Abu Dhabi fund names Ted Chu as chief economist

Abu Dhabi fund names Ted Chu as chief economist

Chu part of fund's strategy unit.

September 6, 2010 10:53 by Reuters

Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund estimated to be the world’s largest, on Monday named Ted Chu from U.S. automaker General Motors as its chief economist.

Chu, will be based in Abu Dhabi and will be responsible for producing regional and international economic analyses and making recommendations based on the research, the sovereign fund said.

ADIA has investments ranging from Citigroup bonds to a stake in Britain’s Gatwick airport.

Chu will also be part of ADIA’s strategy unit and will assist in developing and assessing investment strategies across various asset classes, the sovereign fund said.

Analysts estimate ADIA’s assets at between $500 billion and $700 billion.

In April, ADIA named Sheikh Hamed Bin Zayed Al-Nahayan, the brother of the UAE’s ruler as managing director after the death of previous head Sheikh Ahmed in a glider crash in Morocco.

The secretive sovereign fund provided a rare glimpse into its investment portfolio with its first annual review published earlier in the year. The fund had an allocation of up to 85 percent in developed markets.

(Reporting by Dinesh Nair, Editing by Erica Billingham)