The Future Fund Management Agency today announced changes to its organisational structure.

The changes will strengthen investment, technology and risk functions as the organisation matures and goes into its second decade.

The changes will help the organisation be more nimble and collaborative, recognise the importance of technology in maximising the value of data and information in the investment process and further strengthen risk management and the use of risk insights.

The business model, investment process and investment strategy do not change.

Changes to the investment team are focused on simplifying the structure and reinforcing our focus on the performance of the portfolio as a whole.

  • Dr Raphael Arndt will continue as Chief Investment Officer taking on responsibility for the investment functions of the Chief Investment Strategist as well as leadership of the asset class teams. In due course the organisation will look to fill the new role of Head of Portfolio Strategy.
  • Wendy Norris, Head of Infrastructure & Timberland, will take up the new role of Deputy Chief Investment Officer, Private Markets. In this role she will oversee Private Equity, Property and Infrastructure & Timberland. Barry Brakey, Head of Property, and Steve Byrom, Head of Private Equity, will report to Wendy.
  • David George, Head of Debt & Alternatives, will take up the new role of Deputy Chief Investment Officer, Public Markets. In this role he will oversee Listed Equity, Overlays and Debt & Alternatives. Björn Kvanskog, Head of Listed Equity, Tanya Branwhite, Head of Market Insights and Portfolio Implications and Hugh Murray, Head of Overlays, will report to David.

The new position of Chief Technology Officer has been created to further strengthen the organisation’s focus on maximising value through the use of technology.

This role will have leadership responsibility for the existing IT area, as well as Investment Solutions, an existing team which will continue to work closely with the investment team to develop bespoke investment technology solutions to drive investment insights. A global search process for this role will commence shortly.

To ensure the organisation remains resilient and robust in identifying risks and extracting insights from our risk monitoring and management processes, Mr Cameron Price, General Counsel, will add the role of Chief Risk Officer to his responsibilities.  This role brings the Investment Risk and Operational Risk & Compliance functions alongside his existing responsibilities for legal services and the Board secretariat.

As a result of these changes Mr Stephen Gilmore, Chief Investment Strategist, will support the transition to the new structure before leaving the organisation at the end of April 2018.

Mr David Neal, Chief Executive Officer said:

“Over the last decade, the Future Fund has exceeded its benchmark return and generated over $78bn in investment returns.

“To sustain our success as our portfolio grows we are refining our structure.  This will strengthen our collaborative approach and help us to be more nimble and streamlined in the hunt for investment opportunities, the management of the investment portfolio and the creation and use of technology and risk insights.

“Implementing these changes will help us stay sharply focused on our task of investing for the benefit of future generations of Australians.

“Stephen Gilmore has made an outstanding contribution to the organisation since he joined in 2009.  His investment insights and leadership of the investment strategy team and of the organisation as a whole have been enormously important to our success.  I thank him for the investment value he has created and the culture that he has helped build and I wish him well for his next challenge.”

Stephen Gilmore, Chief Investment Strategist said:

“It has been a privilege to work at the Future Fund as part of an outstanding team. I am immensely proud of what we have achieved and confident that the organisation is well-placed to navigate the next stage in its growth.”


Notes to editors:

About the Future Fund

The Future Fund is Australia’s sovereign wealth fund.  At 31 December 2017 it was valued at $139bn and has returned 8.1% pa over the last 10 years, against a target benchmark return of 6.8% pa.  Investment returns have added over $78bn to the original contributions of $60.5bn made by government.

Established to strengthen the Australian government’s long term financial position, the Future Fund Board of Guardians, supported by the Future Fund Management Agency, is responsible for investing the assets of the Future Fund.  The Board of Guardians is also responsible for investing four other public asset funds with a combined value of $25bn.

Dr Raphael Arndt, Chief Investment Officer

Dr Arndt has been Chief Investment Officer since 1 September 2014. Prior to his appointment he had been the Future Fund’s Head of Infrastructure & Timberland since 2008.  Dr Arndt is Chair of the Investment Committee and a Board member of the Melbourne Lord Mayor’s Charitable Foundation.  He was previously an Investment Director with Hastings Funds Management and held infrastructure policy positions in the private sector and the Victorian Department of Treasury and Finance.

Ms Wendy Norris, Deputy Chief Investment Officer, Private Markets

Ms Norris has served as the Future Fund’s Head of Infrastructure & Timberland since March 2015.  She joined the Future Fund as a Director in the Infrastructure & Timberland team in 2010.  Prior to joining the Future Fund, Ms Norris was an Investment Director at Hastings Funds Management in New York, San Antonio (Texas) and Melbourne.  She previously held project finance roles with ABN AMRO in Chicago and Sydney.

Mr David George, Deputy Chief Investment Officer, Public Markets

Mr George has served as the Future Fund’s Head of Debt & Alternatives since 2013.  He joined the Future Fund in 2008.  Prior to joining the Future Fund, Mr George was a Principal at Mercer Investment Consulting in Sydney and previously held management and analytical roles at Mercer in Toronto, the Royal Bank of Canada and Integra Capital Management.  Mr George sits on the Board of the Chartered Alternative Investment Analyst Association and is a Trustee of the Standards Board for Alternative Investments.

Mr Cameron Price, General Counsel and Chief Risk Officer

Mr Price joined the Future Fund in 2014 as General Counsel.  He was previously a Partner and Board member at law firm Allens Linklaters, where he had 25 years of experience in corporations, securities, and commercial law, with particular expertise in mergers and acquisitions, private equity, equity capital markets and corporate governance.

Mr Stephen Gilmore, Chief Investment Strategist

Mr Gilmore joined the Future Fund in 2009.  He was appointed Chief Investment Strategist in September 2014, having been Head of Strategy since 2010.  Previously he worked in senior strategy roles in London and Hong Kong with AIG Financial Products and Morgan Stanley. Prior to that he worked with both the International Monetary Fund and the Reserve Bank of New Zealand.

For more information:

Will Hetherton                                            

Head of Public Affairs & Strategic Relations      

Future Fund                                               

+61(0)3 8656 6400                                      

+61 (0)439 016 678                                    


Jennifer Dearn

Adviser, Public Affairs & Strategic Relations

Future Fund

 +61 (0)3 8656 6400

 +61 (0)439 181 153