Australia's $131 billion sovereign wealth fund chair will not seek another term

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SYDNEY - The head of Australia's A$206 billion sovereign wealth fund had informed the Australian government he will not seek a third term, Treasurer Jim Chalmers said on Monday, and a formal recruitment process to find a successor will begin.

Costello, as federal treasurer in 2006, oversaw the establishment of the Future Fund with contributions from A$60.5 billion in government surpluses and proceeds of the privatisation of telecom firm Telstra. "We thank Mr Costello for his significant contribution ... He leaves with the government's appreciation and respect."

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