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. Back in 2010, Norway’s sovereign wealth fund strategically bought up large swaths of Greek government bonds. At the time, Norwegian Finance Minister Sigbjoern Johnsen mentioned to the press that [...]

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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 [...]

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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 [...]

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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 [...]

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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 [...]

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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. [...]

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SWFI® NEWS, ARTICLES AND CURRENT ENTRIES

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 [...]


london

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 [...]


blackstone

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. [...]


Are You Allocated to a Private Equity Firm Ranked in this Study?

Since 2009, Professor Oliver Gottschalg of Paris-based HEC Business School, also known as école des Hautes Etudes Commerciales de Paris, has put out an annual ranking on top performing private equity firms. The 2014 HEC-DowJones Private Equity Performance Ranking illustrates private equity firms’ historic performance and expected “future competitiveness” based on a number of criteria. [...]


SAMA Acquires Shares in Korean Shipbuilder

The Saudi Arabian Monetary Agency (SAMA) has acquired a 7.26% stake in Hyundai Mipo Dockyard Co. Ltd, a South Korean tanker specialist, over a series of open market transactions. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Temasek Trims Holdings in China Construction Bank

Singapore’s Temasek Holdings has sold HK$ 354 million worth, 54.38 million H shares, of China Construction Bank (CCB) last Tuesday. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Russian Central Bank Voids Ratings After March 2014

The Central Bank of Russia will no longer use credit ratings from Standard & Poor’s, Fitch Ratings, or Moody’s Investors Service that were assigned after March 1, 2014. Essentially, the central bank is using ratings from before Russia’s move into Crimea.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view [...]


BlackRock NY

Is BlackRock Too Big?

With continued loose monetary policy and relatively less regulatory hurdles than banks and brokers, gargantuan U.S. asset management firms have financially prospered over the past years. According to an SEC filing, as of December 31, 2014, BlackRock reached US$ 4.652 trillion in assets under management. This monumental figure is an 8% increase from last year’s [...]


LONG GAME: Private Equity Energy Funds Continue to Raise Capital

Energy-focused private equity funds are still raising capital from pensions, insurance companies and sovereign funds, despite the precipitous fall in oil prices. Founded by Kenneth A. Hersh, NGP Energy Capital Management (NGP) recently closed US$ 5.33 billion for NGP Natural Resources XI, a fund that will target oil and gas production, oil field services and [...]


China’s State Council Looks to Form $6.5 Billion State Venture Capital Fund

The government of China is looking to create a government venture capital fund which may be capitalized at 40 billion yuan (US$ 6.5 billion). China is trying to maintain its relatively high economic growth rate and migrate toward medium to higher areas of manufacturing and services. The venture capital fund would be funded by existing [...]


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