Future Fund promotes Ben Samild to CIO amid strategic shift to face contemporary challenges

Australia’s sovereign wealth fund promotes Ben Samild to chief investment officer as it pursues new strategies to find returns amid higher inflation and interest rates.

Australia’s Future Fund has promoted Ben Samild to chief investment officer following a year-long global search for the role after Sue Brake departed the $250bn sovereign wealth fund.

Mr Samild, who has been with the group for 10 years, was appointed as one of three deputy CIOs in June 2022, when CEO Raphael Arndt took over the CIO position after Ms Brake’s departure for family reasons.

Having served as deputy CIO for portfolio construction since 2022 and heading the alternatives division before then, Mr Samild’s expertise will be instrumental in guiding the fund through the current challenging investment landscape, Future Fund chair Peter Costello said.

“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,” he said.

“In his new role, Ben will work closely with the Board to navigate this environment.” he said. “Ben brings a strong understanding of the Future Fund as a long-term investor (and) has played an important role in supporting the Board’s focus on generating returns while managing risk,” Mr Costello added.

Earlier this year, the FF, which which in 2006 was set up to offset pension liabilities for public servants, said it was exploring new strategies – including seeking “skilled” active managers and investing in small companies for the first time – in its quest to achieve sustainable returns despite the challenging outlook.

As deputy CIO for portfolio strategy at the time, Mr Samild was heavily involved in that decision, the fund said in a statement.

“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,” he said.

The appointment will see Hugh Murray, head of overlays, step up into Mr Samild’s role as acting deputy CIO for portfolio construction. Alicia Gregory, deputy CIO for private markets, will remain in her role helping oversee the 90-person strong investment team.

Wendy Norris, the third co-deputy CIO appointed last year, resigned from the FF earlier this year to join forestry and timber company OneFortyOne as chief executive.

“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.