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SWFI – Movers and Shakers – January 6, 2017



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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Citing Improving Economy, Federal Reserve to Raise Rates



Jerome H. Powell made his debut by expressing optimism in the United States economy. The Federal Reserve agreed to increase interest rates by a quarter of a percentage point – benchmark interest rate from1.5% to 1.75%. This is the sixth time the Federal Reserve raised rates since the global financial crisis. The central bank also signaled a possible two more rate raises in 2018 and three rate increases in 2019.

At the press conference, Powell commented that the U.S. economy was healthier than it had been in 10 years.


Voting for the FOMC monetary policy action were Jerome H. Powell, Chairman; William C. Dudley, Vice Chairman; Thomas I. Barkin; Raphael W. Bostic; Lael Brainard; Loretta J. Mester; Randal K. Quarles; and John C. Williams.

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Temasek Leads Series E in 17ZUOYE



17ZUOYE (also known as Homework Together) is an online education platform that is owned by Beijing-based Sunny Education Inc. 17ZUOYE was founded by Liu Chang and Xiao Dun in October 2011. The company raised US$ 250 million in a Series E round in funding led by Singapore’s Temasek Holdings. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Abu Dhabi Investment Council to Consolidate into Mubadala



UAE President Sheikh Khalifa bin Zayed Al Nahyan issued a groundbreaking law that restructures the Abu Dhabi Investment Council (ADIC) to be under the Mubadala Investment Company group. Under the new law, the Mubadala Investment Company Board of Directors will now become the Board of Directors for the Abu Dhabi Investment Council. Furthermore, ADIC management will continue to run the council. Eissa Mohammed al Suwaidi will continue to lead ADIC as its Chief Executive Officer, and will report to Mubadala Group CEO and Managing Director Khaldoon Khalifa al Mubarak.

In a release, he commented, ADIC becoming part of the Mubadala Group is yet another step in Abu Dhabi’s efforts to accelerate the diversification of the UAE’s economy. With an investment vehicle of significant scale, world-class talent and wide geographical reach, we enhance the country’s competitive position.”

Earlier in 2017, Mubadala Development Company merged with International Petroleum Investment Company (IPIC). This is a trend in Abu Dhabi to create economies of scale within these large state-owned entities.

In 2007, ADIC started operations after it splintered off from the Abu Dhabi Investment Authority (ADIA). A significant portion of ADIC’s holdings include stakes in large financial institutions in the UAE.

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