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Press Release – Public Investor 100 Rankings Released for 2017

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FOR IMMEDIATE RELEASE
3 October 2017
SEATTLE, WA, UNITED STATES
Press Inquiry: vberretta@swfinstitute.org

SEATTLE, WA. – 3 October 2017– The Sovereign Wealth Fund Institute (SWFI) has just released its fifth annual Public Investor 100. The list includes the most significant and impactful public investor executives of 2017. The top 100 ranking assembles the most influential people at some of the largest sovereign funds, endowments, foundations, pensions and central banks around the globe. SWFI editorial attempts to recognize new individuals not recognized in previous lists.

SWFI analyzed a number of dimensions when compiling the list including innovation, funding and environmental circumstances, returns, unique programs and initiatives undertaken.

Here it is – 2017 Rankings

RANK NAME TITLE(S) ORGANIZATION / FUND NAME COUNTRY OF ORIGIN
1 Norihiro Takahashi President Government Pension Investment Fund, Japan Japan
2 Elvira Sakhipzadovna Nabiullina Governor Central Bank of Russia Russia
3 Adrian Orr Chief Executive Officer New Zealand Superannuation Fund New Zealand
4 Urjit Patel Governor Reserve Bank of India India
5 Andrew Ward Chief Investment Officer Boeing United States
6 Matthew Eyton-Jones Chief Executive Officer Pension Fund CERN Switzerland
7 Chris Li President Lockheed Martin Investment Management Company United States
8 Macky Tall Executive Vice-President, Infrastructure And President And Chief Executive Officer, CDPQ Infra Caisse de dépôt et placement du Québec Canada
9 Majed Salem Khalifa Al Romaithi Executive Director, Real Estate & Infrastructure Abu Dhabi Investment Authority United Arab Emirates
10 Jim Keohane President & Chief Executive Officer Healthcare of Ontario Pension Plan Canada
11 Vijoy Paul Chattergy Chief Investment Officer State of Hawai’i Employees’ Retirement System United States
12 Tom Joy Director of Investments Church Commissioners for England United Kingdom
13 Nicole Musicco Senior Managing Director, Public Equities Ontario Teachers’ Pension Plan Canada
14 David Villa Chief Investment Officer State of Wisconsin Investment Board United States
15 Umirzak Shukeyev Chief Executive Officer JSC Sovereign Wealth Fund Samruk-Kazyna Kazakhstan
16 Haiying Zhao Chief Risk Officer China Investment Corporation China
17 Takeshi Ito Senior Portfolio Manager AISIN Employees’ Pension Fund Japan
18 Jason Klein Senior Vice President and Chief Investment Officer Memorial Sloan Kettering Cancer Center United States
19 Sandro Streit Head of Asset Management Swiss National Bank Switzerland
20 Marius Møller Senior Vice President, Real Estate PensionDanmark Denmark
21 Dong Hun Jang Chief Investment Officer Korea POBA South Korea
22 Eric R. Nierenberg Chief Strategy Officer Massachusetts Pension Reserves Investment Management Board United States
23 Curtis Ishii Managing Investment Director, Fixed Income California Public Employees’ Retirement System United States
24 Nagi Adel Hamiyeh Co-Head, Enterprise Development Group, Senior Managing Director, Investment, Head, Australia & New Zealand, Head, Middle East, Co-Head, Africa Temasek Holdings Singapore
25 Stephen Gilmore Chief Investment Strategist Future Fund Australia
26 Anatoly Braverman First Deputy Chief Executive Officer Russian Direct Investment Fund Russia
27 Etienne Stofer Chief Executive Officer Caisse de Retraite du Personnel Navigant France
28 Peter Hansson Chief Executive Officer SPK Sweden
29 Avik Dey Managing Director, Head of Natural Resources Canada Pension Plan Investment Board Canada
30 Sung Seog Kang Chief Investment Officer Korean Teachers’ Credit Union South Korea

This ranking will appear in the October issue of the Sovereign Wealth Quarterly.

About SWFI
SWFI is a global organization designed to study sovereign wealth funds, pensions, endowments, central banks and other long-term public investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant topics. For more information about the SWFI, please go to www.swfi.com | www.swfinstitute.org.
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To see the full list, please follow the link: Public Investor 100 – 2017

Will CalPERS Double its Allocation to Private Equity?

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Yu Ben Meng, the new Chief Investment Officer of the California Public Employees Retirement System (CalPERS), detailed a picture on why the institutional investor needs to augment its allocation to private equity. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Minutes Describe Fed Expecting to End Balance Sheet Reduction by Year-End

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The U.S. Federal Reserve board released minutes from its January 2019 meeting. There was a split among board members whether any interest rate increases would be necessary for this year. In addition, these officials chatted about ceasing the reduction of bonds on the central bank’s balance sheet before the end of 2019. Board members are keeping an eye on the stock market and current credit spreads. The Federal Reserve started reducing its bond portfolio in October 2017, a measure of quantitative tightening (QT). The US$ 3.8 trillion pool of bonds held by the central bank’s balance sheet is a topic of concern for U.S. fixed income investors.

Minutes of the Federal Open Market Committee
January 29-30, 2019

An excerpt from the minutes details that “Participants commented that, in light of the Committee’s longstanding plan to hold primarily Treasury securities in the long run, it would be appropriate once asset redemptions end to reinvest most, if not all, principal payments received from agency MBS in Treasury securities. Some thought that continuing to reinvest agency MBS principal payments in excess of $20 billion per month in agency MBS, as under the current balance sheet normalization plan, would simplify communications or provide a helpful backstop against scenarios in which large declines in long-term interest rates caused agency MBS prepayment speeds to increase sharply. However, some others judged that retaining the cap on agency MBS redemptions was unnecessary at this stage in the normalization process. These participants noted considerations in support of this view, including that principal payments were unlikely to reach the $20 billion level after 2019, that the cap could slightly slow the return to a portfolio of primarily Treasury securities, or that the Committee would have the flexibility to adjust the details of its balance sheet normalization plans in light of economic and financial developments. Participants commented that it would be important over time to develop and communicate plans for reinvesting agency MBS principal payments, and they expected to continue their discussion of balance sheet normalization and related issues at upcoming meetings.

Following the discussion, the Chairman proposed that the Committee communicate its intentions regarding monetary policy implementation and its willingness to adjust the details of its balance sheet normalization program by publishing a statement at the conclusion of the meeting. All participants agreed with the proposed statement.

STATEMENT REGARDING MONETARY POLICY IMPLEMENTATION AND BALANCE SHEET NORMALIZATION
(Adopted January 30, 2019)

After extensive deliberations and thorough review of experience to date, the Committee judges that it is appropriate at this time to provide additional information regarding its plans to implement monetary policy over the longer run. Additionally, the Committee is revising its earlier guidance regarding the conditions under which it could adjust the details of its balance sheet normalization program.5 Accordingly, all participants agreed to the following:

The Committee intends to continue to implement monetary policy in a regime in which an ample supply of reserves ensures that control over the level of the federal funds rate and other short-term interest rates is exercised primarily through the setting of the Federal Reserve’s administered rates, and in which active management of the supply of reserves is not required.
The Committee continues to view changes in the target range for the federal funds rate as its primary means of adjusting the stance of monetary policy. The Committee is prepared to adjust any of the details for completing balance sheet normalization in light of economic and financial developments. Moreover, the Committee would be prepared to use its full range of tools, including altering the size and composition of its balance sheet, if future economic conditions were to warrant a more accommodative monetary policy than can be achieved solely by reducing the federal funds rate.”

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Vision Fund Investors Display Stress on Frothy Market Valuations

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Led by Masayoshi Son, Japan-based SoftBank Group Corporation continues to run the gargantuan Vision Fund scooping up exciting technology investments, both big and small globally. Armed with a roughly US$ 100 billion warchest, the Vision Fund has been disrupting both suppliers of capital and the industries that receive it. Are the big-money limited partners of the Vision Fund the technology backers of last resort? Two of the major backers of the Vision Fund are Saudi Arabia’s Public Investment Fund and Abu Dhabi-based Mubadala Investment Company. SoftBank has invested billions into tech companies like Compass, Katerra Inc, WeWork Cos., Coupang, DoorDash, and Uber Technologies. For example, a beneficiary of the Vision Fund, Katerra is a manufacturer of modular building parts, in which many people question the company’s profitability and business model. Uber is driving toward its initial public offering. SoftBank recently participated in an investment round in Clutter, a storage company.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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