The Sovereign Wealth Fund Institute (SWFI) editorial team has come up with a short list of the top 10 most fascinating asset owner (sovereign fund, pension fund, superannuation fund, endowment or other end user investor) for 2016. Promotions within an organization do not count.
10. Rob Hogg Became Head of Global Strategies and Quantitative Methods at UniSuper
In March 2016, Rob Hogg joined UniSuper as head of global strategies and quantitative methods. Hogg was Head of Capital Markets and Asset Allocation at Frontier Advisors, an investment consulting firm. Rob Hogg had replaced David Schneider at UniSuper.
9. TEXAS EXPERIENCE: Veal Heads Top Investment Post at Austin City Employees’ Retirement System
In April, David Veal started as Chief Investment Officer of the Austin City Employees’ Retirement System. He had replaced Kirk Stebbins who left to become chief investment officer of the Oklahoma Teachers’ Retirement System. Veal was at EF Capital Management and before that he was Director of Strategic Partnerships and Research at the Teachers’ Retirement System of Texas and Chief Global Strategist and Portfolio Manager for the Texas Employees’ Retirement System.
8. Former Pantheon Ventures Partner Keen on CPPIB
Nik Morandi had joined the CPPIB as its London co-investment head. He is a former partner at Pantheon Ventures. Morandi will focus on secondaries and co-investments in Europe. Before Pantheon, Morandi worked on the European M&A team at UBS Investment Bank.
7. BUFFERED: Niklas Ekvall Heads AP4
Niklas Ekvall started his role as Chief Executive Officer of the Fourth Swedish National Pension Fund (AP4) in October 2016. Ekvall joined the Swedish buffer fund from Nordea Bank where he held high-level roles such as head of savings and asset management for Sweden. Ekvall was the former deputy CEO and chief investment officer of AP3 for around five years.
6. Graeme Miller is the CIO at Telstra Super
Graeme Miller took over the reins as Chief Investment Officer of Telstra Super in May 2016. He replaced Jim Christensen who left Telstra Super for the QIC. Jim Christensen is managing director of global multiasset at QIC. Previously, Miller was director of investment services for Australia at Willis Towers Watson.
5. REPLICATE: Narv Narvekar’s Turn to Make Harvard Management Company Great Again
Narv Narvekar became Chief Executive Officer of Harvard Management Company (HMC), leaving the cozy confines as CEO of Columbia University’s endowment. Narv Narvekar wants to make HMC great again, after mega endowment has struggled in performance against its Ivy league peers and faced a controversy over internal salaries from the financial media. He is a former JPMorgan Chase & Co. derivatives trader.
4. OPERATIONAL EXCELLENCE: Garry Beaton Joins ADIA
Garry Beaton started his role as Global Head of Operations in the operations department at the Abu Dhabi Investment Authority (ADIA) in August 2016. He served as three years as Global Head of Operations at Ashmore Group Plc. Before Ashmore, he spent seven years with Goldman Sachs Asset Management in London and Bangalore.
3. Remco van Eeuwijk Joined AIMCo as CRO
Alberta Investment Management Corporation (AIMCo), manager of funds which include Alberta’s Heritage Fund, hired Remco van Eeuwijk as chief risk officer. He replaced John Osborne who left AIMCo. Remco van Eeuwijk joined the corporation’s executive committee. Before taking this role, Remco van Eeuwijk was U.K. managing director for MN, money manager based in The Hague. In October 2015, Amsterdam-based Kempen Capital Management acquired MN’s U.K. business. MN started its UK business back in 2008.
2. Marcie Frost Guides CalPERS as CEO
On October 2016, Marcie Frost started her new job as Chief Executive Officer of the California Public Employees’ Retirement System (CalPERS). Heading down to sunny California from the misty, cloudy environs of Olympia, Washington, were Frost was Executive Director of the Washington State Department of Retirement Systems, she will oversee a much larger pension system. Frost replaced Anne Stausboll at CalPERS who exited in June 2016. Frost was deputy director for the retirement systems for four years before being appointed executive director in 2013.
1. “Cannon Lou” Chairs the China’s National Council for Social Security Fund
Lou Jiwei, the former Finance Minister of China, was named the fifth Chairman of the National Council for Social Security Fund (NSSF). Lou Jiwei replaced Xie Xuren, who was the Chair of NSSF since 2013. At China’s Ministry of Finance, the high-profile Lou was placed by Xiao Jie, a former high-level tax administrator. During Lou’s tenure as finance minister, he attempted to move toward market-oriented changes in China, while overhauling the tax code and fiscal system. For example, in January 2016, Lou spearheaded the launch of the Asian Infrastructure Investment Bank (AIIB). In official circles among party elite, he was given the nickname “Cannon Lou”.
Robert Priestley who was a member of Australia’s Future Fund Board of Guardians has resigned. He is the former the Chief Executive Officer of J.P. Morgan Australia and New Zealand (left in May 2017). He also resigned from his director role at ASX Limited. Priestley remains the non-executive chairman of J.P. Morgan Australia and New Zealand.
In a released statement by Priestley, he said, “Given my decision to step aside from the ASX board, I think it is also appropriate that I step aside from the Future Fund board of guardians.”
Australia and New Zealand Banking Group Ltd (ANZ) is in hot water with Australian regulators, facing criminal cartel charges on an ill-fated institutional placement. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
State Street Launches Real Assets Fund Services Group
State Street Corporation formed a real assets fund services group in anticipation of further growth in world of global infrastructure investing. This newly-formed group will leverage the company’s existing real estate platform.
Cadillac Fairview Unveils Massive Building Project – Slated New HQ for OTPP
Cadillac Fairview is a real estate unit of the Ontario Teachers’ Pension Plan (OTPP). Cadillac Fairview, in a partnership with the Investment Management Corporation of Ontario (IMCO), revealed the construction of a new 46-storey office tower at 160 Front Street West, on the northeast corner of Front Street and Simcoe Street in downtown Toronto. This new building will be the headquarters of OTPP at 160 Front Street. This C$ 800 million development will be one city block from Union Station.
James Edwards Head to BMO Global
James Edwards was hired by BMO Global Asset Management to be director of U.K. sales. Previously, Edwards was a Fixed Income Product Specialist at BlackRock.
Peter Diamond Exits Deutsche Bank
Peter Diamond is exiting as Head of SSA Origination and Structuring at Deutsche Bank – a position he had in London.
Hideharu Ichii Joins AMP Capital
Hideharu Ichii left APG Asset Management Asia to join AMP Capital, effective July 2, 2018. Ichii took the position as a Portfolio Manager on AMP Capital’s global listed equity team in Hong Kong. Ichii was a Senior Portfolio Manager in listed real estate Asia-Pacific region at APG.
Keppel Corporation Sells Stake in Development
Shenyang SUNAC Xinxing Enterprise Management acquired a stake for US$ 43 million in the Keppel Township Development (Shenyang) Co. Ltd. from Keppel Corporation.
The island country of Mauritius plans to offer foreigners a chance to obtain country citizenship in exchange for a non-refundable contribution of US$ 1 million to the national sovereign wealth fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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SWFI First Read, May 29, 2018