Future Fund appoints new CIO

Sovereign wealth fund Future Fund has appointed Ben Samild as its new chief investment officer.

He will take over from chief executive, Raphael Arndt, who has been carrying out the role in an acting capacity since last June.

The CIO role was previously held by Sue Brake until her departure in June 2022, having held the role since December 2020.

Samild has worked at the Future Fund for 10 years and most recently has worked as deputy CIO for portfolio construction. He will now oversee the 90-strong investment team on the $250 billion fund. 

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He joined in 2013 as a director of debt and alternatives from LUCRF Super where he was head of investment strategy. In 2018, he was appointed as head of alternatives then as deputy CIO for portfolio construction in 2022.

Within this, he was active in the fund’s review of its investment strategy which saw it mark a return to active management.

Hugh Murray, head of overlays, has been appointed to replace Samild as acting deputy CIO for portfolio construction in an interim capacity.

Chair of the Future Fund Board of Guardians, Hon Peter Costello AC, said: “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.

“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.”

Samild added: “Having spent a significant amount of time leading the research and strategic orientation on the impact of contemporary global challenges to the investment environment, I am very excited to be able to steward the portfolio at this critical juncture.”