Arndt: Fund-wide fee caps risk cutting out hedge funds, PE, and VC
Raphael Arndt · CIO Greatest Hits: Sovereign Wealth Funds – Raphael Arndt (Australia Future Fund) · Sep 1, 2025 · at 1:17:00
Raphael Arndt, CIO of Australia's sovereign wealth fund (Future Fund), discusses superannuation funds that market low fee budgets to attract retail members.
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“Some of our local peers here in superannuation who have to compete for members have decided to go down a road of setting a fee budget for the whole fund. And then reporting those fees as a competitive advantage in their marketing. And we think that risks cutting out whole swathes of the opportunity set, the higher fee areas of hedge funds and private equity and venture in particular.”
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