oil

How Iran Will Cope with Falling Oil Prices

In mid-November, Iranian Oil Minister Bijan Namdar Zanganeh embarked on a fact-finding visit to its gulf neighbor, the United Arab Emirates. Iran and other oil-producing nations are meeting to address the global falling price of crude oil. Earlier in the month, Minister Zanganeh visited Kuwait and Qatar. [ Content protected for Sovereign Wealth Fund Institute [...]

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SWFI – Movers and Shakers – November 21, 2014

London Pensions Fund Authority Hires Chief Investment Officer The £4.9 billion London Pensions Fund Authority has hired Chris Rule as chief investment officer. Rule is a replacement for Alex Gracian, who exited the fund in May. Previously, Rule was head of alternatives at SEB Investment Management. The London Pensions Fund Authority has an internal investment [...]

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CPPIB Boosts Goodman Group Chinese Logistics JV

The Goodman Group has been working with a variety of institutional investors such as sovereign wealth funds like the China Investment Corporation (CIC) and large pensions. The Goodman Group and Canada Pension Plan Investment Board (CPPIB) announced a US$ 500 million boost to their equity allocation in Goodman China Logistics Holdings, a fourth equity capital [...]

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Friday SWFI News Roundup, November 21, 2014

Bain Capital and Other Institutional Investors Keen on Virgin Cruises Private equity firm Bain Capital has agreed to be a key shareholder in Virgin Cruises, another transport venture by billionaire Sir Richard Branson. This new cruise-line venture will required hundreds of millions of dollars. The Virgin Group would invest more than US$ 100 million in [...]

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Texas Teachers: $755 Million in Private Market Commitments

T he Texas Teacher Retirement System has committed US$ 755 million to 5 private market funds. These funds were reported to have received capital commitment agreements approved before September 30, 2014. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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The World’s Largest Pension Announced its First CIO

Japan’s Government Pension Investment Fund (GPIF) has announced its first chief investment officer to the public.  GPIF President Takahiro Mitani made the statement in Japan on Thursday.  Hiromichi Mizuno will be executive managing director and chief investment officer of GPIF starting January 5, 2015.  Mizuno is currently a partner at Coller Capital, a private equity [...]

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SWFI® NEWS, ARTICLES AND CURRENT ENTRIES

Norway Sovereign Wealth Fund Embraces Block Size Trading

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, is using less algorithmic trading in favor of trading in large block sizes. By trading stocks in large block sizes, NBIM is trying to avoid pattern-reading from pollrumptious entities in the marketplace. Institutional investors like NBIM are market makers due to their majestic [...]


SNB Chair: No Gold Sovereign Fund if Referendum Passes

Swiss National Bank (SNB), the Swiss central bank, is facing the “Save our Swiss gold” proposal from the Swiss People’s Party (SVP) who are putting it to a plebiscite on November 30, 2014. The proposed law aims to have the SNB maintain at least 20% of its assets in gold. [ Content protected for Sovereign [...]


New-York sovereign wealth fund

BIG DEAL: Ivanhoe Cambridge Buys Bryant Park Tower from Blackstone

Highlighting gregarious demand for stable, U.S. real estate, public funds are plowing massive mounds of capital into property markets like Manhattan. The Manhattan real estate market offers institutional investors a deep pool of property inventory with asset characteristics suitable for their tastes. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe [...]


State Street Sells Hedge Fund Unit SSARIS

With some influential, large U.S. pensions like California Public Employees’ Retirement System (CalPERS) dumping hedge funds, the growth of smart beta products and increased regulation like Dodd-Frank, U.S. banks are being compelled to shed their hedge fund businesses. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


First Trust Gets Approval to Sell 2 ETFs to Mexican Afores

Last week, Illinois-based First Trust Advisors L.P. announced that CONSAR, the Mexican retirement fund regulator, has approved two First Trust exchange-traded funds (ETF) that can be sold to afores. In Mexico, ETFs purchased by a Mexican pension must be approved by CONSAR. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe [...]


Temasek Bets on Israeli Ingenuity

When it comes to sovereign wealth funds, Singapore’s Temasek Holdings is big on venture capital investing. The sovereign fund is betting on Israeli ingenuity by agreeing to fund new technologies emerging from Tel Aviv University.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Traditional Active Managers Fear Smart Beta Adoption

  Factor-based strategies are gaining foothold among institutional investors of all stripes. One compelling reason is that investors are concerned about the risks of cap-weighted indices. These indices tend to favor large companies and can perpetuate a cycle of overvaluation – think of Enron and Lehman Brothers. These rules-based indices are exhibiting visigoth behavior on [...]


Wellington Place: CPPIB and Hermes Real Estate Form New JV

The Canada Pension Plan Investment Board (CPPIB) and Hermes Real Estate, part of Hermes Investment Management, created a new UK regional joint venture partnership. The CPPIB and Hermes already have an existing London office joint venture formed in July 2013. This new partnership will involve Hermes Real Estate selling 50% of the development phase of [...]


NBIM and TIAA-CREF Acquires Property Across from US Capitol

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, has purchased a 49.9% stake in the land at 400-444 North Capitol Street in Washington D.C. for US$ 82.3 million. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


3 Major Gulf Deals That Have Impacted Local Markets

Aabar Investments, a unit of International Petroleum Investment Company (IPIC), has boosted its stake in Dubai-listed Arabtec Holding to about 35% by acquiring shares from the company’s former CEO Hasan Ismaik for US$ 963 million. Aabar had owned 18.94% of Arabtec before the deal. Arabtec is noted for its work as a contractor on Dubai’s [...]


Cheniere Energy Gets Capital for Corpus Christi Liquefaction Project

On November 11, 2014, Cheniere Energy, Inc. got locked in a subscription agreement with RRJ Capital II Ltd., in which funds managed by RRJ Capital will acquire US$ 1 billion in unsecured convertible PIK notes issued by Cheniere. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Friday SWFI News Roundup, November 14, 2014

Temasek Acquires Stake in Intas Pharmaceuticals One of Singapore’s sovereign wealth funds, Temasek Holdings, has acquired a 10.16% stake in Intas Pharmaceuticals, an Indian drugmaker. Temasek Holdings purchased the stake from private equity firm ChrysCapital. Hellman & Friedman Raises Some Big Money San Francisco-based Hellman & Friedman LLC raised US$ 10.9 billion for its 8th [...]


Lazard Senior Banker Poised for Domestic Finance Treasury Role

The White House has nominated a Lazard senior investment banker to be under secretary of the Treasury for domestic finance. U.S. President Barack Obama selected Antonio Weiss for the role. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


ADIA Invests in AvivaSA’s IPO

On September 4, 2014, Aviva plc and Hacı Ömer Sabancı Holding A.S., co-owners of AvivaSA Emeklilik ve Hayat A.Ş., a Turkish pension and life insurance joint venture, planned for an initial public offering (IPO) of their JV. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Mandate Wins: Danish Pension Selects 5 Managers for Fixed Income

Lonmodtagernes Dyrtidsfond, a Danish pension fund based in Frederiksberg, has hired five managers for fixed income mandates. The RFP for the mandates were issued in April. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


LIA Presses on with SocGen Suit

The Libyan Investment Authority’s case against Societe Generale SA is now underway. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Citigroup Banking

HANDS SLAPPED: 5 Banks Get Hit with Fines for Currency Manipulation

In a major crackdown, five major banks (UBS, RBS, HSBC, Citigroup and JPMorgan) have got hit with fines from various financial regulators. With regard to the UK’s Financial Conduct Authority (FCA), this is the largest set of charges ever levied by UK financial regulators. In total US$ 3.4 billion in fines were levied by the [...]


CalSTRS

CalSTRS Seeks to Manage More Assets Internally

Taking the playbook from sapient Canadian public pensions, the California State Teachers’ Retirement System (CalSTRS) is attempting to migrate more assets toward internal management. In a press release, CalSTRS is planning to increase in-house assets from 45% to 60%. See CalSTRS External Managers Besides saving on investment fees and costs, CalSTRS desires to have more [...]


Public Release – 3Q 2014 Linaburg-Maduell Transparency Index Ratings

The third quarter results for 2014 on sovereign wealth fund transparency have now been released to the public. The Linaburg-Maduell Transparency Index was developed at the Sovereign Wealth Fund Institute by Carl Linaburg and Michael Maduell. The China Investment Corporation (CIC) moved from a 7 to an 8 rating. The Abu Dhabi Investment Authority (ADIA) [...]


Gulf Sovereign Wealth Fund Backs Kelvin Re

Insurance exposure is a budding asset class for institutional investors, especially sovereign wealth funds. A new Guernsey reinsurance vehicle, Kelvin Re Limited, is expected to write a global, diverse reinsurance portfolio amounting to US$ 100 million in its first year. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view [...]


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