The Mastercard Foundation is launching an asset management company to build and manage a diversified portfolio to help fund its philanthropic mission.

The Mastercard Foundation Asset Management Corp. will be overseen by John Barker, who will serve as its chief investment officer. He previously served as CIO at Mass General Brigham and as managing director at the Harvard Management Co.

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In addition to Barker, the MFAM has also brought on Jennifer Newman as chief operating officer, Pete Simpson, as head of finance and operations, Anthony Di Fonzo, director of finance and operations and Jane Liu, director of investments operations — all of whom previously held roles at the Ontario Teachers’ Pension Plan. As well, the organization hired Denni Wong and Heinrich Zaguirre in IT roles, both of whom joined from CPP Investments.

The new investment organization will be based in Toronto and will operate as a separate entity with its own board of directors and management to oversee and diversify the growing investment portfolio, according to a press release.

“MFAM is building a team of investment professionals and a network of investment partners that will be inspired by the opportunity to create meaningful value and lasting impact through the Mastercard Foundation,” said Barker, in the release.

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