Roy Swan was named director of the Ford Foundation's mission-related investments team, said a foundation news release.
It is a new position. In April, the New York-based foundation announced it would be allocating up to $1 billion of its $12 billion endowment to mission-related investments over the next 10 years, with affordable housing in the U.S. and access to financial services in emerging markets serving as two initial areas of focus. Since that time, $40 million has already been allocated, a foundation spokeswoman said in an email. She wouldn't provide details.
Mr. Swan, who starts Jan. 4, will lead the five-person team managing the mission-related investments portfolio. He will report to Xavier de Souza Briggs, vice president of the foundation's economic opportunity and markets program. A board of trustees approves all of the team's investments.
Christine Looney, deputy director of mission investments, currently leads the mission investments team.
Previously, Mr. Swan was managing director and co-head of Morgan Stanley's global sustainable finance team. He is being replaced by Mike Mantle, managing director of global sustainable finance and president of Morgan Stanley Community Investments.