Abu Dhabi Investment Authority Releases 2013 Annual Report
The Abu Dhabi Investment Authority (ADIA) has released its 2013 annual report. The Gulf sovereign wealth fund detailed its 2013 experiences and organizational changes. ADIA’s Managing Director Hamed bin Zayed Al Nahyan commented in the report that, ” Beyond China, the emerging market world is becoming far more diverse, and less easy to classify. Meanwhile, the developed world remains critically important to global investors as it is still the primary source of high-quality, investable financial assets, and continues to set the agenda for economic policies and regulation.”
The 2012 report took on a more positive tone on emerging markets. In 2013, ADIA made larger equity allocations in Asia and Southern Europe. The Gulf sovereign fund held its band in emerging market equities between 10% to 20%.
External Manager Process Changes
With around 75% of assets being externally managed, ADIA has modified some of its procedures. ADIA implemented an analyst note program which consolidates intelligence on individual asset managers and initiated a standardization process on manager reviews.
In addition, ADIA hired several new external managers in equities – selecting ones with high convictions and gearing toward alpha. ADIA’s hedge fund portfolio performed well, especially in the strategies of event-driven equities and equity hedge.
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