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SWFI – Movers and Shakers – October 11, 2017

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UC Berkeley Endowment Names New Chief Investment Officer

The endowment of the University of California Berkeley named David McAuliffe as chief investment officer. He was at the University of Washington Investment Management Company for at least 11 years, last serving as a senior investment officer. McAuliffe is replacing John-Austin Saviano, who helped form the investment office at the endowment back in 2009. The endowment at UC Berkeley has about US$ 1.8 billion in assets.

Ross Piper Named CEO of Christian Super

Ross Piper was appointed as Chief Executive Officer of Sydney-based Christian Super, a 33,000 member superannuation fund. Piper starts next year, replacing Peter Murphy who exited the fund in April 2017. Previously, Piper was Chief Operating Officer of World Vision Australia, a community development organization.

OTPP Appoints New Managing Director for Talent

The Ontario Teacher’s Pension Plan (OTPP) named Matthew Smith to be its new managing director for talent. Smith now reports to Beth Tyndall, OTPP’s chief people officer, and will be responsible for the development and implementation of a enterprise-wide talent strategy. Prior to joining OTPP, Mr. Smith spent nearly 20 years at Fairmont Hotels and Results, where he oversaw their global talent management and development strategies as vice president of talent.

BlackRock Hires Former Obama Climate Advisor to Run Sustainable Investing

BlackRock hired Brian Deese as global head of its sustainable investment unit. Deese was a Senior Advisor for Climate and Energy Policy under former U.S. President Barack Obama’s administration. Deese has worked as a Senior Policy Analyst for the Center for American Progress and worked as Deputy Director for the U.S. National Economic Council.

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China’s Central Bank Creates Macro-Prudential Management Bureau

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The People’s Bank of China (PBOC) created a new department to oversee and attempt to eliminate financial risks to the system. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Like its U.S. Peers, Legg Mason Seeks to Trim Costs

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Legg Mason Inc., a Baltimore-based asset manager, has announced a reduction in workforce as is prepares to streamline operations and save money. Legg Mason’s leadership commented that assets under management fell 5 % year-on-year. Legg Mason currently manages US$ 727.2 billion (as of December 31, 2018), which is down from the previous US$ 767.2 billion. CEO Joseph A. Sullivan noted that a global operating platform will centralize fund administration, IT, and other departments that work with affiliates. Sullivan did not discuss the number of layoffs expected, or specify which areas would be impacted. Legg Mason disclosed they planned to close a quarter of its exchange-traded funds in March 2019. These three ETFs include a U.S. strategy, emerging markets, and a developed markets strategy outside the U.S. However, these funds run around US$ 28 million in assets under management.

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Monetary Authority of Singapore Establishes Corporate Governance Advisory Committee

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On February 12, 2019, the Monetary Authority of Singapore (MAS) revealed the creation of a Corporate Governance Advisory Committee (CGAC). CGAC was formed to advocate for good corporate governance practices among listed companies in Singapore. Bobby Chin, Director of Singapore Telecommunications Limited, will be the Chair of CGAC. According to a MAS press release, “CGAC will identify current and potential risks to the quality of corporate governance in Singapore.”

MAS formed the Corporate Governance Council (Council) in February 2017. The Council was dissolved after it pushed out a publication of its final recommendations on August 6, 2018.

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