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December Sovereign Wealth Fund and Public Pension Personnel Changes

Michael Latimer

Michael Latimer

Among personnel changes such as David Gonski leaving the chair at the Future Fund for the ANZ Bank chair, the Ontario Municipal Employees’ Retirement System (OMERS) CEO Michael Nobrega is retiring at the end of March 2014. OMERS current chief investment officer, Michael Latimer, will take over as CEO after Nobrega retires. Nobrega became CEO of OMERS in 2007.

Michael Latimer has been CIO since 2010. Before that he was CEO of Oxford Properties Group, the real estate division of OMERS.

Australia’s Future Fund
Craig Dandurand, portfolio manager for CalPERS Absolute Return Strategies (ARS), is leaving after a thirteen year career to head to the Future Fund. As director of debt and alternatives, Dandurand will be reporting to David George who is head of debt and alternatives at Australia’s Future Fund.

Ohio State Teachers’ Retirement System
In the New Year, John Morrow will become deputy executive director-investments and chief investment officer of the Ohio State Teachers’ Retirement System. Stephen Mitchell who currently holds the post will be retiring before the end of the year at the US$ 68 billion pension fund. Mitchell joined the pension in 1971.

International Forum of Sovereign Wealth Funds
On October 2, 2013, members at the International Forum of Sovereign Wealth Funds (IFSWF) decided to expand their board. They elected Majed Al Romaithi, the executive director of real estate and infrastructure at the Abu Dhabi Investment Authority and Rod Matheson, the assistant deputy minister of the treasury at the Alberta Treasury Board and Finance.

California State Teachers’ Retirement System (CalSTRS)
On December 11, 2013, CalSTRS appointed Sandy Blair to head the office overseeing the voluntary defined contribution plan, known as Pension2®. Blair will administer the CalSTRS Pension2 personal wealth plan, which consists of 403(b), 457 and Roth 403(b) plans.

Concerns Raised at Potential BlackRock Takeover of CalPERS’ Private Equity

The California Public Employees’ Retirement System (CalPERS) has been analyzing options on what to do with its massive US$ 26 billion private equity program. The pension system has embraced the mantra of reducing cost, reducing complexity and reducing risk, the hallmark of its program called “INVO 2020”. CalPERS also wants less, but more strategic relationships with external money managers. At one point, CalPERS was contemplating increasing its direct investment staff to model Canadian pension funds such as Canada Pension Plan Investment Board (CPPIB), OMERS and the Ontario Teachers’ Pension plan. The pendulum has begun to swing the other way as reported earlier by SWFI research staff.

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CDP Signs €1.7 Billion Infrastructure Loan Agreement with Atlantia Group

Cassa depositi e prestiti S.p.A. (CDP) and Atlantia Group’s Autostrade per l’Italia (ASPI) have signed a €1.7 billion loan contract dedicated to upgrading motorways in Italy under concession to ASPI. €1.1 billion will come in the form of a term loan with a 10-year tenure, with the remaining €600 million wrapped up in a five-year revolving loan.

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Sovereign Funds Commit to Integrating Climate-Related Risks at One Planet Summit

Representatives from a number of sovereign wealth funds who collectively govern over US$ 2 trillion in assets came together at the One Planet Summit at the Élysée Palace in Paris in order to discuss what public asset owners can do to incorporate climate change-related risks and opportunities into investment considerations.

The newly formed committee – called the One Planet Sovereign Wealth Fund Working Group – includes as its founding members the Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority (KIA), Qatar Investment Authority (QIA), Norges Bank Investment Management (manager of Norway’s Government Pension Fund Global), Saudi Arabia’s Public Investment Fund (PIF), and the New Zealand Superannuation Fund.

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