Kenneth G. Lay, vice president and treasurer of the World Bank, will join Rock Creek Group on Dec. 16 as senior managing director, confirmed Afsaneh Mashayekhi Beschloss, president and CEO.
Mr. Lay joins other former World Bank employees at Rock Creek: Ms. Beschloss was Mr. Lay's predecessor in the treasurer's role, and Sudhir Krishnamurthi, a Rock Creek senior managing director, was director of the World Bank's investment management department.
Ms. Beschloss said Mr. Lay's experience in emerging markets investment management will be especially important to the firm's clients in coming years. Rock Creek Group manages just less than $6 billion in hedge funds of funds for institutions.
As head of the World Bank Treasury, Mr. Lay has responsibility for asset management services, financing and risk management transactions for the World Bank and other public-sector clients. His oversight includes management of $135 billion for World Bank Group affiliates, central banks, sovereign wealth funds and other investors, according to Rock Creek Group's news release. He also is responsible for investment of the $15 billion World Bank Group pension fund.
“Ken has had a distinguished career at the bank,” said World Bank President Robert Zoellick, in the Rock Creek release. “He is an original thinker and modernizer, who leaves our institution with an unmatched reputation for innovation and performance in the financial markets.”
Elena Gex, a World Bank spokeswoman, could not immediately provide information about Mr. Lay's successor.