Australia's government appointed Greg Combet to chair the nation's sovereign wealth fund, ending a months-long process to replace incumbent Peter Costello.
The former federal Labor government minister and previous chair of IFM Investors was appointed for a five-year term at the Future Fund, Treasurer Jim Chalmers said in a statement Jan. 29. Chalmers said he planned to work with Combet in considering the future role of the investment giant, which oversees more than A$270 billion ($178 billion) across seven funds.
Combet, who starts his role around mid-year, will "bring deep, diverse experience and fresh leadership to the Future Fund," Chalmers told reporters in Canberra. "We cherish the Future Fund's independence and we cherish its commercial focus and we don't want to mess with that."
Combet takes on the role as the Future Fund faces new rules requiring it to disclose deeper details of its investment holdings, which include more than a third of private assets. The first report is expected in the first quarter of 2024 and then on a biannual basis.
The Future Fund last week posted an annual return of 8% for 2023, with the 10-year average gain of 8.2% exceeding its target of 6.9%, the fund said in a statement earlier this month.
Mary Reemst was appointed as acting chair of the Future Fund from Feb. 4 until Combet begins his role.