Australia’s $205 billion sovereign wealth fund, the Future Fund, has named Sue Brake as its acting chief investment officer, with the Fund having promoted its former CIO, Raphael Arndt, to the role of chief executive officer. Arndt has served as the Future Fund’s CIO since 2014, delivering exceptional returns, having joined in 2008. He takes over from Cameron Price, who has been placed as the interim CEO since March. The former CEO, David Neal, has joined global asset manager IFM Investors as CEO. The Future Fund will begin looking for a suitable replacement for the acting CIO in the coming months. The Future Fund’s financial year-to-date return has been -0.2%, while its 10-year return was 9.2%, exceeding the benchmark target of 6.4%. The fund is currently 18.2% invested in private equity, 14.7% in alternatives and 27.6% in global equities. Australia’s largest superannuation fund by membership, REST Super, has appointed Andrew Lill as its new CIO. Lill was the former CIO of Morningstar’s Asia-Pacific business and prior to that, headed up the investment specialists and investment solutions unit at AMP Capital. The $53 billion retail industry super fund conducted a review of its investments structure and governance framework. As part of its findings, the fund’s Super Investment Management unit was merged into its internal investment team. Lill will be responsible for the management of this combined team. The CIO plays an important part in working with investment managers and the board investment committee to help support fund growth through Australia’s economic recovery. REST Super’s Balanced option has returned its investors 0.44% for the financial year and 4.99% for the quarter. The recent rebound in overseas and Australian shares were a key driver of these returns.