Shouldering Risk and Responsibility: An Interview with the Future Fund’s CIO Raphael Arndt

May 18, 2016 by SWC Editors

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By Kathryn Saklatvala Since its founding just a decade ago, Australia’s Future Fund has earned a reputation as an exemplar of institutional best practice. Virtually from its inception, the sovereign wealth fund’s team has led the way in implementing cutting-edge investment strategies and making tangible improvements in the fund’s portfolio metrics: scrapping relative-return benchmarks, breaking down restrictive asset class silos and taking a total-portfolio approach to risk management. Given the Future Fund’s sterling history, the news that the team has produced investment returns of just 0.2 percent during the first nine months of the 2015-’16 financial year — and is now holding 23 percent of its A$117.4 billion in cash — even more striking. If the Future Fund’s expert team is taking a risk-off position, what are some the risks they perceive in the global markets? Earlier this month, Kathryn Saklatvala, Managing Editor of the Institutional Investor Networks,…

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