EQUITIES: BlackRock, Brandes Reductions, Goldman Increases at New York State CRF

The New York State Common Retirement Fund (CRF), during the middle of 2014, chopped US$ 900 million from four asset managers specializing in global equity. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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MORE STIMULATION: ECB Contemplates Purchasing Corporate Bonds

The European Central Bank (ECB) is contemplating on whether to purchase corporate bonds on the secondary market. On Tuesday, Reuters broke the story on the ECB’s consideration of corporate bond purchases. The central bank will most likely decide on the measure in December and if approved, bond purchases may begin in the first quarter of [...]

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private equity

2 Fascinating Asian Sovereign Wealth Fund Core Office Deals

A unit of SAFE Investment Company is looking at a German office park. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BNY Mellon Manhattan

Another Custodian Loss for BNY Mellon on LGPS Mandates

In another string of bad news for BNY Mellon, the bank has been let go in favor of Northern Trust regarding a custodian mandate. The £964 million City of Westminster Superannuation Fund chose Northern Trust following a joint tender with the London Borough of Hammersmith and Fulham Pension Fund (which already has Northern Trust as [...]

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Watch Out Banks: BAML Steps Up Game on Sovereign Wealth Funds

Bank of America Merrill Lynch (BAML) is seeking to expand ties into the Middle East and Asia, while some European banks struggle to get their houses in order. The bank was recently the global coordinator for Jimmy Choo’s initial public offering in which an Asian sovereign wealth fund became the second largest shareholder in the [...]

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sovereign wealth fund center asia

Qatar Sovereign Wealth Fund Buys Stake in Lifestyle International

The Qatar Investment Authority (QIA) has agreed to pay HK$ 4.78 billion (US$ 616 million) for a 20% stake in Lifestyle International Holdings Ltd. Lifestyle International Holdings is a Hong Kong department store operator. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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SWFI® NEWS, ARTICLES AND CURRENT ENTRIES

Wyoming Permanent Fund Allocates $350 Million to Global Equity Manager

The Wyoming State Loan and Investment Board awarded a US$ 350 million mandate to an investment manager. The mandate was for active global equities. See Fund Managers and Allocation [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Who is the 2nd Largest Shareholder of Jimmy Choo?

Last week, luxury shoemaker Jimmy Choo Ltd. listed on the London Stock Exchange. London-based Jimmy Choo’s initial public offering was priced near the bottom of its 140p to 180p range. The company mentioned that the capital raise from the offering will help the business “pursue growth without compromising the brand.” Would Jimmy Choo make shoes [...]


Ethics Fail: CalPERS Board Member Loses Leadership Posts

The California Public Employees’ Retirement System (CalPERS) removed a prominent board member from her roles for violating California state campaign finance disclosure laws. Priya Mathur, a Bay Area Rapid Transit (BART) principal financial analyst, has been a CalPERS board member since 2003. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe [...]


VRS Committed $700 Million to 3 Alternative Managers

The US$ 65.2 billion Virginia Retirement System (VRS) committed US$ 500 million to two private equity funds and US$ 200 million to a real estate venture. VRS committed US$ 300 million to Hellman & Friedman Capital Partners VIII, a buyout fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to [...]


Sovereign Wealth Funds and Russia

Economic Pain: Russian Central Bank Defends the Ruble

The Central Bank of Russia publicly commented that it had conducted 72.43 billion rubles (US$ 1.8 billion) worth of foreign exchange interventions on October 15, 2014. The mission was to defend the ruble’s value. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Voya to Shift US Retirement Business Strategy

Voya Financial, the spin-off financial company from ING, is shifting its business strategy to improve return metrics. A new name, new logo and new marketing strategy, Voya is competing to keep its spot as the #2 provider of defined contributions plans in the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers [...]


REVEALED: See the Institutional Investor Groups Circling Indiana’s Toll Road

A drove of institutional investors who heart infrastructure are forming coalitions for bidding purposes to be the operator of an Indiana toll road. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Sovereign Wealth-Backed Fajr Capital Leads Investor Group for GEMS

Dubai-based Fajr Capital carefully led an institutional investor group to acquire the emerging markets division of GEMS Education, specifically the business segments of the Middle East, North Africa and East Asia. This high growth division attracted other investors, Mumtalakat Holding Company and Blackstone Group’s Tactical Opportunities fund, a special situations investment vehicle. This group investment [...]


BlackRock NY

BlackRock CEO Highlights Wealth Funds Not Leaving Equities

On CNBC’s show “Squawk Box” this morning, BlackRock CEO Larry Fink brought up that “he has not seen other than 1 major sovereign fund, sell equities in the last 6 weeks.” Fink explained that fast money and hedge funds are the actors of the recent activity in the stock market.[ Content protected for Sovereign Wealth [...]


FORGING ALLIANCES: Chinese and Italian State-Backed Entities Sign Major Deals

China continues to forge economic bonds with European nations, whether investing in companies, buying sovereign bonds or investing in infrastructure. Recently, 8 business deals between Italian and Chinese entities were signed, valued at around €8 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Norway Sovereign Wealth Fund Acquires 2 Buildings in Munich

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, has acquired two office buildings in Munich in the Lenbach Gärten quarter. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


OTPP Signs Agreement to Buy Bridon from Melrose Industries

The Ontario Teachers’ Pension Plan (OTPP), through its unit Teachers’ Private Capital, acquired UK–based wire rope manufacturer Bridon Ltd for £365 million. OTPP bought the Doncaster-based company from Melrose Industries PLC. Melrose owned Bridon since 2008. Formed in 1924 by a collection of wire rope makers, Bridon designs, manufactures and sells rope to customers in [...]


The GROSS List: See Some Funds That Dumped PIMCO

The surprising departure of Bill Gross from Pacific Investment Management Co. (PIMCO) has made it easier for institutional investor clients who already had issues with the money manager to exit. For example, the Arkansas Teacher Retirement System terminated PIMCO following the exit of Bill Gross and George Hopkins. The pension fund had a US$ 475 [...]


Eastern Ties: Russian Funds Partner with Chinese Government on High-Tech Parks

The Russian Direct Investment Fund (RDIF), the Russia-China Investment Fund (RCIF), the Skolkovo Fund and the People’s Government of Shaanxi Province (China) have reached an agreement to co-develop high-technology parks in both Russia and China. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Former Chinese Sovereign Fund Chair to Lead World Bank Rival

According to the International Monetary Fund (IMF), China recently passed over the United States to be the world’s largest economy according to their calculations. The IMF method used to calculate this uses adjustments for purchasing power parity. For instance, China makes up 16.48% of the world’s purchasing power-adjusted gross domestic product (GDP) versus the United [...]


AIMCo Consortium Wins, Buys Porterbrook

The battle is won, as a consortium of institutional investors have agreed to acquire one of the three major rolling stock leasing companies in the United Kingdom. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


GROW: Nigeria Sovereign Investment Authority Seeks to Manage up to $5 Billion

Officials from the Nigerian Federal Government are contemplating the addition of more capital to total US$ 5 billion for the Nigeria Sovereign Investment Authority (NSIA) to manage, the entity that manages three of Nigeria’s sovereign funds. Dr. Ngozi Okonjo-Iweala, Nigeria’s Finance Minister, briefed members on the sidelines of last week’s IMF/World Bank Annual Meeting in [...]


TOBAM Stepping Out into Fixed Income Smart Beta

In an October 9th announcement, TOBAM unveiled a brand new fixed income smart beta strategy: Anti-Benchmark US Credit Strategy. The Paris-based asset manager entered the smart beta equity space in 2006, and this is their first foray into fixed income. According to a press release, a leading institutional investor seeded the strategy with an initial [...]


PGGM Slashes Workforce to Lower Costs

Dutch pension fund manager PGGM has announced it will be scaling back its workforce by about 15% in an attempt to bring costs down. Over the next three years, PGGM plans to cut at least 200 jobs, including forced redundancies, in line with a new reorganization program aimed at cutting costs by €50 million (US$ [...]


Friday SWFI News Roundup, October 10, 2014

New Zealand Superannuation Fund Has Total Return of 19.36% for 2013-14 The New Zealand Superannuation Fund (NZSF) returned 19.36% versus the reference portfolio of 19.47% for 2013-2014. Led by NZSF CEO Adrian Orr, in the 2012-2013 period, the NZSF posted 25.83% in total return. NZSF Chairman Gavin Walker cautioned that returns over the last 5 [...]


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