The head of investments for the International Monetary Fund (IMF) is stepping down to join CBO Capital, a Nigerian asset manager.
In his new job, Gary Steinberg will help CBO launch its first fund to support small West African businesses. CBO Capital said:
CBO Investment Management (CBO IM), has appointed Gary Steinberg as the Head of its Advisory board and a member of the Investment Committee. He joins CBO with immediate effect as he retires from his role as Chief of the Investment Unit at the International Monetary Fund (IMF) after nearly six years in post.
At CBO, he will be joining a team led by Bex Nwawadu, formerly of BGC Partners, Chuka Mordi from Société Générale and Joanne Yoo, who previously helped to run New York State’s $175bn retirement fund.
CBO, which already invests in project finance in Nigeria, plans to spread its reach to small companies across West Africa. Its first $150m fund will be launched shortly, with $18.75m-worth of support from the Overseas Private Investment Corporation, the United States government’s development finance body.
Gary will add to CBO Capital, his 30 years’ experience in the investment industry. Gary has helped managed about $20 billion, while with the IMF. He also managed £15 billion as Chief Investment Officer of Wellcome Trust, the world’s largest endowed medical research charity, and £12 billion as Chief Executive of British Petroleum’s UK pension plan.
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Mr Steinberg said, “I am delighted to be joining CBO IM at this exciting stage of their development. I look forward to helping them, and their clients achieve their investment objectives in one of the most dynamic areas of the global economy”.