The Future Fund has promoted Ben Samild to Chief Investment Officer following a comprehensive global search in accordance with government processes.
Mr Samild, a ten-year veteran of the Future Fund and deputy CIO since 2021, will provide continuity and a deep understanding of the investment portfolio for the 90-strong investment team overseeing more than $250bn in investments around the world.
He will assume the CIO responsibilities from Future Fund Chief Executive Officer Raphael Arndt, who has been acting in the role since June last year.
Chair of the Future Fund Board of Guardians, Hon Peter Costello AC, said Mr Samild’s appointment highlighted the depth of talent of the Future Fund’s investment team and represented continuity in the long-term focus of the organisation.
“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.
Dr Raphael Arndt said Mr Samild was an outstanding leader.
“Ben has significantly contributed to the direction and performance of the portfolio and has driven our whole portfolio investment approach,” Dr Arndt said.
“I look forward to our strong investment performance continuing under his leadership.”
Mr Samild said he was honoured to take on the challenge of leading the investment team.
“I am very passionate about the role the Future Fund plays and have a great deal of respect and admiration for the people who work here,” Mr Samild said.
“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.”
As Deputy CIO for Portfolio Strategy in 2021 and then for Portfolio Construction from 2022 Mr Samild was involved in reviewing investment strategy in light of the ‘New Investment Order’ position paper that set out the Future Fund’s thinking on the changing global environment.
He joined the Future Fund in 2013 as a director of Debt and Alternatives having spent four years as Head of Investment Strategy for LUCRF Super. In 2018 he was appointed Head of Alternatives, helping to oversee a significant expansion of the Future Fund’s allocation to this asset class.
Following Mr Samild’s promotion, Hugh Murray, Head of Overlays, has been appointed Acting Deputy CIO for Portfolio Construction. Alicia Gregory remains Deputy CIO for Private Markets.
“Alicia and Hugh have both been long term leaders and excellent contributors to the Future Fund and will provide Ben with just the support he needs to take the investment program forward,” Dr Arndt said.
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