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10 CIO Candidates For The United Nations Joint Staff Pension Fund

by trusted insight posted 4years ago 3176 views
The $60 billion United Nations Joint Staff Pension Fund is accepting nominations for a new chief investment officer, and Trusted Insight created a shortlist of 10 highly qualified candidates poised to assume (or maintain) the role. 

The chief investment officer role was created in 2014. The position has a five-year term with the potential of being renewed once.

Its criteria for potential candidates are stringent: more than 20 years of experience overseeing investment policy and strategic asset allocations with long-term return objectives, particularly for defined benefit plans or similar benefit schemes; managing internationally diverse teams of financial professionals; and reporting and coordinating with governing bodies, board and committees. It also puts a preference on women candidates.

As the application deadline Aug. 28 nears, Trusted Insight selected 10 investment professionals who we believe would excel in the role. Among current UNJSPF employees and top talent leading other major institutions, we factored in various components of a candidate's profile, including current job, tenure, size of assets managed and investment returns under his or her leadership. 

Carolyn Boykin, CFA
Chief Investment Officer
United Nations Joint Pension Fund
AUM: $60 billion (as of Jul. 31, 2017)
Education: B.A., Economics, Emory University; M.S., Finance, Loyola University Maryland

Argument: Boykin is eligible to reapply for the role. Under her stewardship, the fund grew to more than $60 billion in assets. Long-term leadership begets long-term returns.

Biography: Carolyn Boykin is the current Representative of the Secretary-General for the Investment of the Assets of the United Nations Joint Staff Pension Fund. She oversees the global pension plan, representing approximately 197,000 participants in 190 countries. Most of the fund’s assets are internally managed. Prior to her appointment at the United Nations, Boykin held senior positions with Bolton Partners, the Maryland State Retirement and Pension System, Lucent Technologies and the New York State Teachers' Retirement System. 

Arunma Oteh
Vice President and Treasurer
World Bank
AUM: $160 billion (as of Feb. 1, 2016)
Education: MBA, Harvard University; B.S. Computer Science, University of Nigeria

Argument: Oteh is an industry thought leader with experience navigating markets and managing long-term capital at a global institution. Oteh is a strong candiate for the position.

Biography: Arunma Oteh is vice president and treasurer of the World Bank. She leads a team managing $160 billion in assets and the borrowing of more than 20 currencies. Previously, Oteh was appointed, by the president of Nigeria, director general at the Securities and Exchange Commission of Nigeria, where she led the transformation of the country’s capital markets. Prior to joining the SEC of Nigeria, Oteh was group vice president and group treasurer at the African Development Bank Group.

Dhvani Shah, CFA
Chief Investment Officer
Illinois Municipal Retirement Fund
AUM: $36.4 billion (as of Dec. 31, 2016) 

Argument: Shah’s tenure at some of the largest defined benefit pension plans in the country, and her success building a world-class investment program at Illinois Municipal make her a strong candidate to take on a larger capital base on behalf of the world’s diplomats.

Biography: Dhvani Shah is the chief investment officer of Illinois Municipal Retirement Fund, a pension fund with $34.9 billion in assets under management. Previously, she was the managing director of private equity of the $89.9 billion New York State Teachers' Retirement System. Shah holds a BBA from Loyola University and an MBA from the University of Chicago Booth School of Business. Click here to read our exclusive interview with Dhvani Shah.

Gumersindo Oliveros, CFA
Chief Executive Officer & Chief Investment Officer
KAUST Investment Management Company
AUM: $20 billion (as of 2015, according to various news reports)
Education: Ph.D., Universidad Complutense in Madrid; M.A., Economics, University of Minnesota

Argument: Oliveros is a board member of the United Nations Pension Plan Investment Committee and has global investment experience, which makes him an ideal candidate for the position.

Biography: Gumersindo Oliveros is the chief executive officer and chief investment officer of KAUST Investment Management Company, the investment management arm of the King Abdullah University of Science and Technology (KAUST) endowment. Prior to KAUST, Oliveros managed the pension plan and endowments at the World Bank, and was involved with a team managing $100 billion for the World Bank and external clients. Oliveros led the World Bank's Capital Markets and Financial Engineering Department, held several positions at the International Monetary Fund working on adjustment programs in Latin America, Asia and Africa. Oliveros was also assistant professor at the University of Minnesota and a consultant for Chemie Linz AG in Austria. Oliveros is a board member of the United Nations Pension Plan Investment Committee, Sequoia Heritage Fund Board, the MSCI Barra Advisory Board and the Managed Funds Association, among others. 

Jordan Berger
Managing Director, Strategic Relationships & Portfolio Intelligence
AUM: $19 billion (as of Dec. 31, 2016) 
Education: B.A., Political Science, Carleton University; M.A., Political Science, York University

Argument: Berger’s seat on the United Nations’ investment board and extensive experience at a defined benefit pension makes him a suitable candidate for the role.

Biography: Since 2016, Jordan has served as managing director of OPTrust, which manages $19 billion for OPSEU Pension Plan, one of Canada’s largest defined benefit plans. Berger has held various roles at OPSEU Pension Trust since March 2010. Before joining OPTrust, Berger was a principal in charge of responsible investment with Mercer's investment consulting business and research director for the Ontario Public Service Employees Union.

Mark Fawcett
Chief Investment Officer
National Employment Savings Trust (United Kingdom)
AUM: $1.06 billion (as of Jul. 7, 2016)
Education: M.A., Mathematics, Philosophy, Oxford University; M.S., London Business School

Argument: Fawcett has experience in various geographies, managing long-term capital for a government entity and boasts skills leading diverse teams -- all of which are strong attributes of a potential United Nations’ CIO.

Biography: Mark Fawcett has more than 25 years of experience managing money at a variety of institutions. Prior to his role at the Trust, he was head of Japanese equities at Gartmore, chief investment officer at American Express Asset Management International and a partner at Thames River Capital LLP, a boutique investment manager. He currently sits on the investment committee of the Universities Superannuation Scheme. 

Pedro Atria
Chief Executive Officer
AFP Cuprum
AUM: $36 billion (as of Oct. 17, 2016)
Education: Civil Engineering, Universidad Católica de Chile; M.S., Finance, London School of Economics

Argument: Atria’s expertise in Latin America and extensive experience at the helm of a pension program of similar size to the U.N. fund makes him a competitive candidate for the global search.

Biography: Pedro Atria is the chief executive officer of AFP Cuprum, a pension fund manager of Principal Financial Group in Chile and is vice president within Principal Financial Group.  Previously, he was the country head of Principal Chile and was responsible for the life insurance, mutual fund, institutional asset management and pension business. Atria was deputy chairman of the Chilean Mutual Fund Association, a board member at the Chilean Insurance Association and BrasilPrev- Principal Financial Group and Banco do Brasil’s joint venture.

Sudhir Rajkumar, CFA
Head of Pension Advisory
World Bank (USA)
AUM: $160 billion (as of Feb. 1, 2016)
Education: MBA, University of Chicago; M.S., Economics, London School of Economics; B.S. Engineering, University of Delhi

Argument: Rajkumar’s global expertise at the World Bank, nearly three decades of investment experience and board seat on a U.N. investment committee qualify him to lead the United Nation’s pension fund. 

Biography: Sudhir Rajkumar is head of the global pension advisory program at the World Bank Treasury. He currently leads advisory activities for public pension funds and other long-horizon investors seeking to build global investment operations and has served in a senior advisor capacity for several institutional clients. Rajkumar has more than 27 years of investment experience formulating asset allocation and investment strategies in various geographies.

He serves as vice-chair of the Board of International Centre for Pension Management, the Advisory Committee on Investments of the Food and Agriculture Organization of the United Nations and the Investment Committee of UN Office of Project Services. Rajkumar is an author and co-editor of the book Governance and Investment of Public Pension Assets: Practitioners’ Perspectives, published by the World Bank.

Toru Shindo, CFA
Deputy Director for Investments
United Nations Joint Pension Fund
AUM: $60 billion (as of Jul. 31, 2017)
Education: B.A., Economics, Hitotsubashi University in Tokyo; MBA, New York University

Argument: Shindo has served the pension fund since 2004 and has been in his current role for more than eight years. If the United Nations wished to promote within, Shindo would be a strong candidate.

Biography: Toru Shindo is the deputy director of the United Nations Joint Staff Pension Fund’s investment management division. He joined the pension in February 2004 and has been the chief of the investment section since 2009. Previously, Shindo was a director at Deutsche Trust Bank in Tokyo, focusing on active management of international equity. 

Vicki L. Fuller, CPA
Chief Investment Officer
NYS Office of The State Comptroller
AUM: $192 billion (as of Mar. 31, 2017)
Education: BSBA, Roosevelt University; MBA, University of Chicago

Argument: Fuller has five years of experience managing the $192 billion New York State's Common Retirement Fund. Given her expertise managing a supersized asset pool, she would be an excellent candidate in leading the United Nations pension fund.

Biography: Vicki Fuller is the chief investment officer of the New York State Common Retirement Fund. Previously, Fuller spent more than 30 years at AllianceBernstein, where she held various positions. Fuller serves as a director at The Apollo Theater Foundation, the Long Island Lighting Co., is the chairperson of the KeySpan Foundation and serves as a member of the board of trustees of North Carolina Agricultural & Technology University.