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”.
The United Nations Children’s Fund (UNICEF), a United Nations programme headquartered in New York City, has partnered with Norges Bank Investment Management (NBIM) to facilitate a series of meetings between companies to discuss issues surrounding children’s human rights.
According to the news release, “the network will facilitate dialogue between leading brands and retailers in the garment and footwear industry to strengthen children’s rights.”
NBIM is invested in many listed companies and have invited them to join a network to tackle these issues. Over the next two years, the organizations plan to hold three workshops as well as quarterly meetings surrounding these issues.
“Over time, we hope and expect that the network will contribute to improved market practices among companies and greater respect for children’s rights,” says Carine Smith Ihenacho, Global Head of Ownership Strategies, in a NBIM press release.
The China Investment Corporation (CIC) has long struggled with its investments in coal assets, specifically in globally-listed coal miner SouthGobi Resources Ltd, which operates its flagship coal mine in Mongolia. In November 2009, CIC and SouthGobi Resources inked a convertible debenture deal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.
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