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The Mastercard Foundation’s new money-management arm is in enlargement mode, and executives have been discovering new workers from one place particularly — the Ontario Teachers’ Pension Plan.
Mastercard Foundation Asset Management has employed at the very least six folks from the pension fund, in keeping with their LinkedIn profiles. The names embrace Dan Houle, the fledgling agency’s chief expertise officer, and Michael Powers, who joined as director of investments in July after 16 years at Ontario Teachers’.
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Payments firm Mastercard Inc. arrange the muse and seeded it with a block of its shares across the time of its 2006 preliminary public providing. That single-stock portfolio grew to US$47 billion, so earlier this yr, the muse launched MFAM to start promoting down its Mastercard stake and diversifying its holdings.
Both the muse and the asset supervisor are based mostly in Toronto.
MFAM’s board consists of numerous massive names in Canadian finance, together with Lynn Patterson, a former Bank of Canada deputy governor, and Jim Leech, who was Ontario Teachers’ chief govt officer for greater than six years till he retired on the finish of 2013. The board employed John Barker as chief funding officer.
Other former Ontario Teachers’ workers who’ve made the soar to MFAM embrace Peter Simpson, the pinnacle of finance and operations; Jane Liu, director of funding operations; and Anthony Di Fonzo, director of finance and operations.
The asset supervisor’s chief working officer is Jennifer Newman, who labored in working roles at Ontario Teachers’ for greater than a dozen years earlier than leaving in 2021, in keeping with her LinkedIn web page.
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A consultant for Ontario Teachers’ declined to remark.
It’s the newest instance of cash managers attracting expertise from North America’s largest institutional buyers. In latest months, Qatar Investment Authority poached Kevin Zhu from Canadian pension OPTrust, and Abu Dhabi Investment Council employed Michael Phillips from the Teacher Retirement System of Texas.
MFAM plans to promote 13 to fifteen per cent of the Mastercard inventory yearly over the subsequent seven years, Barker stated in an interview in May.
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As a begin, MFAM will associate with third-party managers earlier than doing its personal direct investments, Barker stated on the time. It at the moment has 17 workers, in keeping with a spokesperson.
The Mastercard Foundation works to help younger folks in Africa and Indigenous youth in Canada.
With help from Paige Smith.
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