Ben Samild was promoted to chief investment officer of Future Fund, Melbourne, after a yearlong global search, according to a statement Wednesday.
Mr. Samild has been with the sovereign wealth fund for 10 years, most recently as deputy CIO for portfolio construction. He will lead the 90-strong investment team that oversees more than A$250 billion ($170.9 billion) in assets.
In his previous roles at the Future Fund, Mr. Samild led the alternatives team and portfolio strategy, and was involved in the fund's review of its investment strategy in response to changes in the global environment.
The CIO role has been vacant since Sue Brake stepped down last year. CEO Raphael Arndt has been acting in the position since.
Hugh Murray, head of overlays, was appointed acting deputy CIO for portfolio construction and has taken over Mr. Samild's previous duties. Further details were not available.
"Ben brings a strong understanding of the Future Fund as a long-term investor. He has played an important role in supporting the Board's focus on generating returns while managing risk and I am pleased that he will now step up to lead the investment program," Peter Costello, chairman of the Future Fund Board of Guardians, the independent body responsible for the fund's investment strategy, said in the statement.
"Globally, inflation remains higher than is desirable and interest rates have continued to rise, while fiscal policy remains accommodative and productivity growth is low. This creates a challenging environment for investors and in his new role Ben will work closely with the Board to navigate this environment," he said.
Spokesmen could not immediately be reached for comment.