Australia's Future Fund promotes infrastructure head to CIO

Arndt, who begins his new role immediately, will have overall responsibility for research, due diligence and selection, and monitoring processes for asses and investment managers. Barry Brakey, head of property, will take on the infrastructure and timberlands brief, while a replacement for Arndt is identified.

Stephen Gilmore, Future Fund's head of investment strategy, will see his remit expand to incorporate managing and monitoring portfolio risk settings as well as portfolio design and understanding the macroeconomic and market environment.

"These arrangements will enhance our ability to interpret the broad investment environment and exploit specific insights from each asset class. The ability to bring these perspectives together and collaboratively develop investment ideas is a hallmark of our investment approach," David Neal, Future Fund's managing director, said in a statement.

Since it was established in 2006, Future Fund has received contributions from the Australian government totaling A$60.5 billion ($56.2 billion). It has generated investment returns of more than A$40 billion, taking its total value to A$101 billion for the year ended June 2014.

Future Fund was set a target size of A$140 billion by 2020 to assist the government in meeting the cost of public sector superannuation liabilities.

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