As 2016 draws to a close, several prominent investment offices announced their major personnel changes in the month of November.
Most notable are the resignation and retirement of two senior investors at two major university endowments. By contrast, sovereign wealth funds and public pension funds had a eventful month, welcoming new CEOs and investment chiefs, some of which for the first time.
On the asset management side, there were fewer, but equally important investor moves. Standard Chartered dismissed its private equity head, triggering speculation that the bank will shut down its private equity business. The venture capital arm of Pritzker Group, a Chicago-based family office, promoted several key members to lead investments in its office in Los Angeles, a city where technology startups have enjoyed significant growth in recent years.
Here are the important institutional investment job changes in November:
Texas A&M Foundation announced the retirement of its long-time vice president of investments Janet Handley, effective December 1, after 15 years of service. A investment vehicle under Texas A&M University, the foundation manages $1.4 billion in assets, as of May 31. Handley’s position will be filled by Ben Wall, who currently serves as the alternative investments director.
GIC, a leading Singaporean sovereign wealth fund managing more than $100 billion of assets, appointed Lim Chow Kiat, the fund’s group chief investment officer, as CEO, a newly created role as part of the fund’s leadership transition. Lim, 46, will assume the role effective Jan. 1
The Municipal Employees Retirement System (MERS) of Louisiana hired Christopher Saik as the $800-million fund’s first chief investment officer after an 11-month search. Saik previously served as CIO of the Louisiana School Employees’ Retirement System (LSERS).
Investment Management Corporation of Ontario (IMCO), a new $50-billion Canadian pension fund, appointed Bert Clark CEO. Previously, Clark was president and CEO of the province’s infrastructure investment arm Infrastructure Ontario for more than four years. IMCO is founded by the Ontario Pension Board and the Workplace Safety and Insurance Board of Ontario to pool and manage public-sector pension funds.
Pritzker Group Venture Capital, a Chicago-based family-owned investment firm, expanded its Los Angeles office with three internal transfers. Gabe Greenbaum, a partner from the firm’s Chicago office will move to lead the LA office. He will be joined by Peter Liu as vice president and Nico Gimenez as an associate.
Lisa Suennen, a former partner of healthcare venture capital firm Psilos Group, joined GE Ventures, General Electric’s venture capital subsidiary, as managing partner, effective December 1. In her new role, Suennen will focus on healthcare investing, particularly health IT, health services, medical devices and their connection to digital health.
British bank Standard Chartered dismissed its head of private equity unit Joseph Stevens early November. The bank is said to consider closing the private equity unit over the next two years, due to losses from recent investments and regulatory hurdles. Standard Chartered Private Equity manages about $5 billion of assets, including the bank’s own funds and money from external investors including Goldman Sachs Group, Inc.
Private equity firm KKR hired Timothy R. Franks, a former partner of Advent International, as a new member in its London office, effective February 1. Franks will lead coverage of the consumer & retail industries in Europe, Africa and the Middle East. At Advent, Franks was head of the firm’s European retail, consumer & leisure team.
Click here to see Trusted Insight’s previous people moves recap.
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