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(Bloomberg) – The Australian government has appointed Greg Combet as chair of its sovereign wealth fund, ending a months-long process to replace incumbent Peter Costello.
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Finance Minister Jim Chalmers said in a statement on Monday that the former federal Labor government minister and former chairman of IFM Investors had been appointed for a five-year term. Chalmers said he would work with Combet to consider the future role of the investment giant, which oversees more than A$270 billion ($178 billion) across seven funds.
Mr Chalmers told reporters in Canberra that Mr Combet, who will take up his post around the middle of this year, “brings deep and diverse experience and fresh leadership to the Future Fund”. “We value Future Fund’s independence, we value its commercial focus and we don’t want to undermine that.”
Combet takes on the role as Future Funds face new rules requiring more detailed disclosure of investment holdings that include more than a third of personal assets. The first report is expected to be published in the first quarter of 2024, and biennially thereafter.
The Future Fund last week delivered an 8% annual return in 2023, with an average 10-year return of 8.2%, beating its target of 6.9%, the fund said in a statement earlier this month.
Mary Riemst has been appointed Acting Chair of the Future Fund from 4 February until Mr Combet begins his role.
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