Raphael Arndt was named chief investment officer of Australia’s A$101 billion (US $93.7 billion) Future Fund, said a news release from the Melbourne-based fund.
Mr. Arndt replaced David Neal, who was appointed managing director of the Future Fund Management Agency in June. As CIO, Mr. 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,” the news release said.
Mr. Arndt, a member of the investment committee, joined the fund as head of infrastructure and timberlands in February 2008. Barry Brakey, head of property, will lead the infrastructure and timberlands team until a permanent replacement is found, the release said.
Also, Stephen Gilmore, 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,” according to the release.
Also, as part of his expanded role, Mr. Gilmore is recruiting a “senior additional person to provide further depth and focus (on) investment risk management and reporting capabilities,” the release said.
Both Messrs. Arndt and Gilmore will report to Mr. Neal.
Will Hetherton, spokesman, could not immediately be reached for additional information.