Key Takeaways
- • Richard Brandweiner, currently CIO, will become chief executive of the A$350 billion Future Fund in January, succeeding Raphael Arndt, who steps down at the end of 2026 after six years as CEO.
- • The appointment was announced by Board of Guardians chair Greg Combet, who described Brandweiner as an outstanding leader with deep experience leading investment institutions.
- • The Future Fund will return to market to recruit a new CIO, its second investment chief change in just over a year, following significant senior turnover.
- • Arndt will remain until year-end to support the transition, and the fund is also pursuing cost savings of $10 million to $15 million.
Summary
Richard Brandweiner will move up from chief investment officer to chief executive of Australia's $350 billion sovereign wealth fund, the Future Fund, in January, according to investmentmagazine.com.au. Future Fund Board of Guardians chair Greg Combet announced the appointment, describing Brandweiner as "an outstanding leader with deep experience in leading investment institutions and a strong understanding of the environment in which long-term investors operate." Brandweiner said the organisation has strong foundations and depth of talent, and that he looks forward to continuing to deliver long-term investment returns in a rapidly changing environment.
Raphael Arndt announced in August that he would step down at the end of 2026 after six years as CEO and almost two decades at the fund. He will remain until year-end to support the transition, while Brandweiner stays on as CIO until the handover. The fund said recruitment for a new CIO would begin in "due course." Arndt, who joined in 2008 and became CIO in 2014, praised Brandweiner as a wonderful leader whose judgement will position the fund strongly.
The appointment had been widely anticipated in Australia's asset owner community. Industry candidates reportedly considered for the role included HESTA's Sonya Sawtell-Rickson and Colonial First State's Jonathan Armitage, with AMP's Anna Shelley, VFMC's Russell Clarke and QIC's Allison also cited as possible contenders. An internal successor appeared less likely given recent turnover, including the departures in March of managing director of real assets Tammi Fisher and head of private equity David Bluff, who moved to Global Alternative Funds.
In April, the fund launched a cost-cutting drive aiming to save $10 million to $15 million by consolidating external service provider relationships and placing 10 investment and non-investment roles under review. Arndt's tenure also drew scrutiny from independent senator David Pocock over business class airfares for his former executive assistant and two taxpayer-funded trips to Disneyland, which the fund said were part of an internal training platform effort and involved only land costs.
Raphael Arndt announced in August that he would step down at the end of 2026 after six years as CEO and almost two decades at the fund. He will remain until year-end to support the transition, while Brandweiner stays on as CIO until the handover. The fund said recruitment for a new CIO would begin in "due course." Arndt, who joined in 2008 and became CIO in 2014, praised Brandweiner as a wonderful leader whose judgement will position the fund strongly.
The appointment had been widely anticipated in Australia's asset owner community. Industry candidates reportedly considered for the role included HESTA's Sonya Sawtell-Rickson and Colonial First State's Jonathan Armitage, with AMP's Anna Shelley, VFMC's Russell Clarke and QIC's Allison also cited as possible contenders. An internal successor appeared less likely given recent turnover, including the departures in March of managing director of real assets Tammi Fisher and head of private equity David Bluff, who moved to Global Alternative Funds.
In April, the fund launched a cost-cutting drive aiming to save $10 million to $15 million by consolidating external service provider relationships and placing 10 investment and non-investment roles under review. Arndt's tenure also drew scrutiny from independent senator David Pocock over business class airfares for his former executive assistant and two taxpayer-funded trips to Disneyland, which the fund said were part of an internal training platform effort and involved only land costs.
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