Residential and commercial skyscrapers stand along the coastline in Abu Dhabi, United Arab Emirates, on Tuesday, April 10, 2018. Abu Dhabi National Oil Co. will issue its first competitive tender for partners to explore for and develop oil and natural gas as the government-owned producer seeks new ways to increase production in the United Arab Emirates. Photographer: Christopher Pike/Bloomberg
Abu Dhabi Investment Authority’s global head of internal equities Gregory Eckersley has left after almost five years at the sovereign wealth fund, according to an official at the firm.
ADIA hired Eckersley in 2013 and he was responsible for developing and overseeing portfolios, risk management and the due-diligence process. He joined the company from 1770 Capital Partners, a fund he jointly started in 2011, and previously worked at AllianceBernstein Holding LP.
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The fund has been boosting its in-house teams in areas such as alternative investments and equities. Last year, ADIA managed about 55 percent of its assets through external managers, down from 60 percent in 2016 and 75 percent in 2013, according to its annual report.
It also set up a new strategy and planning department, and its internal equities department hired people in Europe and Japan. The internal equities department invests directly in global equity markets and actively manages these investments, according to ADIA.
The fund doesn’t divulge its assets under management but it’s estimated to have about $683 billion, making ADIA the third-largest in the world, according to data from the Sovereign Wealth Fund Institute.
Last year, ADIA allocated 32 percent to 42 percent of its portfolio to developed equities and 10 percent to 20 percent to equities in emerging markets, according to the annual report.
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