The Future Fund has promoted Ben Samild to chief investment officer.
Samild had previously been the $250 billion sovereign wealth fund’s deputy chief investment officer for portfolio construction.
The fund said Samild’s promotion followed a comprehensive global search in accordance with federal government processes. Samild joined the Future Fund ten years ago and has been a deputy chief investment officer since 2021.
Samild’s appointment “will provide continuity and a deep understanding of the investment portfolio for the 90-strong investment team,” the fund said. Samild will take over the chief investment officer responsibilities from former chief investment officer Dr Raphael Arndt who was promoted to chief executive in June last year.
Chair of the Future Fund board of guardians, Peter Costello, AC, said 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,” Costello said.
Arndt said Samild had significantly contributed to the direction and performance of the Future Fund investment portfolio and had driven the organisation’s ‘whole portfolio’ investment approach.
“I look forward to our strong investment performance continuing under his leadership,” he said.
Costello said Samild was taking on leadership of the investment team at a challenging time when global inflation remained higher than was desirable and interest rates were continuing to rise, while fiscal policy remained accommodative and productivity growth low. He said Samild would work closely with the board to navigate this environment.
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 chief investment officer for portfolio strategy in 2021 and then for portfolio construction since last year, Samild was involved in reviewing investment strategy in light of the ‘A new Investment Order’ position paper which the Future Fund published in 2021. The paper set out the fund’s thinking on the changing global environment.
Prior to joining the Future Fund as a director of debt and alternatives in 2013, Samild spent four years as head of investment strategy for industry fund LUCRF Super. In 2018, Samild was appointed the Future Fund’s head of alternatives and helped oversee a significant expansion of the fund’s allocation to the asset class.
Following Samild’s promotion, Hugh Murray, head of overlays, has been appointed acting deputy chief investment officer for portfolio construction.
Alicia Gregory remains deputy chief investment officer for private markets.
Image: The Future Fund’s new chief investment officer Ben Samild.