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Corporate Moves

Harvard Endowment Poaches Columbia COO Sanjeev Daga

Daga is reunited with Harvard Management Co. CEO Narv Narvekar.

By Michael Katz

Sanjeev Daga



Harvard Management Co. (HMC), which manages the investment portfolio for Harvard University’s endowment, has poached Columbia University Investment Management Co. (CIMC) COO Sanjeev Daga as its new COO, effective February 2019.

“I had the pleasure of working with Sanjeev for more than 13 years at CIMC and we are thrilled that he will be joining the team,” HMC CEO Narv Narvekar said in a release. “His experience building and managing an extraordinary operations and IT effort at a leading endowment will be a great asset as we continue our organizational transition.”

Daga, who has been COO of CIMC since 2003, will replace COO Bob Ettl, who is retiring. Prior to joining CIMC, Daga was a senior vice president of risk management for Royal Bank of Scotland (RBS), and before that he was a risk manager at National Westminster Bank. He has an M.B.A. from the New York University Stern School of Business, and a B.A. from Rutgers University.

“I am excited for the opportunity to join HMC and build on the work that Narv and the team have undertaken over the last two years,” said Daga. “I look forward to meeting with members of the team in the coming months and learning about the challenges and opportunities ahead, so that I can hit the ground running in February.”

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Ettl has been managing director and COO at HMC since October 2008. Before joining HMC, Ettl was a managing director at Allianz Global Investors, and prior to that he was an executive vice president at Pacific Investment Management Co. (PIMCO).

“After a long, successful career in finance, Bob made clear to me a while ago that he was looking forward to retirement,” said Narvekar. “I have been incredibly fortunate to have him as a partner in both the assessment and implementation of the strategy we developed.”

Ettl will stay on with HMC through early 2019 to help Daga transition into the role, and then continue as an adviser until the end of the year.

HMC also announced that CFO Kevin Shannon will retire at the end of 2019 after 10 years at the firm. The company said Daga will determine whether a new CFO is needed, or if the responsibilities of the position will be distributed among the existing team.

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Home > News > Newsmakers > Deutsche Bank Raided in Money-Laundering Scandal
Newsmakers

Deutsche Bank Raided in Money-Laundering Scandal

Two unnamed suspects, clients funneled more than $350 million in unreported cash through shell companies in the British Virgin Islands.

By Chris Butera

German police officers and other officials swarmed Deutsche Bank’s Frankfurt offices on Thursday regarding money-laundering transactions dating back to 2013.

Officers seized documents from the bank’s headquarters and five other properties, one of which was a worker’s home.

German prosecutors based their action on an investigation revolving around a money-laundering scandal in documents dubbed the “Panama Papers,” and “Offshore Leaks,” a collaborative investigation between the International Consortium of Investigative Journalists and other media companies. This exposed massive global money-laundering practices.

The Panama Papers and other documents charged that Deutsche Bank had set up shell companies in tax havens for clients, and money generated from crimes valued at more than $350 million, was not reported.

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“As far as we are concerned, we have already provided the authorities with all the relevant information regarding Panama Papers,” Deutsche Bank said in a statement via Twitter, acknowledging the raid. “Of course, we will cooperate closely with the public prosecutor’s office in Frankfurt, as it is in our interest as well to clarify the facts.”

The scheme’s suspects are two Deutsche Bank employees aged 50 and 46, and other unnamed individuals. The money was transported to shells in the British Virgin Islands.

The Panama Papers are a collection of documents from a law firm that specialized in shell companies for extremely wealthy individuals. Owning a shell company, which is a fictitious business that only exists on paper for the means to hold assets anonymously, is not illegal. In fact, almost anyone can set up an offshore shell company for about $1,000. Due to their secretive nature, shells have been used as vehicles for crooked financial activities.

“More details will be communicated as soon as these become known,” Deutsche Bank said.

In Frankfurt, the bank’s shares were down 3.4% by close of trading Thursday.

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