Gulf Investment Corporation Appoints Russell Read as New CEO, CIO

(August 24, 2011) — Russell Read — the former head of America’s largest public pension fund — has been appointed as deputy chief executive officer and chief investment officer for the Kuwait-based Gulf Investment Corporation, which was created to drive private enterprise and economic growth in the Gulf region.

In 2008, Read launched C Change Investments specializing in identifying and investing in technologies that transform the consumption, distribution, and production of the world’s natural resources, including energy, agriculture, and water. Prior to that, he was the Chief Investment Officer for the California Public Employees’ Retirement System (CalPERS), where he implemented a range of new investing strategies into the portfolio, including a focus on commodities, infrastructure, clean technology, and forestry investments programs.

A statement on Read’s appointment asserts: “Dr. Read has a well-rounded background across private and public markets. He has accumulated a rich set of investment experiences including hands-on portfolio management, asset allocation, risk management, and product development.”

Read earned a BA in Statistics and an MBA from the University of Chicago, and an MA in Economics and PhD from Stanford University.

Earlier this month, the Gulf Investment Corporation reported that it raised $255 million by selling five-year Islamic bonds at 4.9%, Reuters reported. The Gulf Investment Corporation — which was created in 1983 by the Gulf Cooperation Council — has a number of investments that include companies such as The National Titanium Dioxide Co, Gulf Industrial Investment, Al Dur Power & Water Co and Bahrain Industrial Pharmaceutical Co. It is owned by the six member states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates.