Sitting on Close to $20 Billion in Cash, Future Fund Waits

Australia’s Future Fund has augmented its exposure to cash, getting near the $20 billion mark. The Future Fund is having a challenging time finding enough value in what it sees are overly-priced assets in the marketplace. As of March 30, 2015, the sovereign fund had $17.8 billion in cash – a 15.2% allocation to cash.[ [...]

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Sovereign Funds: 3 Portfolio Moves They Are Contemplating

Sovereign wealth funds like the Abu Dhabi Investment Council (ADIC) and GIC Private Limited often take tactical bets while maintaining their long-term investment views. For example, GIC is an investor in Mumbai-based Eros International Plc, an Indian moviemaker – betting on India’s growing consumer class. These institutional investors understand that risk is the price all [...]

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Fundo Soberano do Brasil Sold Shares in Banco do Brasil

Fundo Soberano do Brasil (FSB), also called The Sovereign Fund of Brazil, profited 134 million BRL (US$ 39 million) from the selling of 5.625 million shares of Banco do Brasil SA between the period of June 29 through July 15. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view [...]

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Temasek’s Ho Ching Extends Sabbatical

CEO and Executive Director Ho Ching of Temasek Holdings has taken the option of extending her part-time sabbatical leave to six months, and will complete her sabbatical in October 2015. Ching will continue with her board duties and specific stewardship duties. She joined Temasek Holdings in 2002 as executive director, becoming CEO in 2004. Ching [...]

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JP morgan

Investors Recover $388 Million in JP Morgan MBS Class Action

After six years of intense litigation, the lead plaintiffs and court-appointed class representatives of Laborers Pension Trust Fund for Northern California and Construction Laborers Pension Trust for Southern California recovered hundreds of millions of dollars regarding nine 2007 residential mortgage-backed securities (MBS) offerings issued by JPMorgan Chase & Co. This brings near closure to one [...]

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Why the Financial Times Deal Commands a Premium

In my opinion, aged financial media assets can be worth more than general news companies. Financial media companies like the Financial Times (FT) market to a more affluent audience that is willing to pay for access, thus subscriber revenue proves to be more sustainable than pure reliance on advertising dollars. Plus, online advertising pays far [...]

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SWFI® RESEARCH, ARTICLES AND INDUSTRY NEWS

Maduell on CNBC: We Estimate Sovereign Wealth Funds Spent $14 Billion in Asset Manager Fees

Sovereign wealth funds utilize external managers for a variety of reasons. 37% of sovereign wealth fund assets are managed externally, according to a recent SWFI estimate. Some US$ 2.755 trillion is being managed by external parties out of a total of US$ 7.367 trillion. 63% of assets are invested directly. Recent direct deals include an [...]


Ireland

Ulster Bank Prefers Chartered Land and SWF Team for Ballsbridge Site

Dublin-based Chartered Land Limited, an Irish real estate developer, and the Abu Dhabi Investment Authority (ADIA) are in close negotiations on acquiring a land parcel in Dublin suited for development. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


LeasePlan Sells to Institutional Investors with a $4.04 Billion Pricetag

Global Mobility Holding B.V., the owner of Almere-based LeasePlan Corporation N.V., is selling LeasePlan to a group of long-term investors for €3.7 billion (US$ 4.04 billion). Global Mobility Holding is a joint venture between Volkswagen Aktiengesellschaft and Fleet Investments B.V., an investment company of German banker Friedrich von Metzle. Formed in 1963, LeasePlan is one [...]


ESTIMATE: Sovereign Wealth Funds Paid Around $14 Billion in Fees

When it comes to the financial sector, asset management is one of the most profitable industries in the world. The Boston Consulting Group put out a 2014 figure saying there is US$ 74 trillion worth of professionally-managed assets. One of the fastest growing institutional investor classes are sovereign wealth funds which have taken the parochial [...]


Phase II: Arranging Financing for Antares Capital Deal

The Canada Pension Plan Investment Board (CPPIB) is currently lining up its financing for the purchase of Antares Capital, a U.S. middle market lender, from General Electric (GE). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Norway’s Wealth Fund Exposed to a Struggling IBM

  Over the past few years, Armonk-based International Business Machines Corporation (IBM) has struggled to boost total revenue. Regardless of the blue chip stock’s sales generating dilemma, institutional investors like BlackRock and Fidelity Investments remain invested in the company. The revenue problem is not going away as overall quarterly sales fell for the 13th straight [...]


Temasek Seeks to Expand Venture Debt Financing in Asia

Singapore’s Temasek Holdings is partnering with United Overseas Bank (UOB), a major Singaporean bank, to provide up to US$ 500 million in venture debt for startups in China, India and Southeast Asia. Under the deal, United Overseas Bank will acquire 50% of Innoven Capital, a subsidiary of Temasek Holdings. In addition, UOB and Temasek will [...]


NBIM Completes Logistic Portfolio Purchase from Prologis

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, acquired a 50% stake in a logistics portfolio through their joint venture with Prologis. The seller was Prologis who owned 100% of the portfolio. The portfolio is comprised of eight properties located in the United Kingdom, Poland and France with a total volume [...]


hong kong

China International Capital Corp Files for $1 Billion HK IPO

China International Capital Corporation (CICC) has filed for an initial public offering in Hong Kong. The bank hopes to raise US$ 1 billion and list in September. Leading the offering are CICC and ABC International, the investment banking unit of the Agricultural Bank of China.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. [...]


private equity

Global Logistic Properties Bets Big on Chinese Logistics Demand

Global Logistic Properties Ltd. (GLP) is forming a massive US$ 7 billion fund that will target China-based logistics. The fund is more than double the size of its previous China fund, CLF I. The Singapore-listed company operates warehouses in China, Japan, Brazil and the United States. GLP partnered on a huge deal with Singapore’s GIC, [...]


roads

Euroclear Reports Increased Usage, Collateral Highway Expands

With providers of open post-trade infrastructure like Brussels-based Euroclear embracing technology, forming joint ventures and expanding services for financial institutions, country capital markets are becoming more connected. Post-trade processing is an essential market function that verifies the details of buyers and sellers in transactions. Euroclear is the biggest international central securities depository (ICSD) in the [...]


Obama Selects Kathryn Dominguez to Fed Board

According to the White House, U.S. President Barack Obama plans to nominate Kathryn Dominguez to the Federal Reserve Board of Governors. Kathryn Dominguez is a public policy and economics professor at the University of Michigan. Earlier in her career, Dominguez had stints at the World Bank, the International Monetary Fund, and the Bank for International [...]


Sovereign Funds Look to Sell Movies and Assets

UPDATE: On July 19, Neptune Orient Lines made a statement that it has not made any decision on a potential sale of the company, nor entered into any agreement regarding a sale. With sovereign funds spending tens of billions every quarter directly on companies, real estate and other assets, there comes times when these asset [...]


CUSTODIAN: AP2 and AP3 Choose Northern Trust, State Street Out

Swedish buffer funds AP2 and AP3 have jointly awarded a contract as global custodian to Northern Trust for each of the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Thoma Bravo Attempts to Lure SWFs for NCR Takeover

Private equity firm Thoma Bravo LLC is trying to form an investor group to take over Georgia-based NCR Corporation. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Former Alaskan Permanent Fund Chief Passes

The former director of the Alaska Permanent Fund Corporation (APFC) has passed away at the age of 68 in Juneau. Mike Burns retired in June due to health concerns. He served as head of the APFC for more than a decade. Under Burns, the APFC grew dramatically in assets and he oversaw the diversification into [...]


CPPIB Loans Money to Atlantic City Casino Business

Atlantic City casinos remain highly vulnerable to growing competition from neighboring regions. The Canada Pension Plan Investment Board (CPPIB), through CPPIB Credit Investments Inc., entered into a deal as the incremental term lender to provide a senior secured term loan in an amount of up to US$ 650 million to Marina District Finance Company, Inc. [...]


Samsung C&T Shareholders Approve Merger

Samsung C&T shareholders have approved an US$ 8 billion merger of the company and its de facto holding company Cheil Industries Inc. The merger passed with 69.5% of shareholders voting for it. For the merger to go through, the deal required two-thirds of votes cast to be approved. Korea’s National Pension Service (NPS) which held [...]


Friday SWFI News Roundup, July 17, 2015

China Widens Access in its Interbank Bond Market to Foreign Central Banks and Sovereign Funds The People’s Bank of China issued new rules that permit foreign central banks, sovereign wealth funds and global financial organizations the ability to no longer need pre-approval to trade bonds, interest-rate swaps and conduct repurchase agreements. These institutions would be [...]


Central Bank of Iceland Plans to Permit Pensions to Invest Overseas Again

The Central Bank of Iceland plans to lift capital controls for its domestic pensions to invest abroad again. The capital controls were put in place in November 2008 which followed Iceland’s disastrous banking crisis. Three of Iceland’s privately-owned commercial banks: Kaupthing, Landsbanki and Glitnir ended up failing during the crisis. Iceland has rebounded since the [...]


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