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.

For more stories like this, sign up for the CIO Alert newsletter. 

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.

To contact the <em>aiCIO</em> editor of this story: Paula Vasan at <a href='mailto:pvasan@assetinternational.com'>pvasan@assetinternational.com</a>; 646-308-2742

(August 23, 2011) — President Barack Obama has appointed Michael Kennedy as the new chairman of the Federal Retirement Thrift Investment Board (FRTIB).

As a Board member since June 2010, Kennedy replaces former chairman Andrew Saul, who will continue to serve until his replacement is confirmed by the US Senate. The five presidentially appointed Board members develop and establish the policies governing the Thrift Savings Plan (TSP) for Federal employees. The Executive Director of the Board, Gregory T. Long, serves as the head of the Agency that manages the Plan.

Chairman Kennedy said, according to a press release, that he was “honored by the President’s action” and that he looks forward to “continuing the effective and steady leadership that Andrew Saul provided as Chairman of the Board.” He thanked Saul for his “tireless efforts on behalf of TSP participants over the past nine years.”

As outlined in a statement on the appointment, Kennedy has been serving as a Board member since being confirmed by the Senate in June 2010. He is a Managing Director in the Atlanta office of Korn/Ferry International and a member of the firm’s global financial services practice, specializing in commercial/investment banking, capital markets, and asset management searches. Additionally, he co-leads Korn/Ferry’s Diversity Practice. Prior to joining Korn/Ferry, Kennedy founded his own venture capital consulting firm, and was a Vice President at GE Capital Corporation and at Wachovia Corporation in the US corporate group. He started his financial services career with J.P. Morgan’s Investment Management Group in New York. Kennedy is also a member of the Board of Trustees of the Georgia Employees’ Retirement System pension fund. He holds a B.A. with highest honors in history and political science from the University of North Carolina at Chapel Hill and a M.B.A. from the Harvard Business School.

Want the latest institutional investment industry news and insights? Sign up for CIO newsletters. 

As of July 2011, TSP assets totaled approximately $287 billion, and retirement savings accounts were being maintained for almost 4.5 million TSP participants.

To contact the <em>aiCIO</em> editor of this story: Paula Vasan at <a href='mailto:pvasan@assetinternational.com'>pvasan@assetinternational.com</a>; 646-308-2742