Abu Dhabi fund ADIA names Tipple as head of external equities

DUBAI, Sept 3 Wed Sep 3, 2014 3:39am EDT

DUBAI, Sept 3 (Reuters) - Abu Dhabi Investment Authority (ADIA), one of the world's largest sovereign wealth funds, has named Brian Tipple as its first global head of external equities.

Tipple, previously chief investment officer at U.S.-based Key Private Bank, will help to develop and implement strategy for ADIA's external equities department and oversee all externally managed portfolios, a statement from the fund said on Wednesday.

Around 75 percent of ADIA's assets are managed by external fund managers, according to its 2013 annual report.

Headquartered in the capital of the United Arab Emirates, ADIA manages the surpluses of Abu Dhabi's earnings from oil exports. It doesn't disclose the value of its assets under management but it is estimated to hold around $773 billion by the Sovereign Wealth Fund Institute. (Reporting by David French; Editing by Andrew Torchia)