SWFI First Read, October 5, 2015

P2P Lender Prosper Crosses $5 Billion Goal Mark

San Francisco-based Prosper Marketplace, a peer-to-peer lending network, has surpassed US$ 5 billion in loans originated through their platform since inception. In 2014, Prosper moved across the US$ 2 billion threshold in loan origination, showing an increasingly higher usage of consumers choosing online platforms versus traditional banking.

Adrian Orr Made Chair of IFSWF

In conclusion of the IFSWF Milan meeting, NZ Super Fund Chief Executive Adrian Orr has been appointed Chair. The appointment, which is unpaid, is for a three-year term. Orr was previously IFSWF Deputy Chair. IFSWF aims to promote best practice governance and transparency in the management of sovereign wealth funds.

More Heads Leave Harvard Endowment

Harvard Management Co., the manager of Harvard University’s endowment, said two managers have exited – this is of course after the endowment has posted its annual return. Marco Barrozo, the endowment’s head of fixed income, is leaving. Barrozo joined in 2007 and was one of the highest paid managers, earning US$ 4.8 million in 2013. Satu Parikh, managing director and head of commodities at the endowment, has also left. Parikh was hired by the endowment in 2011.

World Bank Asks for More Money

The President of the World Bank pleaded with countries to increase the institution’s capital base. Jim Yong Kim believes the United Nations’ updated goals will require the bank to use more resources. The World Bank is facing competition from the East, with the rise of China-led Asian Infrastructure Investment Bank (AIIB).

KIC Chief Goes to National Assembly

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