fund

The Future Fund is Australia’s Sovereign Wealth Fund responsible for investing the assets of the Future Fund, three Nation-building Funds and the DisabilityCare Australia Fund. Since inception investment returns have added over $40 billion to the value of the Future Fund which is now valued at more than $101 billion. The Future Fund has met or exceeded its target benchmark return over seven, five, three and one year periods to 30 June 2014.

Dr Raphael Arndt

Raphael joined the Future Fund as Head of Infrastructure and Timberlands in February 2008 and is a member of the Investment Committee. His previous experience includes infrastructure and timberlands investment roles with Hastings Funds Management and a policy role with the Australian Council for Infrastructure Development. An engineer by training, Raphael completed a PhD at Melbourne University on infrastructure financing.

Mr Stephen Gilmore

Stephen joined the Future Fund in 2009, was appointed Head of Strategy in 2010 and is a member of the Investment Committee. He previously worked in senior
strategy roles in London and Hong Kong with AIG Financial Products and Morgan Stanley. Prior to that, Stephen worked with both the International Monetary Fund and the Reserve Bank of New Zealand.