The Mastercard Basis is launching a massive asset administration arm — and it has hired John Barker, the previous main investment officer for Mass Typical Brigham’s investment place of work, to run it.
According to his LinkedIn profile, Barker, who spent 11 years as CIO at Mass Typical, formally joined the Mastercard Foundation Asset Management Corporation this thirty day period. He will operate at the foundation’s headquarters in Toronto.
Mastercard Foundation Asset Management is the a short while ago launched “in-dwelling, wholly owned,” asset management arm for the Foundation, which was set up when the business went community in 2006. It has operated as a different entity since then. The basis has been holding only inventory of Mastercard for yrs — a stipulation of its founding files — so the business did not have — or want — a group managing its investments.
That is shifting, as the Mastercard Foundation appears to harvest gains, de-danger its portfolio, and expand its pool of funds. In June, the basis, in session with Mastercard, sought authorization from the Canadian governing administration to get started diversifying its portfolio on January 1, 2024, before than the founding documents’ proposed day of May possibly 1, 2027.
At the time, the basis stated it prepared to offer down shares of its Mastercard stock about seven years, and that it would continue to “retain a substantial overweight keeping of Mastercard in its portfolio.”
In his job, Barker will oversee the diversification of the portfolio and will seek the services of its expense crew.
Barker has enough encounter in this arena. He led Mass Common Brigham’s 23-man or woman employees in handling $24 billion in property. When he joined the healthcare process in 2012, it managed some $10 billion. He significantly improved the portfolio’s exposure to private belongings, upping the allocation from 7 per cent to 35 percent.
Barker is a Harvard Management Business alum. Prior to joining the healthcare method, he invested a few yrs as a running director for the storied endowment. Other prior roles incorporated serving as an solutions belongings manager at Wellesley College, as a principal at Paratus Money, a private equity company, and as a advisor.
The Mastercard Foundation has committed $6.7 billion to financial inclusion and education and learning attempts because its launch, with a emphasis primarily in Africa, in accordance to its web site.
The nonprofit has a unique historical past among the foundations. When the corporation went community, it donated 135 million recently approved shares of Course A common stock to the basis, which was estimated by teachers to be value $600 million. As of its previous once-a-year submitting, in February 2023, the Mastercard Basis experienced about 10.7 p.c of typical voting power at the firm.
Barker, the Mastercard Basis, and Mastercard could not instantly be attained for remark.