Australia Wealth Fund Chief Cautions on More Market Intervention

Rising inequality around the world is contributing to more populist policies and a higher amount of intervention in markets, warned the boss of Australia’s sovereign wealth fund.

Raphael Arndt, chief executive at the Future Fund, said the fund made the decision to reduce US exposure as a result of changes following US President Donald Trump’s tax-and-spend legislation and volatility around trade policy after “Liberation Day.” Speaking at the Bloomberg New Economy Forum in Singapore on Thursday, he quipped that Adam Smith’s invisible hand is “a bit too invisible at the moment.”