Linaburg Talks Climate Change and Institutional Investors at the United Nations

  The leaders of Pacific island nations are voicing their opinion on the negative effects of climate change. Many fear rising sea levels will damage their territorial integrity, economy and livelihood. One of the islands, Kiribati, has one of the oldest sovereign wealth funds in the modern age. UN Secretary-General Ban Ki-moon gave a speech [...]

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FinMin Wants to End Bank of Ghana Management Fees for Petroleum Funds

The Bank of Ghana, the country’s central bank, manages and holds the nations’ petroleum account and transfers funds to the finance ministry. Ghana’s Deputy Finance Minister Cassiel Ato Baah Forson has informed that the government will halt the paying of management fees to the Bank of Ghana in regard to the management of the Ghana [...]

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Sovereign Wealth Funds and Russia

Russian FinMin Asks for Sovereign Fund Refill to Curtail Ruble Appreciation

Russian Finance Minister Anton Siluanov commented that Russia should begin the process of replenishing its Reserve Fund to curtail the ruble’s appreciation. An appreciating ruble would likely negatively affect Russian exports. Siluanov pointed out that proceeds from higher oil prices would be the path for Russia to accomplish this. Prices would need to rise above [...]

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roads

BDO Appointed as Receiver, LIA’s Lawsuit Moves Forward

The two high profile lawsuits against Goldman Sachs and Société Générale are moving forward after a U.K. justice rule than an interim receiver can represent the Libyan Investment Authority (LIA). The LIA has a combined US$ 3.5 billion lawsuit against the two investment banks which stem from the Gaddafi era. Justice Julian Flaux of the [...]

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China Investment Corporation Moves Closer to Top Rankings

The China Investment Corporation released information from their latest annual report. Total assets as of December 31, 2014 were at US$ 746.73 billion, up from around US$ 653 million at the end of 2013. The wealth fund has made a shift pursuing more illiquid assets such as infrastructure in developed economies. The CIC decreased exposure [...]

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Friday SWFI News Roundup, July 3, 2015

NEST Has a New CEO The UK’s National Employment Savings Trust (NEST) has named Helen Dean as CEO. She is replacing Tim Jones who left in February 2015. Currently, Dean serves as NEST’s executive director for product and marketing. She joined NEST from the Department for Work and Pensions (DWP) in 2014 Ivanhoé Cambridge Allocates [...]

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SWFI® RESEARCH, ARTICLES AND INDUSTRY NEWS

FCC and Bankia Agree to Sell Interests in Globalvia Infraestructuras to Khazanah

Construction company Fomento de Construcciones y Contratas (FCC) and Bankia, Spain’s fourth biggest bank, have reached a deal with Khazanah Nasional to sell 100% of their interests in Globalvia Infraestructuras for around €420 million. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Mint Asset Management Wins Active NZ Equity Mandate from NZSF

New Zealand-based Mint Asset Management was awarded a NZ$ 150 million active New Zealand equities mandate from the New Zealand Superannuation Fund (NZSF). Mint Asset Management was formed in 2006 and is led by Rebecca Thomas. The other mandate in active New Zealand equities is with Devon Asset Management. The third active New Zealand equities [...]


Norwegian NGO Tells Wealth Fund to Dump Coca-Cola

Water scarcity is a global issue that many countries and states face. India is one of them. The United Nations General Assembly has a position that clean drinking water and sanitation are important for human rights. Foreningen for Internasjonale Vannstudier (FIVAS), a Norway-based NGO, published a report, “Dead in the Water,” which brings to light [...]


SAFE Investment Company Expanded Equity Allocation to Italy

SAFE Investment Company operates as an investment arm of China’s State Administration of Foreign Exchange (SAFE). SAFE is controlled by the People’s Bank of China. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


APFC Appoints Valeria Mertz as Temporary CEO

Chief Financial Officer Valerie Mertz of the Alaska Permanent Fund Corporation (APFC) was named temporary executive director. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CIC and ENGIE Sign MoU, Focus on Low Carbon

Chinese Premier Li Keqiang made a strategic visit to France to meet with French Prime Minister Manuel Valls and French President Francois Hollande. During the political trip, Gérard Mestrallet, Chairman and CEO of ENGIE, signed a Memorandum of Understanding (MoU) with Ding Xuedong, Chairman and CEO of China Investment Corporation (CIC) in Paris. ENGIE is [...]


Greece Defaults on Debt

Greece has become the first developed country to technically default on its debt or fall into arrears on payments to the International Monetary Fund (IMF) since 2001. Zimbabwe fell into arrears in 2001. Greece passed through the midnight deadline for repayment of the €1.6 billion bundled loans due to the IMF. Playing brinkmanship politics, Greece [...]


See Why the Alaska Permanent Fund is Smiling

The Alaska Permanent Fund Corporation (APFC) took a calculated risk and bought in early in Seattle-based Juno Therapeutics. Financially backing pharmaceutical firms in the early-stage process is risky. The wealth fund rode its investment in Juno Therapeutics far beyond the pharmaceutical company’s initial public offering (IPO). On the morning of June 30th, Juno Therapeutics’ shares [...]


oil

OTPP to Acquire Oil and Gas Royalty Business of Cenovus Energy

Calgary-based Cenovus Energy Inc., Canada’s second largest independent oil producer, agreed to sell its portfolio of oil and gas royalty properties in Western Canada to Teachers’ Natural Resources Group, a unit of Ontario Teachers’ Pension Plan (OTPP), for C$ 3.3 billion (US$ 2.66 billion). Highlighted by SWFI’s Sovereign Wealth Fund Transaction Database, OTPP has taken [...]


ADIA and Lend Lease Move Forward with $1.49 Billion Syndication

Development giant Lend Lease and the Abu Dhabi Investment Authority (ADIA), through its subsidiary HIP, are going forward to raise a S$2 billion (US$ 1.49 billion) loan into syndication. They have hired Sumitomo Mitsui Banking Corporation (SMBC), Oversea-Chinese Banking Corporation Limited (OCBC) and DBS to assist. [ Content protected for Sovereign Wealth Fund Institute Standard [...]


Wealth Funds Back More Startups, Locking in Matterport and Proterra

Mountain View-based Matterport, a company that focuses on virtual reality, raised US$ 30 million in Series C financing from a group of investors. Leading the round was Qualcomm Ventures, a venture unit of Qualcomm Incorporated. Other investors are Singapore’s GIC Private Limited, Lux Capital, DCM Ventures, Felicis Ventures, Greylock Partners, Navitas Capital, AMD Ventures, AME [...]


sovereign wealth fund collateral

Willis and Towers Watson to Merge

Willis Group Holdings plc, an insurance broker, and Towers Watson have agreed to an all-stock merger, creating an investment colossus. The deal values the new entity at US$ 18 billion with a combined revenue of approximately US$ 8.2 billion. Both company boards have unanimously approved the deal. Shareholders of Willis Group will own 51% of [...]


BMO GAM Lands Responsible Investment Mandate with NZ Crown Financial Institutions

BMO Global Asset Management, part of BMO Financial Group, was appointed by the New Zealand Superannuation Fund (NZSF), Accident Compensation Corporation and Government Superannuation Fund to provide responsible investment engagement services globally. Combined, the three crown institutions manage US$ 41 billion. BMO provides a global engagement service called reo® in which the services are applied [...]


Mubadala Forms JV with Trafigura, Buys Big Stake in Spanish Mines

Commodity trading companies are seeing value in partnering with long-term investors like wealth funds in acquiring mining assets. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Qatar Investment Authority Acquires Stake in Tallest Barangaroo Tower

Lend Lease has spun-off Tower 1 at Barangaroo South, the largest commercial tower in the group, into a separate wholesale fund that is backed by the Qatar Investment Authority (QIA) and Australian Prime Property Fund Commercial, a Lend Lease-managed fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view [...]


GAMECHANGER: Possibility of China’s NSSF to Manage More Local Pension Assets

China is making a few tweaks to its pension system to meet the demand of a rapidly aging demographic. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


MILESTONE: AIIB Holds Official Signing Ceremony

Beijing-based Asian Infrastructure Investment Bank (AIIB), an international development bank to rival the World Bank and Asian Development Bank (ADB), held its official signing at Beijing’s Great Hall of the People. The Articles of Agreement (AoA) were officially signed. This milestone event demonstrates China’s global economic influence. 57 counties including Germany, Singapore, United Kingdom, Australia [...]


Manulife Financial Woos Asian Investors, Plans to IPO REIT in Singapore

Manulife Financial Corporation is moving forward on having an initial public offering of Manulife Asset Management’s real estate investment portfolio holdings. The mega Canadian insurer is taking orders from investors to raise up to US$ 450 million. The offering is being structured as a real estate investment trust (REIT). What is interesting is that the [...]


Sovereign Wealth Money in Latest Airbnb Round

Sovereign wealth funds are not afraid of investing in billion-dollar startups. Venture capital insiders call some of these startups unicorns – essentially when a startup has exceeded an arbitrary equity valuation amount of US$ 1 billion through capital raises. Sovereign funds have allocated to startups such as Flipkart, VANCL, Square, Spotify and – yes, taxi [...]


Do Sovereign Wealth Funds Need Bankers for Deal Flow?

Sovereign funds are earning their keep as buyers of assets, competing against private equity funds for lucrative stakes in companies like New China Life and a U.K. mobile company. The competition for attractive, long-term, sustainable companies is fierce. In 2007, sovereign wealth funds owned about US$ 3.5 trillion in assets, and there were far fewer [...]


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