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Leadership and teamwork were key to PPI’s achievements in 2014. 

Theresa Whitmarsh took over the role of chair of the Board of Directors from Gordon Fyfe, whose two year term concluded.  Adrian Orr was named vice chair; Henry Jones as secretary and Wayne Kozun as treasurer. The board's standing committees were chaired by: Jack Wadsworth (Audit), Collette Chilton (Budget & Financial Planning), Richelle Sugiyama (Membership), Melissa Ma (Nominating & Governance), Adrian Orr and Tak Ishikawa (Program).

The year 2014 provided the the board and staff a unique opportunity to forge a new partnership to maintain the high quality of the organization’s key functions: programs, membership, communications, finance and administration. During this period, a search committee of board members working with an executive search firm conducted an exhaustive search for new leadership.  Lionel C. Johnson was selected in July and began his role as president. Kris Greenville, who led PPI in the interim, was promoted to vice president.

Membership


MEMBERSHIP

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Membership


MEMBERSHIP

Since its beginnings, PPI has always placed emphasis on engaging with individuals and organizations that can provide unique contributions to our programs and add value to membership for all.  

PPI continued its smart growth approach to membership in 2014.  Kris Greenville, working closely with the Membership Committee, sought to expand PPI’s global membership network of pension funds, sovereign funds and endowments by thoughtfully integrating our engagement with prospective organizations into our program development needs.

PPI’s membership at the close of 2014 included 32 plan sponsors and 41 corporate members.  Joining us in 2014 were the New York State Common Retirement Fund; South Dakota Investment Council, Meridiam Infrastructure, Baring Private Equity India, TCW Group, and Olympus Capital.

Administration, Finance & Human Resources


ADMINISTRATION, FINANCE & HUMAN RESOURCES

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Administration, Finance & Human Resources


ADMINISTRATION, FINANCE & HUMAN RESOURCES

Good stewardship of the organization’s resources is an important value and a driving force of our administrative and finance staff. 

Gwen Bough keeps PPI’s administrative functions organized and operating efficiently and supports the activities of the board and the executive leadership. 

Sabina Gotuaco works closely with the staff, the Budget and Financial Planning committee and our network of vendors to maintain a budget that is centered on providing member service and program quality.  

PPI demonstrated sound fiscal management and accountability measures in 2014, as demonstrated by the audit completed as of December 31, 2014 by Good & Fowler, LLP.  The Statement of Activities reflects a total Revenue and Support of $1,912,004, or an increase of $23,140 or 1.2% from prior year.  Total Expenses were $1,916,502, or a decrease of $40,834 or 2% from prior year.  The total change in net assets is a difference of $4,498, an improvement of 93% over the prior year.

Statement of Activities


STATEMENT OF ACTIVITIES

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Statement of Activities


STATEMENT OF ACTIVITIES

PPI demonstrated sound fiscal management and accountability measures in 2014, as demonstrated by the audit completed as of December 31, 2014 by Good & Fowler, LLP.  The Statement of Activities reflects a total Revenue and Support of $1,912,004, or an increase of $23,140 or 1.2% from prior year.  Total Expenses were $1,916,502, or a decrease of $40,834 or 2% from prior year.  The total change in net assets is a difference of $4,498, an improvement of 93% over the prior year. 

 
 

Chart A: 2014 Revenue Sources

Chart B: 2014 Expense Allocation

 

Statement of Activities

For the Year Ended December 31, 2014
With Comparative Totals (USD) for the Year Ended December 31, 2013

2014 2013
REVENUE (Chart A)
     Membership Dues 1,496,774 1,537,025
     Roundtable Registration 200,140 182,455
     Asian Development Bank Grant 135,432 69,937
     PPI Executive Seminar Registration 37,550 77,000
     Investment Income 8,457 2,447
     Other Income 1,400 -
Total Revenue 1,879,753 1,868,864
SUPPORT
     Contributions 30,220 20,000
     In-Kind Donations 2,031 -
Total Support 32,251 20,000
TOTAL REVENUE & SUPPORT 1,912,004 1,888,864
EXPENSES (Chart B)
     Program Services 1,302,292 1,494,253
     Support Services 614,210 463,083
Total Expenses 1,916,502 1,957,336
CHANGE IN NET ASSETS (4,498) (68,472)
NET ASSETS AT BEGINNING OF YEAR 1,687,717 1,756,189
NET ASSETS AT END OF YEAR $1,683,219 $1,687,717

Note: The financial information presented is from the audited financial statements. Interested parties can obtain a complete copy of the audited financial statements by contacting our office.

Communications & Technology


COMMUNICATIONS & TECHNOLOGY

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Communications & Technology


COMMUNICATIONS & TECHNOLOGY

PPI communications are designed to support the membership and programming with timely and relevant information for the community, in ways that clearly convey the purpose and values of PPI across all channels. With Mark Mancao's initiative to take advantage of the efficiencies and cost savings of integrated, cloud-based media, PPI adopted new communications technology platforms in 2014. PPI debuted its new mobile app at the Summer Roundtable. By the time of the Singapore Roundtable, the majority of attendees were using the app to deepen their Roundtable experience and to provide feedback that would inform future programs. He also took on the management of two exciting projects conceived by the president.

  • Legacy Video Project: With a deep desire to honor our history while also articulating PPI's value and purpose for today, we launched a video production project funded by donors, that is planned to produce a 10-minute film that will be placed prominently on our website and used for outreach to potential new members. Initial filming took place at the home of PPI's founder, Larry Hull, and a few interviews during the Singapore Roundtable, with plans to do the bulk of the video interviews during the 2015 Winter Roundtable. Attendees of the 2015 San Francisco Roundtable will be treated to an advance screening.

  • Branding Project: Toward the end 2014, it was clear that PPI had arrived at the moment when it needed to hone our mission statement and messaging in light of the competitive environment in which PPI operates. As the year came to a close, the staff had launched a project, engaging the board, members and other stakeholders to refresh PPI's brand and to effectively articulate its value proposition.

Programs


PROGRAMS

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Programs


PROGRAMS

The 2014 programs in Whistler (British Columbia), San Diego, and Singapore represented PPI's continuing effort to inform members on relevant issues pertaining to investing in the Asia-Pacific region, through high-level dialogues with investment professionals and subject matter experts. Each of the 2014 events is described in greater detail in the next sections of this report.

In addition to the traditional Roundtables, and as a result of considerable member outreach throughout the year, the possibilities for additional programming and services intended to enhance the PPI value proposition and to undergird member service were assessed. Led by Program Director Nick Sramek, with the assistance of program coordinator Evie Fong and the guidance of the Program Committee, more interactive and peer-to-peer experiences were incorporated.

Winter Roundtable


Winter Roundtable

Whistler, British Columbia
February 26-28, 2014

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Winter Roundtable


Winter Roundtable

Whistler, British Columbia
February 26-28, 2014

Reaching for Returns:
Investors Test the Marketplace

Roundtable Topics

  • Global risk outlook in 2014
  • Investment assumptions in a post-GFC world
  • Behavioral finance and institutional investors
  • Sustainable investing strategies
  • Regulatory reform
  • Banking trends
  • Tapering and emerging market risk
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PPI’s first program of the year took as its theme Reaching for Returns: Investors Test the Marketplace. The discussions focused on the realities of investing in a post-financial crisis “New Normal” environment. The co-chairs of the Whistler Roundtable were Frank Tang, Chief Executive Officer and Managing Partner, FountainVest Partners (Asia), and Bryan Thomson, Senior Vice President, Equities, British Columbia Investment Management Corporation.

The roundtable featured keynote remarks by Ian Bremmer, President and Founder of the Eurasia Group, who outlined key drivers of risk for the year ahead and his thoughts on the emerging economies, the Russia-Ukraine conflict, the China-Japan relationship, and North Korea. The CEO/CIO session brought together a panel of three retired or retiring stalwarts of the Canadian pension industry who shared their wisdom on the global markets: David Denison, former President and Chief Executive Officer, Canada Pension Plan Investment Board; Jim Leech, former President and Chief Executive Officer, Ontario Teachers’ Pension Plan Board; Doug Pearce, Chief Executive Officer and Chief Investment Officer, British Columbia Investment Management Corporation; Member, PPI Advisory Committee. The session was moderated by Facilitated by Gordon Fyfe, President and Chief Executive Officer, PSP Investments.

In Whistler, PPI honored Doug Pearce and the late Joe Dear for their service to the organization, bestowing on them the H. Lawrence Hull, Jr. Leadership Award and PPI Lifetime Membership.

Summer Roundtable


Summer Roundtable

San Diego, California
July 23-25, 2014

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Summer Roundtable


Summer Roundtable

San Diego, California
July 23-25, 2014

Path ForWARD: New East West Investment Dynamics

Roundtable Topics

  • Security challenges in China and Russia
  • Competing investment philosophies and portfolio strategies
  • China’s economic reform process
  • Japanese Prime Minister Shinzo Abe’s “third arrow”
  • Indian Prime Minister Narendra Modi’s plans for economic reform
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For the Summer Roundtable PPI members and invited guests were invited to Carlsbad, California, just north of San Diego. This roundtable explored the theme: Path Forward: New East-West Investment Dynamics, as the dialogue focused on the investment ramifications of recent reform strategies in Asia’s three largest economies; China, Japan, and India. Ambassador Chas Freeman, Chair, Projects International and former U.S. Ambassador to Saudi Arabia, offered the opening remarks for the roundtable. He provided the audience with an overview of the current geopolitical challenges around the world, focusing on security challenges in the Asia-Pacific region. The co-chairs of the Carlsbad Roundtable were Richelle Sugiyama, Investment Officer, Public Employee Retirement System of Idaho, and Garrett Walls, Managing Director, Angelo, Gordon & Co.

The roundtable was highlighted by keynote addresses by Ambassador Clark T. ‘Sandy’ Randt, President, Randt & Co LLC and former U.S. Ambassador to China, and General David H. Petraeus, U.S. Army (retired) and Chairman, KKR Global Institute. Ambassador Randt focused on the outlook of the U.S.-China relationship and the internal power struggle within the Chinese Communist Party. General Petraeus discussed security challenges around the world and the role of natural resources in a world of hydraulic fracturing and an energy-independent United States, and the trend of policymakers at the local level driving change.

 

Asia Roundtable


Asia Roundtable

Singapore
November 12-14, 2014

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Asia Roundtable


Asia Roundtable

Singapore
November 12-14, 2014

THE NEW CENTER: TRACING THE IMPACT OF A GLOBAL SHIFT

Roundtable Topics

  • Accessing emerging market opportunities
  • Asia’s rising debt
  • Singapore and the ASEAN community
  • Trends in private equity in Asia
  • Strategic partnerships
  • Central bank strategies

The final event of 2014 was PPI’s annual Asia Roundtable in Singapore, with the theme The New Center: Tracing the Impact of a Global Shift. Discussions focused on the shifting demographic and economic trends in Asia, specifically regarding Southeast Asia’s emerging consumer class, with the aim to provide a deeper understanding of the impact of this growth and the structural changes needed for it to continue. Immediately prior to the roundtable, the annual APEC Summit was held in Beijing. During the roundtable, the East Asia Summit was taking place in Myanmar. The G20 Summit in Brisbane, Australia, immediately followed. As these meetings focused primarily on the trade and economic ties between countries in the region, they created a fascinating backdrop for PPI’s Singapore event. 

The co-chairs of the Singapore Roundtable were Sheila Patel, Chief Executive Officer, Goldman Sachs Asset Management International and Leslie Teo Eng Sipp, Director, Economics and Investment Strategy and Chief Economist, GIC Private Limited. GIC served as our in-country host. At the Thursday evening dinner, PPI honored Takeshi Kadota with the H. Lawrence Hull Leadership Award and PPI Lifetime Membership, for his key role in bringing to PPI the very important participation of today's PPI members in Japan.

The roundtable featured keynote remarks from The Honorable Tharman Shanmugaratnam, Deputy Prime Minister of Singapore and Minister of Finance, on the role of Singapore in ASEAN, economic growth prospects for the region and internal challenges. The roundtable also featured a conversation between Jonathan Slone, Chairman and Chief Executive Officer at CLSA Limited, and the honorable Clay Lowery, Vice President of Rock Creek Global Advisors and former Assistant Secretary for International Affairs at the U.S. Treasury Department. They discussed the recent APEC meeting and the outlook for regional trade and partnerships with the United States and its Asian allies.

Executive Seminar


Executive Seminar

Singapore
November 9-11, 2014

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Executive Seminar


Executive Seminar

Singapore
November 9-11, 2014

Building a Connected Region, Global Hub

Roundtable Topics

  • Singapore’s development model
  • Public-Private Partnerships in Asia
  • The U.S.-Singapore relationship
  • India’s reforms and the role of Singapore
  • Food and Demographics in emerging Asia
  • Healthcare investment in Singapore
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PPI offered the Executive Seminar, once again taking place just before the Asia Roundtable. Designed to give a deep dive into the drivers of the Singapore economy, the seminar was attended by a group of institutional investors from the United States, Canada and Europe. The theme of the seminar, Building a Connected Region, Global Hub, gave participants an opportunity to understand Singapore’s role as a financial center of Southeast Asia and its aspirations to become globally competitive. The seminar took a close look at the institutions that have been central to Singapore’s success and the growth sectors that it may be poised to transform. In addition to the support from PPI’s members, the Centre for Asset Management Research & Investments (CAMRI) program at the National University of Singapore (NUS) and its director, professor Joseph Cherian, was instrumental in the development of the program. Additionally, GIC Investments was exceedingly helpful in providing meeting space and logistical support. 

The seminar was highlighted by a post-dinner discussion with two special guests, Muthukrishnan Ramaswami, President of the Singapore Exchange and Lim Siong Guan, Group President of GIC Private Limited, who gave remarks on their outlook for Singapore’s development as a financial hub of Southeast Asia, competition with Hong Kong, and the special role of the government in Singapore’s affairs. Another highlight of the seminar was a visit to the Sembcorp Marine Integrated Shipyard at Tuas, soon to become the largest shipyard in Singapore. David Chin, Executive Director of the Singapore Maritime Foundation, led this tour and provided a thorough history of the city-state’s maritime industry and the important role that it plays as an entrepôt economy.

Membership Roster


MEMBERSHIP ROSTER

On December 31, 2014

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Membership Roster


MEMBERSHIP ROSTER

On December 31, 2014

ASSET OWNERS AND ALLOCATORS

Alberta Investment Management Corporation
AustralianSuper
British Columbia Investment Management Corporation
California Public Employees’ Retirement System
California State Teachers’ Retirement System
Canada Pension Plan Investment Board
City and County of San Francisco Employees’ Retirement System
CN Investment Division
Colorado Public Employees’ Retirement Association
Employees Retirement System of Texas
GIC Private Limited
Government Pension Fund, Thailand
Kaiser Permanente
Los Angeles City Employees’ Retirement System
Los Angeles County Employees Retirement Association
Municipal Employees’ Retirement System of Michigan
National Council for Social Security Fund, China
National Pension and Provident Fund, Bhutan
National Railroad Retirement Investment Trust
New York State Common Retirement Fund
New Zealand Superannuation Fund
Ontario Teachers’ Pension Plan Board
Oregon State Treasury
PGGM
Public Employee Retirement System of Idaho
Queensland Investment Corporation
Second Swedish National Pension Fund – AP2
South Dakota Investment Council
University of Southern California Endowment
Virginia Retirement System
Williams College Investment Office
Washington State Investment Board
__________

Hermes Fund Managers

ASSET MANAGERS AND ADVISORS

Affinity Equity Partners
Albright Capital Management
Angelo, Gordon & Co.
Asia Alternatives Management
Baring Private Equity Partners
Campbell Lutyens & Co.
Capital International/Capital Guardian Trust
Cartica Capital
CDH Investments
Commonfund Capital
Corston-Smith Asset Management
DIAM Co.
Dimensional Fund Advisors
FLAG Squadron Asia
FountainVest Partners (Asia)
Global Environment Fund
Global Strategic Associates
Goldman Sachs Asia
Grove Street Advisors
H&Q Asia Pacific
Hamilton Lane Advisors
HarbourVest Partners
IDFC
Institutional Real Estate, Inc.
Jasper Ridge Partners
JP Morgan Asset Management
Kohlberg Kravis Roberts Asia
Loomis Sayles & Company
Macquarie Infrastructure and Real Assets
Meridiam Infrastructure
Mitsubishi Corporation
Morgan Stanley
Olympus Capital Asia
MBK Partners
Perella Weinberg Partners
Primavera Capital Group
Quantum Advisors/Primary Real Estate Advisors
Siguler Guff & Company
Sit Investment Associates
Sumitomo Mitsui Trust Bank
Tata Group
The TCW Group
Tokio Marine Asset Management Co./Tokio Marine Capital Co.


FRIENDS OF PPI

Oliver Bolitho
Ronald E. Bornstein 
Howard Chao
Paul Costello
Roy Doumani
Nancy C. Everett
Geoffrey A. Hirt
Howard L. Hull III
JETRO, New York
Ambassador Clark T. Randt
Kazuo Seki
Shelley I. Smith
Peter H. Sullivan
James Timmins
Yuelin T. Yang

HONORARY MEMBERS

Asian Development Bank
European Bank for Reconstruction and Development
Ambassador Kihwan Kim
Lawrence J. Lau
National Council on Teacher Retirement
RAND Center for Asia Pacific Policy
The World Bank Group/International Finance Corporation

LIFETIME MEMBERS

Joseph A. Dear
Ambassador Chas W. Freeman Jr.
H. Lawrence Hull, Jr.
Takeshi Kadota
Doug Pearce
Ambassador Linda Tsao Yang

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Leadership


LEADERSHIP

On December 31, 2014

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Leadership


LEADERSHIP

On December 31, 2014

BOARD OF DIRECTORS

Theresa J. Whitmarsh (Chair, PPI)
Executive Director
Washington State Investment Board

Gordon J. Fyfe (Immediate Past Chair, PPI)
CEO and CIO
British Columbia Investment Management Corporation

Adrian Orr (Vice Chair, PPI)
Chief Executive Officer
New Zealand Superannuation Fund

Henry Jones (Secretary, PPI)
Board Member
California Public Employees' Retirement System

Oliver Bolitho
Former Advisory Director
Goldman Sachs Asset Management

Else Bos
Chief Executive Officer
PGGM

Susan J. Carter
Senior Advisor
Commonfund Capital, Inc.

Howard Chao
Of Counsel
O’Melveny & Myers

Collette Chilton
Chief Investment Officer
Williams College Investment Office

Ajit Dayal
Founder and Director
Quantum Advisory Private Limited

 

Takajiro Ishikawa
SVP and Division COO 
Asset Management Business Division 
Mitsubishi Corporation

Melissa J. Ma
Co-Founder and Managing Partner
Asia Alternatives Management

Lisa Mazzocco
Chief Investment Officer
University of Southern California

Shelley I. Smith
President & General Counsel 
GrayShell Consulting

Paul W. Speltz
Chairman and CEO 
Global Strategic Associates

Richelle A. Sugiyama
Investment Officer
Public Employee Retirement System of Idaho

Frank K. Tang
Chief Executive Officer 
FountainVest Partners (Asia) Limited

Dr. Leslie Teo
Chief Economist
GIC Private Limited

Bryan Thomson
Senior Vice President, Equity Investments
British Columbia Investment Management Corporation

John S. Wadsworth, Jr.
Advisory Director 
Morgan Stanley


ADVISORY COUNCIL

Doug Pearce (Advisory Council Chair)
Teresa C. Barger
Christopher K. B. Brotchie
Paul Costello
Roy Doumani
Larry Hull
Takeshi Kadota
Herb Meiberger
James R. Timmins
Amb. Linda Tsao Yang

FOUNDER & CHAIR EMERITUS

Larry Hull

STAFF

Lionel C. Johnson (President)
Gwen Bough
Evie Fong
Kris Greenville
Sabina Ong Gotuaco
Mark Mancao
Nicholas Sramek


 
 
 

465 California Street, Suite 610
San Francisco, California 94104

Phone: +1 415.576.1187
Fax: +1 415.576.1189 

info@pacificpension.org

www.pacificpension.org