Fund invests again in new talent

The Abu Dhabi Investment Authority (ADIA), one of the world's biggest sovereign wealth funds, has hired Keith Collins to oversee accounting and finance.

It comes a month after ADIA appointed Ted Chu as its first chief economistas part of an initiative to make the fund more professional and improve transparency.

For years an enigma to outsiders, ADIA revealed more than ever before about its structure in its first annual review earlier this year, although it did not disclose its overall size. ADIA is estimated to control about US$500 billion (Dh1.83 trillion) of assets.

Mr Collins's role as ADIA's chief accounting officer will involve overseeing day-to-day accounting and finance, preparation of financial statements and ensuring the correct application of accounting rules.

He will also manage relationships with outside auditing firms and report to Khalifa Nasser al Mansoori, the executive director of the accounts department, ADIA said.

"Keith's expertise and valuable industry insights will enable us to further enhance and strengthen our internal processes," said Mr al Mansoori.

Mr Collins joins ADIA from Schroders, one of the world's largest asset management houses. He had previously served at Dresdner Kleinwort, an investment bank that merged into Germany's Commerzbank last year, and at NatWest Bank prior to its takeover by the Royal Bank of Scotland in 2000.

Mr Collins's position is new and consolidates roles previously shared among a number of ADIA's employees, a spokesman said.

afitch@thenational.ae