$30 Billion Reasons, Qatar Sovereign Fund Goes Big on America

The Qatar Investment Authority (QIA), not shying away from falling oil prices, is pushing ahead to expand overseas investments. According to SWFI’s proprietary Sovereign Wealth Fund Transaction Database, as of January 30, 2015, the QIA ranks in the top 8 of sovereign funds with regard to total transaction amount of direct investments. Other sovereign funds [...]

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Norway Sovereign Wealth Buys Queensberry House in London

On January 30, Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, purchased a 100% interest in Queensberry House for £190.6 million. No financing was used in the real estate transaction. The property is a 74,500 square foot office building located at 3-9 Old Burlington Street in central London. Institutional investors such [...]

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Friday SWFI News Roundup, January 30, 2015

Russia’s Anti-Crisis Plan Russian Prime Minister Dmitry Medvedev has moved forward on inking a 1-year anti-crisis plan. The plan has 60 measures, costing around 2.3 trillion rubles. A major plan component is forming a financial institution that will acquire “bad debt” – more guidance will be provided by March 2015. Russia’s National Welfare Fund (NWF) [...]

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SWFI – Movers and Shakers – January 29, 2015

UC Investment Office Hires Scott Chan The University of California’s Office of the Chief Investment Officer of the Regents, which manages the system’s endowment, retirement and operational assets, has hired Scott Chan. Chan has been named senior managing director of public equity. Chan is coming from the Sacramento County Employees’ Retirement System (SCERS), where he [...]

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S&P Dow Jones Indices Adds to Factor-Based Offering

Index provider S&P Dow Jones Indices LLC publicly launched the S&P Japan 500 GIVI Index, providing institutional investors access to multi-factor measures mixing intrinsic value with low volatility. GIVI stands for Global Intrinsic Value Index. Smart beta or factor-based strategies are gaining traction among large Asian institutional investors. In 2014, Japan’s Government Pension Investment Fund [...]

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6 Property Plays by Major Institutional Investors in Late Jan

According to the Sovereign Wealth Fund Transaction Database, which tracks public investor transactions, for some reason an unusual number of institutional investors are buying core properties in January. TIAA-CREF is in final talks to pay US$ 200 million for 837 Washington Street, a boutique office and retail building in Manhattan. The sellers are Taconic Investment [...]

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Merck Sued by Sovereign Fund and Other Investors

Merck & Co., the second biggest U.S. pharmaceutical company, is being sued by a number of large institutional investors who opted out of a class-action securities lawsuit certified by a judge in January 2013. By opting out of the class action, these institutional investors are pursuing their own claims. [ Content protected for Sovereign Wealth [...]

Norway’s Sovereign Wealth Fund Changed its Course on Greek Debt

UPDATE – January 28, 2015: Standard & Poor’s is considering downgrading Greece’s credit. The ratings agency is concerned whether Greece can continue to service its debt. Correction: Originally the article mentioned NBIM buying large swaths of Greek debt in 2010. NBIM had a position in Greek debt and since December 2008, the value of the [...]

TRIUMPH: Qatar Sovereign Wealth Fund Wins Battle for Canary Wharf Complex

The Qatar Investment Authority (QIA) had set its sights on London’s Canary Wharf complex. Songbird Estates controls 69% of Canary Wharf Group, owner of the Docklands estate, continually advised investors to reject the offer, still believing it was too low. After a long battle, the QIA-Brookfield bid won after three major shareholders agreed to accept [...]

Singapore Sovereign Wealth Fund Gets Approval for Auckland Property Investments

Singapore’s GIC Private Limited has received approval from New Zealand’s Overseas Investment Office (OIO) to purchase a 49% share in Auckland Viaduct properties. The GIC is investing in a joint venture with Goodman Property Trust (GPT). The NZ$ 313 million portfolio has a mandate to augment up to NZ$ 500 million over time.[ Content protected [...]

SEEKING YIELD: GIC Acquired Interest in TCW Direct Lending

In December 2012, Los Angeles-based TCW Group purchased the special situations fund group from Boston-based Regiment Capital Advisors LP. TCW renamed the group, TCW Direct Lending. TCW desired to get into the direct lending business, to provide alternative sources of returns other than typical fixed income investments. TCW Direct Lending LLC is a senior secured [...]

Apple Crushes Earnings, Sovereign Funds Look to Xiaomi

Apple, the maker of many I-things, like the iPad, iPhone and iPod, delivered strong earnings. Apple’s revenue topped at US$ 74.6 billion and US$ 3.06 in earnings per share. 74.5 million iPhones were sold, up 46% compared to the previous year. Equity research analysts expected only 65 million iPhones to be sold. iPhone revenue was [...]

André Bourbonnais

PSP Hires New CEO, #1 Ranked Public Investor 100 2014

After an extensive half year executive search, Public Sector Pension Investment Board (PSP Investments) has found a replacement for Gordon J. Fyfe who left for bcIMC in June 2014. PSP Investments has selected André Bourbonnais to be CEO effective March 30. André Bourbonnais is senior managing director and global head of private investments at CPPIB. [...]

JLL, Macquarie Lead SWFI Financial Advisory League Tables for H2 Y2014

The Sovereign Wealth Fund Institute (SWFI), through its proprietary database, tracks transactions by sovereign wealth funds, pensions and other public funds. In addition, fund commitments make up a minute proportion of the SWFI transaction database. For 2014, sovereign wealth fund and public fund transactions in real estate totaled US$ 44.5 billion versus US$ 30.1 billion [...]


Northern Trust Wins Custodian Mandate for London Councils CIV

Under political and financial pressures, London government pension funds are seeking to trim costs by pooling funds into a collective investment vehicle (CIV). Through economies of scale, the CIV will reduce the cost of investment management fees and provide pensions access to new asset classes such as direct investment in infrastructure. CIV participants have the [...]


OPTIMIST: Blackstone Giddy on New Energy Fund

Investment bankers and dealmakers perceive the fall of oil prices as an opportunity to scoop up assets and consolidate energy companies. The unprecedented plummet in crude prices since the summer has moved stock prices of junior energy companies down at low levels. Private equity firms like Blackstone Group, Apollo Global Management and Riverstone Holdings are [...]

Syriza Wins: Will There be a Grexit?

The Coalition of the Radical Left, also known as Syriza, has won power in Greek national elections, projecting to capture 149 seats of the 300 in parliament. This win gives the far left party a major anti-austerity mandate which will put Greece at odds with the eurozone and creditors. The landslide victory punished the current [...]

AIMCo Promotes Dale MacMaster as CIO

Alberta Investment Management Corporation (AIMCo), which manages a number of funds including Alberta’s Heritage Fund, has appointed Dale MacMaster as chief investment officer. MacMaster will report directly to AIMCo’s new CEO Kevin Uebelein, a former Pyramis executive. MacMaster was executive vice president of public market investments since 2012 at AIMCo. He also held roles in [...]

BNY Mellon Manhattan

REVEALED: SEC Hits BNY Mellon on Alleged FCPA Violation

U.S. financial institutions are at greater risk of violating the U.S. Foreign Corrupt Practices Act (FCPA), as the Securities and Exchange Commission (SEC) increases staff resources and banks conduct more business overseas. It has been revealed publicly the SEC has issued Wells notices to a number of current and former employees of BNY Mellon. A [...]

Friday SWFI News Roundup, January 23, 2015

Korea’s NPS Selects Singapore for Third Overseas Office Korea’s National Pension Service (NPS) is opening its third overseas office. The NPS has overseas offices in New York and London. The third office overseas will be in Singapore and commence operations in 2015. Punj Lloyd Sells Global Health Stake to Temasek Holdings Indian engineering company Punj [...]

3 Recent Events That Will Rock Middle East Economies

The Kingdom of Saudi Arabia and Libya are home to massive pools of cash derived from oil wealth. Both of these countries have sovereign wealth funds and other large public funds. Saudi State TV has reported Saudi King Abdullah bin Abdulaziz has passed away at the age of 91. Prince Salman, King Abdullah’s 79-year-old half-brother, [...]

SWFI – Movers and Shakers – January 22, 2015

Paul Smith Named President and CEO of CFA Institute Paul Smith has been named President and CEO of the CFA Institute. Smith was managing director, APAC and global head of institutional partnerships at the CFA Institute. The global body of financial professionals decided to hire someone internally for the role. Smith succeeds Dwight D. Churchill, [...]

This is Why Russia Has Sovereign Wealth Funds

In shaky times of economic crisis, it’s convenient for a country to have a massive pool of cash. Dogged by Western sanctions over Ukraine and a collapse in the price of oil, Russia’s economy is becoming more volatile. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

See Why Singapore’s Sovereign Fund Had a Busy Week

The Singapore sovereign wealth fund GIC Private Limited is involved in investing directly all across the world. Starting in Australia, the sovereign fund redeemed exchangeable securities in Australia-based The GPT Group, a diversified listed property group, for A$ 325 million, plus a non-underwritten A$ 50 million security acquisition plan. Selling Shares of Luye Pharma On [...]

Will Institutional Investors Allocate More to Renewable Energy in 2015?

U.S. President Barack Obama gave his sixth State of the Union address highlighting a number of issues such as financial regulation, infrastructure and climate change. During the 2015 address, President Obama stated, “And no challenge — no challenge — poses a greater threat to future generations than climate change.” According to the World Bank, renewable energy made up 18% [...]

Sovereign Wealth Funds and Russia

Russian National Welfare Fund to Finance Finnish Nuclear Power Plant

Russia’s National Welfare Fund (NWF) is being tapped to fund and finance strategic projects and companies. Russia’s Cabinet of Ministers approved the National Welfare Fund to allocate 150 billion ruble (US$ 2.3 billion) to fund the Hanhikivi 1 nuclear power plant project in Finland. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. [...]

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