The Chairman of the Future Fund Board of Guardians, Hon Peter Costello AC, today announced the appointment of Dr Raphael Arndt as the Future Fund Management Agency’s Chief Executive Officer.

Dr Arndt joined the Future Fund in 2008 and has served as its Chief Investment Officer since 2014.

The appointment follows a global search process and the completion of the necessary Australian Public Service requirements.

Mr Costello said:

‘Raphael is an effective leader who has proved his ability to build high performing teams and organisations.  He has been integral to developing the way the organisation works as well as driving the development and implementation of its investment strategy.

‘His knowledge of the organisation, combined with his global perspective on institutional investment, make him an outstanding leader for the Future Fund.

‘To help ensure a smooth transition during what remains an uncertain investment environment, Raphael will take up his role as Chief Executive Officer on 1 July 2020.  This will allow him to concentrate his full focus on investment during this challenging time.  Cameron Price will continue as Acting Chief Executive Officer until 1 July 2020.

‘On behalf of the Board I would like to thank Cameron, who has been Acting Chief Executive Officer since March, for continuing in this role until the end of the financial year.  Cameron has guided the organisation through the challenges of the pandemic superbly.’

Dr Raphael Arndt said:

‘I am honoured to have this opportunity. Investing for the benefit of future generations of Australians, the way we strengthen the government’s long-term financial position and the support our investment activity provides to areas such as medical research have never been more important.

‘We have excellent people and a resilient organisation.  I’m looking forward to maintaining and developing these strengths particularly given the changes and challenges in the operating and investment environment.’

A process for the appointment of a new Chief Investment Officer will start in due course.



About Dr Raphael Arndt

Dr Arndt has held the role of Chief Investment Officer since 1 September 2014.  Prior to this, he was the Future Fund’s Head of Infrastructure and Timberland since 2008.  He was previously an Investment Director with Hastings Funds Management and has also held infrastructure policy positions with both the private sector and the Victorian Department of Treasury and Finance.  Raphael started his career as an engineer working with Ove Arup & Partners and holds engineering and economics degrees and a PhD in private infrastructure policy from the University of Melbourne.

The Future Fund and other Australian public asset funds

The Future Fund Board of Guardians and Future Fund Management Agency invest the following public asset funds on behalf of the Australian government.

Funds invested at 31 March 2020

Value $bn

Future Fund


Medical Research Future Fund


Aboriginal and Torres Strait Islander Land and Sea Future Fund


DisabilityCare Australia Fund


Future Drought Fund


Emergency Response Fund





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
Manager, Public Affairs & Strategic Relations
Future Fund
+61 (0)3 8656 6400
+61 (0)439 181 153