After almost six years in the role, Gary Steinberg is stepping down from his position as Chief of the International Monetary Fund’s investment unit and joining CBO Investment Management as head of the firm’s Advisory board and as a member of its investment committee. The Nigerian asset manager is planning to launch its first private equity fund, a $150 million vehicle which will focus investments on small and medium-sized businesses in West Africa.
“We are very pleased to have attracted Gary to CBO,” commented Bex Nwawudu, CBO’s Managing Partner. “His fund management and investment experience with some of the most recognizable names in the industry will help considerably as we seek to build a leading investment manager for Africa. His institutional knowledge and credentials further reinforce our corporate governance framework, and he is a very welcome addition to our Investment Committee.”
In an investment industry career spanning more than 30 years, Steinberg has held several high-profile positions, including the Chief Investment Officer of Wellcome Trust, the largest medical research charity with £15 billion in assets under management and the Chief Executive of British Petroleum’s £12 billion pension plan. He joined the IMF in 2010 as Chief of the Investment Unit which manages a portfolio of approximately $20 billion.
“I am delighted to be joining CBO IM at this exciting stage of their development,” said Steinberg. “I look forward to helping them, and their clients achieve their investment objectives in one of the most dynamic areas of the global economy.”