Two Industry Heavyweights Take Over Alts Standards Board

Man Group and CDPQ executives replace SBAI’s retiring leader.

Simon Dawson/Bloomberg

Simon Dawson/Bloomberg

Mario Therrien, head of strategic partnerships for developed markets at Caisse de dépôt et placement du Québec (CDPQ), and Man Group CEO Luke Ellis will take over leadership of the Standards Board for Alternative Investments.

Therrien and Ellis replace chairman Dame Amelia Fawcett, who is retiring after nine years of leading the organization. Therrien will be chairman of SBAI and Ellis will be deputy chairman, the organization announced Tuesday.

The SBAI, founded more than a decade ago, is a standards-setting body that has tackled controversial subjects, such as proper risk disclosures and transparency of information for investors. The board includes both managers and investors.

[II Deep Dive: Standards Board Aims to Tackle Hedge Fund Issues — Before Regulators Do]

“The current health crisis and challenging economic outlook spell uncharted, potentially treacherous, waters. So, the need for leadership, strong standards of practice, and efficient sharing of knowledge among peers has never been greater,” said Fawcett, in a statement. “This is precisely the type of environment that underscores the value of the Standards Board, as industry members seek current insights and examples of ‘best practice,’ as they manage through the difficult and uncertain weeks and months ahead.”

The group is gaining momentum. In the last 12 months, Angelo Gordon, BlackRock, Bridgewater Associates, Citadel, and PIMCO, have either joined the board or increased their commitment to become so-called core supporters.

In 2018, the SBAI started a new group of representatives from institutional investors and hedge funds to confront issues such as fees and best practices in North America.

Earlier in her career, Fawcett held senior roles at Morgan Stanley including vice chairman and chief operating officer of European operations. Before joining Morgan Stanley, she was an attorney at the New York-based law firm of Sullivan & Cromwell. From June 2004 to 2009, Fawcett was a member of the court of directors of the Bank of England.

“The current environment underscores the value of the SBAI as a collaborative platform where industry leaders can share knowledge and develop solutions that help institutional investors, investment managers, and regulators strengthen the alternative investment industry,” added Therrien, in a statement.