Peter Costello won't seek third term as Future Fund boss

The news: Former federal treasurer Peter Costello will not seek a third term as chair of the Australian sovereign wealth fund he helped create, the Future Fund.

The numbers: The Future Fund manages $256.2 billion and has delivered an average annual return of 8.8% over the past 10 years. Costello has served on the board for 14 years.

The context: Costello was instrumental in establishing the fund when he was treasurer in 2006. The fund was created to fortify Australia's financial position and support public sector superannuation. Costello is also the chair of Nine.