Australia's sovereign wealth fund CEO Raphael Arndt steps down

Aug 26 (Reuters) - Australia's ‌sovereign wealth ​fund, ​the Future Fund, said on Wednesday that Chief Executive Officer ‌Raphael Arndt will step down at the ⁠end of the year after a six-year ‌tenure to return to ‌the private sector.

Chair Greg Combet did not name a successor to the A$356 ​billion ($255.00 billion) fund in the statement.

Arndt is the longest-serving CEO in the ⁠20-year history of the fund, and was its chief investment ​officer for six years before taking the top role.

"I leave the Future ​Fund with a highly ‌capable leadership team that is supported by a strong board," ⁠Arndt said.

The fund delivered a 14.8% return in the year ended June 30, above ⁠the government-mandated target of 8.0% and last year's 12.2%, ​according to its latest portfolio update released on Wednesday.

Its assets climbed to A$356 billion at the ‌end of June from A$337.2 billion three months earlier. Investments ‌in Australian equities rose to A$30.4 billion ⁠from A$28.7 billion.

($1 = ‌1.3961 Australian dollars)

(Reporting ​by Sameer Manekar in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu ‌Sahu)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Morning Bid: Markets are waiting '9 to 5'
• China examines new legal tool to pursue graft suspects, assets abroad
• US conservative gay rights group says it is ending advocacy for transgender causes