Follow the Money – Episode 12

This is the third episode of Global Connections. Rachel and I talk about the merger announcement of IPIC and Mubadala. We chat about how asset owners will embrace and deal with Brexit. We kick around the issue of direct investing by sovereign wealth funds and large pensions. Rachel and I dissect McKinsey’s recent survey on […]

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Abu Dhabi Crown Prince Orders Mubadala and IPIC to Merge

Mega financial and business entities in the Gulf appear to be in consolidation and efficiency mode. Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces issued a directive to merge Mubadala Development Company and International Petroleum Investment Company (IPIC). Mubadala Profile | IPIC Profile [ Content protected […]

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SWFI First Read, June 29, 2016

OPPORTUNISTIC: GIC Looks at Manufactured Homes Singapore’s GIC Private Limited is in negotiations to acquire Denver-based Yes Communities, an owner of manufactured-housing communities. The seller is Stockbridge Capital Group and the deal may value Yes Communities at more than US$ 2 billion. Yes Communities oversees and manages 178 communities in the United States. NTAM Hires […]

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Could Sovereign Funds Back Airbnb’s Latest Round?

According to data from SWFI’s Sovereign Wealth Fund Transaction Database, wealth funds have invested more than US$ 4 billion directly into technology startups globally without the use of venture capital funds (as of June 28, 2016). San Francisco-based Airbnb, the online home-rental company, could become the second most valuable privately-held tech startup behind Uber Technologies, […]

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Silk Road Fund Building Allies in Eastern Europe

China’s Silk Road Fund, Wuhan-based China Gezhouba Group Co., Ltd. and China Environmental Energy Holdings Co., Ltd. signed a Memorandum of Understanding (MoU) with the Government of Serbia on joint investment and development projects in the renewable sector in Belgrade. The signing occurred on June 18, 2016. The MoU details that China Gezhouba Group and […]

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SWFI First Read, June 28, 2016

Pavilion Financial Corporation to Acquire Altius Associates Pavilion Financial Corporation is acquiring Altius Holdings, the parent of Altius Associates Ltd. and Altius Associates (Singapore) Pte Ltd, a global private markets advisory and separate account management firm. Pavilion will combine the operations of Altius Associates with LP Capital Advisors, LLC, the alternative asset advisory subsidiary of […]

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Sovereign Wealth Funds: Investing Directly and Creating Value

This article is sponsored by The Wharton School. Today, when sovereign wealth funds (SWFs) put assets into alternative investments, they are more likely to be direct, rather than passive, investors. One of Canada’s largest pension funds recently bought a significant minority stake in Allflex Group, the global leader in animal monitoring technology, joining Allflex’s leading […]

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PARTNER CONTENT AND RESEARCH


Research and commentary from leading asset managers, organizations and service providers.

Marcus & Millichap
First Quarter 2016 Real Estate Update: Marcus & Millichap

Goal Group
Is Your Purchase or Sale of Securities Covered Under U.S. Law?

Marcus & Millichap
Why Institutional Investors are Bullish on U.S. Real Estate

Goal Group
How Investors Are Leaving Billions on the Table

National Association of Investment Companies (NAIC)
Do Diverse Pension Plans Hire Diverse Investment Managers: The Answer May Surprise You

TOBAM
Make Diversification your Beta

National Association of Investment Companies (NAIC)
Outsized Performance is Met With Outsized Demand

MORE CONTENT

SWFI® RESEARCH, ARTICLES AND INDUSTRY NEWS

Irish FinMin Noonan Reveals Plan for Reserve Fund

Irish Finance Minister Michael Noonan announced the government plans to launch a reserve fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, June 26, 2016

Sujoy Bose Named CEO of NIIF Sujoy Bose was named chief executive officer of India’s National Investment and Infrastructure Fund (NIIF). He is the Director and Global Co-Head of Infrastructure and Natural Resources at International Finance Corporation (IFC), the private sector lending arm of the World Bank. Starwood Capital Seeks Buyers for U.S. Mall Portfolio […]


How the Brexit Outcome Impacts Institutional Investors

The United Kingdom’s choice to exit the European Union, combined with U.K. Prime Minister David Cameron resigning, and a plummeting pound sterling down at a 31-year low, sets the stage for potential opportunity for wealth funds and pension investors. JPMorgan Chase CEO Jamie Dimon sent a memo telling that foreign exchange volumes were at a […]


BREXIT Happens

   Breaking news. The United Kingdom will leave the European Union. The historic voter result sent the British pound falling to a 31-year low. The final tally is – Leave: 17,410,742 versus Remain: 16,141,241 Bank of England governor Mark Carney says the central bank is ready to provide £250 billion in extra funds. “The Bank […]


Toshiba Sued Indirectly by Japan’s GPIF

Japan’s Government Pension Investment Fund (GPIF) has sued Toshiba Corporation for ¥964 million (US$ 9.2 million), seeking damages regarding an accounting scandal that impacted Toshiba’s share price. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


ADIA Invests in Macau Mall Development

The Abu Dhabi Investment Authority (ADIA) embarked on a 50:50 joint venture with Shun Tak Holdings Limited, a Hong Kong conglomerate, to invest in a shopping mall in Taipa, Macau. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, June 23, 2016

AIMCo Invests in Scotia Plaza Real estate investment trust Dream Office REIT and H&R REIT have agreed to sell a 50% ownership stake in the 68-storey tower Scotia Plaza to Alberta Investment Management Corporation (AIMCo) and KingSett Capital, a Canadian real estate private equity firm. KingSett is making the investment through its KingSett Canadian Real […]


Temasek SWE Issues $510 Million PE-Backed Bonds

Azalea Asset Management, a sovereign wealth enterprise of Temasek Holdings, issued US$ 510 million worth of bonds, a collateralized fund obligation, called Astrea III Pte Ltd. This was Singapore’s first listed private equity bonds. The bonds are backed by the cash flows of 34 private equity funds by 26 private equity managers. [ Content protected […]


How Asset Owners Can Achieve Greatness

Global asset owners, such as the CPPIBs and ADIAs of the world, have increasingly built up their internal resources, while allocating more capital toward illiquid assets. Sovereign funds and other massive pensions often use their balance sheet as tools to generate outsized returns by harvesting the illiquidity premium. However, questions loom: How can asset owners […]


SWFI First Read, June 22, 2016

Harvard Management Company Reduces Staff, Drops Direct Equity Investments Harvard Management Company (HMC) reduced staff and is discontinuing direct equity investments. The in-house equity group will merge with the fixed income, credit, and commodities group to form a single public-markets platform. 8 positions at HMC were eliminated in May, while 4 were eliminated this week. […]


Niklas Ekvall Appointed New CEO of AP4

The Board of the Fourth Swedish National Pension Fund (AP4) has named Niklas Ekvall as the new CEO of AP4. He will replace Mats Andersson as CEO of AP4 as of October 1, 2016. Mats Andersson will officially exit his CEO role on July 12, 2016. Per Colleen, Head of Equities at AP4, will act […]


Why Institutional Investors Who Go Direct Need to Think About Disruption

According to data from the Sovereign Wealth Fund Transaction Database (SWFTD), the pace of direct investing remains positive for both larger wealth funds and public pensions as allocating capital straight into companies and assets enables the possibility of greater control. In addition, the benefits of co-investing entails lower fees and expanding access to information asymmetry. […]


NBAD and First Gulf Bank Explore a Merger

National Bank of Abu Dhabi PJSC (NBAD) and First Gulf Bank PJSC (FGB) are in discussions regarding a potential merger, which would create the biggest lender in the Middle East. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Ahmed Saeed Al Calily Appointed Head of Mubadala Energy Group

Abu Dhabi-based Mubadala Development Company appointed Ahmed Saeed Al Calily as CEO of the group’s extensive energy platform which includes assets such as Mubadala Petroleum and Masdar. Calily will serve on Mubadala’s investment committee. Since 2009, Calily was Director General of the Abu Dhabi Technology Development Committee, a government entity focused on the development of […]


Kenmare Gets Backing from Oman SWF

Dublin-based Kenmare Resources plc, a global producer of titanium minerals and zircon, has been lining up investors for its restructuring. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


India deals

ADIA is Anchor Investor in Mahanagar Gas

Mahanagar Gas Limited, the sole supplier of natural gas in Mumbai and surrounding areas, raised Rs. 309.36 crore (US$ 46.02 million) by allocating shares to anchor investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CalPERS Names Douglas Hoffner Interim CEO

The California Public Employees’ Retirement System (CalPERS) has decided on an interim chief executive officer (CEO), as Anne Stausboll effectively retires on July 1, 2016. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


HSBC to Settle 14-Yr Old Mortgage-Related Lawsuit

HSBC Holdings Plc agreed to settle a massive 14-year old shareholder lawsuit, coughing up US$ 1.575 billion; it is the largest ever recovery following a securities fraud class action trial. Robbins Geller Rudman & Dowd LLP was the lead counsel for the plaintiffs. The settlement is subject to court approval. [ Content protected for Sovereign […]


SWFI First Read, June 20, 2016

Temasek Unit Sells 555 Million H-Shares in CCB Fullerton Financial Holdings Ptd Ltd, a sovereign wealth enterprise (SWE) of Singapore’s Temasek Holdings, sold 555 million H-shares of China Construction Bank (CCB) on June 16th. At a price of HK$ 5.01 per share, it values the block sold at HK$ 2.78 billion. In total, Temasek reduced […]


state street

HK Securities Regulator Fines State Street Global Advisors

On June 15th, 2016, the Hong Kong Securities and Futures Commission, commonly known as SFC, reprimanded and fined State Street Global Advisors Asia Ltd. (SSgA) HK$ 4 million. The fine was for a number of alleged failures relating to SSgA’s Tracker Fund of Hong Kong or TraHK, a famous unit trust. The concept of the […]


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