ADIA appoints LGIM equities man to in-house team.
(August 28, 2013) -- The Abu Dhabi Investment Authority
(ADIA) has appointed the former head of Asia Pacific equities at Legal &
General Investment Management to run an internal
The sovereign wealth fund has brought Suresh Sadasivan on
board as head of Asia, ex Japan, it announced today. He will replace Lars Roemer Sorensen, who left the fund a few months ago after more than a five year tenure.
In its latest annual report, ADIA
said it had brought five percentage points of its considerable assets under the
auspices of its in-house investment team. At the end of 2012, some 75% of its
assets were managed externally, down from approximately 80% a year earlier.
ADIA does not disclose its assets, but they are estimated to
be around $627 billion, making the shift roughly equivalent to $30 billion
brought internally. Additionally, ADIA increased its headcount by around 10% over
the year from 1,275 at the end of 2011 to around 1,400 in December 2012.
Sadasivan’s appointment is the latest in a list of significant
hires made by the fund. In May, John McCarthy, a former Deutsche Bank managing
director and global head of its infrastructure unit, joined the fund to lead
its push in the sector, following the appointment of Gregory
Eckersley as global head of internal equities in January and Colm Lanigan as
head of principal investments in its private equities department in October
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