Abu Dhabi wealth fund ADIA appoints new global operations head

Garry Beaton joins the fund from Ashmore Group



Abu Dhabi Investment Authority (ADIA) has appointed Garry Beaton to the newly created role of global head of operations, the sovereign wealth fund said in a statement on Monday.

Beaton joins the fund, which has around $792bn in assets according to industry tracker Sovereign Wealth Fund Institute, from Ashmore Group, where he held the same title.

According to the statement, Beaton will be responsible, together with other members of senior management, for guiding the strategy of the operations department and overseeing its support of internal and external funds, corporate actions, performance and development, securities lending and custody.

Last month, ADIA revealed in its annual review it would remain a patient, long-term investor despite a drop in its returns last year due to slowing global growth.

In US dollar terms, the 20-year annualised rate of return on ADIA’s portfolio fell to 6.5 per cent in 2015 from 7.4 per cent the year before, the fund said in its annual review. The 30-year rate of return slipped to 7.5 per cent from 8.4 per cent.

The drop was mainly the result of strong returns in the mid-1980s and 1990s falling out of the rolling averages, and the recent returns were consistent with historical levels, the review added.

“Against a backdrop of slowing global growth, ADIA’s investment strategy will remain focused on identifying long-term trends and patiently growing capital,” Managing Director Sheikh Hamed bin Zayed al-Nahyan said.

Now in its 40th year, and headquartered in the oil-rich capital of the United Arab Emirates, ADIA invests across more than two dozen asset classes globally.

Read more: Abu Dhabi fund ADIA says to remain long-term investor