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SWFI – Movers and Shakers – January 6, 2017

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UBS RE Executive to Exit for GIC UK Role

Iain Cahoon is leaving UBS AG as co-head of EMEA real estate to become Head of U.K. for Singapore’s GIC Private Limited.

Pablo Sánchez Named President of Banco Central de Bolivia

Pablo Sánchez is taking over as President of Banco Central de Bolivia (the Central Bank of Bolivia). He is replacing Marcelo Zabalaga who served as central bank head since November 2010. Sánchez is the former President of the Universidad Mayor de San Andrés (UMSA).

Juan Jose Echavarria to Succeed Uribe at Banco de la República de Colombia

Juan Jose Echavarria, the former Colombian Vice Minister of Commerce, was named as the General Manager of Banco de la República de Colombia (Colombia’s central bank). He replaces José Darío Uribe who held the position for 12 years, reaching his term limit. The central bank’s board will also replace another two members during the first quarter of 2017.

Ken Frier and Gretchen Tai Join SECOR Asset Management, Open West Coast Office

Ken Frier and Gretchen Tai have joined SECOR Asset Management, which is an asset management firm that also provides outsourced CIO (OCIO) services. Frier and Tai will be based in a newly-opened West coast office and report to Tony Kao, SECOR’s managing principal of the investment advisory and portfolio solutions businesses. Ken Frier was recently Chief Investment Officer at San Francisco-based Atlas Capital Advisors and was once at CIO at Stanford Management Company. Tai was last Chief Investment Officer at HP.

Susan Potter to Oversee U.S. East Region Business at Willis Towers Watson

Willis Towers Watson promoted Susan Potter to lead its newly-created U.S. East region, overseeing business as Region Head, U.S. East. She has been with the firm for more than 20 years, previously serving as Region Head, U.S. Atlantic & Southeast. She was a Managing Consultant for nearly 5 years at then Towers Watson. She is a member of the Willis Towers Watson North American leadership team.

Gareth Isaac to Lead Invesco’s EMEA Fixed Income Business

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Nomura and CIC Contemplate Joint Investment Fund

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Japan-based Nomura Holdings is in talks with the China Investment Corporation (CIC) on forming a new investment fund. The fund could be receive commitments up to US$ 1 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek Holdings Dumps More of Celltrion

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On October 22, 2018, Singapore’s Temasek Holdings, through its sovereign wealth enterprise (SWE) Ion Investments, entered into its second block deal in selling shares in Celltrion, a South Korean bio-pharmaceutical company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Alleged Fraud, Data Breaches, and Bias, Plague Facebook

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In an unfortunate break for Facebook, the true nature of its data breach is more troubling than previously believed. The social media giant revealed that its headline-topping security breach, which affected 29 million accounts, compromised personal information and seemingly confidential contact information. The FBI is said to be investigating. In September 2018, the story broke that user content, email, and phone numbers, along with personal profile information, was swiped from the site. Facebook has admitted the problem, but stopped short of offering users an apology. The U.S. Federal Trade Commission (FTC) and the Irish Data Protection Commission have questioned Facebook on the matter.

Access Tokens

At the root of the breach were Facebook “access tokens.” These are digital keys that give sites access to keep users logged in and to recognize them upon entry. Unknown hackers reportedly stole these access tokens for 400,000 people. They then used “friends lists” to steal tokens from their networks. Facebook did not shy away from noting that unauthorized access “included username, gender, locale/language, relationship status, religion, hometown, self-reported current city, birthdate, device types used to access Facebook, education, work, the last 10 places they checked into or were tagged in, website, people or Pages they follow, and the 15 most recent searches.” This is, clearly, a staggering amount of personal information and a black eye for the corporation.

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