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Bachher Gets CIO Job at UC Investment Board

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Seeking a warmer climate, Jagdeep Singh Bachher, who has been with the with Alberta Investment Management Corp. (AIMCo) since 2009, has been appointed chief investment officer of the University of California’s Office of the President. He will join the university on April 1st, reporting directly to the UC Board of Regents. Bachher will be the steward of more than US$ 80 billion in assets.

He succeeds Marie Berggren who retired in 2013 after an 11 year stint. Bachher was chosen after a long international search followed by Berggren’s retirement.

“I’m grateful and humbled by this phenomenal opportunity to join the University of California,” Bachher said in a press release. “I know that working to ensure the health and longevity of the university’s financial assets has a direct impact on UC’s educational, research and public service mission. This is a chance to really make a difference.”

According to the press release, Bachher will receive an annual base salary of US$ 615,000 per year. In addition, he will be able to participate in an incentive plan with a target award of 100% of his base salary. There is a maximum of potential award of 165% of his base salary.

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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