August is normally a prolific month for appointments and new hires, especially among those funds in the Northern Hemisphere and for those executives with families that need to relocate and find new schools. Here’s an update of what is happening around the human capital of Sovereign Investors:
CEOs:
NIIF of India has reportedly commissioned Russell Reynolds to look for a permanent CEO. In May this year, Sujoy Bose left the fund after more than six years at the helm, and was temporarily replaced by COO Rajiv Dhar.
NZ Super also hired a recruitment firm, Johnson Partners, to look for a new CEO, before Matt Whineray leaves in December. The CIO of the fund, Stephen Gilmore, is also being considered as a potential candidate for the role.
The search for the CEO of Hong Kong’s new SWF, HKIC, officially closed on June 13, as we announced then. However, it looks that the recruitment agency is still not satisfied and you can still apply for the job here.
On Aug 15, Peter Morch will leave the Ministry of Finance to join PensionDanmark as the Deputy CEO. When Torben Pedersen retires on Oct 1, he will be replaced by CIO Claus Stampe for ten months before Morch takes over.
CIOs:
AP3’s CIO Pablo Bernego is leaving to join Alecta, replacing Henrik Jepsen as the top investment executive. The 3rd Swedish fund is now accepting applications for a new CIO – you can apply here before August 31.
UK’s quasi-SWF, British Business Bank (BBB) is also looking for a new CIO to support its new CEO, Louis Taylor. You are expected in the London or Sheffield office twice a week, and you can apply here before August 22.
Australia’s Future Fund concluded its process and ended up appointing Ben Samild as the new CIO, a year after Sue Brake left the position vacant. Public Markets and Portfolio Construction should find Deputy CIOs, soon.
AustralianSuper also changed its investment leadership recently, as it appointed its Head of Intl. Investments, Damian Moloney, as Deputy CIO, supporting Mark Delaney from the growing London office.
Others:
OMERS poached Michael Hill, a New York-based MD at CPP, as its new Global Head of Infrastructure, replacing Annesley Wallace. At CPP, Michael will be replaced as Global Head of Sustainable Energies by Bill Rogers.
GIC suffered a new shock as its Head of Sustainability Rachel Teo announced its departure from the SWF. This follows the departure of her former colleague Kevin Bong, who will kick off AIMCo’s new office in Singapore.
CIC hired a former senior director at Point72, Jane Zhao, as a new managing director at the Equities department to oversee the quant trading team. Zhao will replace Zhang Rong, who left the institution in 2021.
Mubadala recruited rising star Ahn Seung-gu, KIC’s senior director for private equity, to boost its exposure to developed Asia. This follows the appointment of Joseph Cha Hoon as CIO of ADQ’s ADG, almost two years ago.
During the first eight months of 2023, we have seen 19 changes in CEOs at Sovereign Investors, almost the same level that we saw in the 12 months of 2021 and of 2022.
