Australia’s Future Fund has appointed headhunter Spencer Stuart to recruit its next chief executive officer, one of the most coveted roles in the country’s finance industry. Raphael Arndt will step down at the end of 2026 after six years in the top job at the A$356 billion ($256 billion) Future Fund, with plans to return to the private sector. A spokesperson for the Future Fund confirmed the decision on Spencer Stuart, while a representative for Spencer Stuart declined to comment.

The search comes as the sovereign wealth fund prepares for leadership transition amid continued growth in its global investment portfolio.