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San Diego County ERA CEO White Resigns

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San Diego County Employees’ Retirement Association CEO Brian White has resigned effective March 30, 2015. The retirement board voted 8 to 1 to pass the mutual separation and severance deal, which includes nearly one year’s pay for Brian White. Board Vice Chairman David Myers voted “no” on the measure. San Diego-based Efficient Market Advisors, LLC President David Wescoe, who is the pension’s management consultant, will fill in as interim CEO until a replacement is made. Before his role at Efficient Market Advisors, Wescoe was CEO of Motion Picture Industry Pension and Health Plans and former CEO of San Diego City Employees’ Retirement System.

View Institutional Investor Profile of San Diego County Employees Retirement Association

According to a news release, “The board and Mr. White have amicably agreed that Mr. White’s tenure as SDCERA’s chief executive officer will end March 30, 2015.”

San Diego County Employees Retirement Association was the California county pension that dumped its outsourced CIO program that was managed by Houston-based Salient Partners. The retirement association was paying Salient Partners US$ 10 million a year to perform outsourced CIO duties.

Asian Sovereign Funds Not Slowing Down on Tech Investing

According to data from SWFI’s Sovereign Wealth Fund Transaction Database, Asian sovereign funds invested US$ 6.05 billion directly into companies and assets in the information technology sector from Jan 2017 to November 22, 2017. In a comparable time frame from Jan 2016 to November 22, 2016, this same group of Asian sovereign funds directly invested US$ 5.02 billion in the sector. These are direct investments, not fund commitments or manager allocations.

Asian sovereign funds such as GIC Private Limited, Temasek Holdings and the Korea Investment Corporation (KIC) have demonstrated bullish signals to the technology community over other sectors. GIC and Temasek have also been major investors in the private side of deals, funding a wide range of tech startups, while providing financial firepower in buyout transactions.

Some notable direct tech investments in 2017 by sovereign funds include Meituan-Dianping, SoundCloud, Nets A/S, Visma AS, Turn, Inc. and Vantiv.

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Future Fund Makes a Guardian Out of Former J.P. Morgan ANZ Chair

The Australian government has appointed Robert Priestley – current non-executive chair of J.P Morgan for Australia and New Zealand (ANZ) and a non-executive director of ASX – to serve on the Future Fund Board of Guardians for a five-year term from November 7, 2017. Priestley replaces former Morgan Stanley Australia chief executive Steven J. Harker.

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Associated British Ports Reboots Property Development Arm to Capitalize on Land Bank

Associated British Ports (ABP) – operator of 21 major ports throughout the United Kingdom – has announced a reboot of its ABP Property division, complete with a new team of specialists in commercial development and logistics led by Huw Turner, in order to identify and develop strategically significant locations in its 2,372 acre land bank.

ABP is owned in large part by a consortium of pensions and sovereign funds, including the Canada Pension Plan Investment Board (CPPIB) at 33.88% ownership, OMERS at 30%, Singapore’s GIC Ventures Pte Ltd at 20.00% ownership, and the Kuwait Investment Authority at 10.00% ownership. Large institutional investors such as sovereign funds, pensions, and endowments have slowly increased allocation towards infrastructure over the past six years as an alternative to equities and bonds, according to asset allocation data from SWFI.

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