Abu Dhabi appoints new wealth fund chief economist
Ted Chu was formerly GM's global economic and industry analyst
Abu Dhabi: The Abu Dhabi Investment Authority, one of the world's largest sovereign wealth funds, appointed Ted Chu in the newly created position of chief economist.
Chu was formerly chief economist and director of global economic and industry analysis at General Motors Co, the fund said in an e-mailed statement on Monday.
"Ted brings with him an exceptional track record in macro strategy at the highest levels," said Jean-Paul Villain, head of strategy at the fund. "His knowledge and deep insights into global macro-economic trends will contribute significantly to ADIA's long-term asset allocation strategy and ability to identify new asset class opportunities."
Developed markets
ADIA has invested as much as 45 per cent of its assets in developed markets, 10-20 per cent in government bonds, and as much as 10 per cent in real estate, credit and so-called alternative assets such as hedge-funds and managed funds, it said in its first annual review in March.
The fund has seen a 20-year annual rate of return of 6.5 per cent, and a 30-year rate of return of 8 per cent as of the end of last year, it said.
ADIA and its Norwegian and Chinese peers are the three largest sovereign wealth funds in the world, managing over $1 trillion (Dh3.67 trillion) between them, Preqin Ltd said on March 11.
The sovereign fund in April appointed Shaikh Hamed Bin Zayed Al Nahyan as its managing director, succeeding the late Shaikh Ahmad Bin Zayed Al Nahyan.
Abu Dhabi produces more than 95 per cent of the oil of the United Arab Emirates, the fourth-largest member of the Organisation of Petroleum Exporting Countries.
