Raphael Arndt to step down as CEO of Australia's Future Fund

Raphael Arndt, the Chief Executive Officer of Australia's sovereign wealth fund, the Future Fund, will step down at the end of the year. Arndt has served in the role for six years and has been with the institution for two decades, including a prior six-year term as chief investment officer. The Future Fund, which manages A$356 billion ($255 billion), reported a 14.8% return for the fiscal year ended June 30, surpassing its target of 8.0% and the previous year's 12.2% return. Chair Greg Combet stated that a successor has not yet been named. Arndt expressed confidence in the remaining leadership team and board. The fund's assets increased to A$356 billion at the end of June from A$337.2 billion three months prior, with investments in Australian equities rising to A$30.4 billion.