The institutional investing universe is a small social circle governing an enormous amount of capital. These investment professionals manage hundreds of millions, sometimes billions, of dollars, and personnel changes, especially at senior levels, can have a profound impact on a firm’s overall performance.
Some of the largest LPs in the world have had a busy third quarter. Harvard’s $35.7 billion endowment lost a CEO and hired a new one. Steve Cohen’s family office, Point72 Asset Management, made several new hires at various levels. There were also government pension CIOs retiring and new board members added.
Here are 10 high-profile people moves in the LP circle that Trusted Insight covered during the third quarter of 2016:
- Harvard Management Company appointed a new CEO, Nirmal P. “Narv” Narvekar, to head Harvard’s $35.7 billion endowment. Prior to this, Narvekar was the CEO of Columbia University’s $9.6 billion fund for 14 years. Narvekar will assume the role on December 5, 2016.
- Steve Cohen’s family office Point72 Asset Management hired ex-Credit Suisse director Vincent Pagès as the fund’s macro portfolio manager. After nine years at Credit Suisse, Pagès left the investment bank in March and turned up at Point72 in May. Point72 also hired three analysts and associates for its newly opened London office.
- Michigan State University’s $2.2 billion endowment hired two investment officers, Julia Lee and Allen Huang, both from public pensions, after appointing Phil Zecher as its first CIO last year. Lee was previously with the South Carolina Retirement System and Huang with Indiana Public Retirement System.
- The Indian National Investment And Infrastructure Fund (NIIF) hired a new CEO, Sujoy Bose, after a six-month head hunt. At present, Bose is a director focusing on natural resources and infrastructure at the International Finance Corporation, a part of the World Bank group. NIIF is a $6.4 billion government fund set to finance India’s infrastructure sector, mainly through foreign investment.
- Tim Recker, managing director for private equity and real assets at the Regents of the University of California, will leave the endowment to become chief investment officer of The James Irvine Foundation. He will lead a team of 10 to manage the foundation’s $9 billion portfolio.
- Colorado Public Employees’ Retirement Association (PERA) Chief Investment Officer Jennifer C. Paquette will retire in the first quarter of 2017, after 21 years of service at the Colorado PERA. She was named on Trusted Insight's Top 30 Pension Fund Chief Investment Officers in January. Paquette’s successor has not yet been named.
- Southern Methodist University appointed Rakesh Dahiya as chief investment officer to lead the $1.5 billion endowment. Dahiya previously oversaw hedge funds, equity and fixed-income strategies at the University of Florida Investment Management Corp.
- The Stony Brook Foundation, the $447 million endowment of the New York-based Stony Brook University, hired David Marcus as chief investment officer. Marcus joined from Bermuda-based asset management firm SHL Capital, where he was a managing director for two years.
- The Canada Pension Plan Investment Board’s Sarah Slater, director of real estate investments in Europe, left the position in July to join the GRIP REIT as a board director. GRIP REIT is formerly a residential property joint venture of Dutch asset manager APG and Grainger.
Please check back for future monthly people move roundups.
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