Kuwait Investment Authority to Shed $5.4 Billion in Domestic Companies

In a move to realign their portfolio, the Kuwait Investment Authority (KIA), is selling its interests in three local businesses that are valued at 1.56 billion KWD (US$ 5.4 billion). These assets are being planned for sale in the first half of 2015. The proceeds from the sales will be reinvested by the KIA. With [...]

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CPPIB-Backed Wilton RE Buys Aegon’s Canadian Operations

Wilton Re Ltd, the life reinsurance company recently bought by Canada Pension Plan Investment Board (CPPIB), is acquiring the majority of Netherlands-based Aegon N.V.’s operations in Canada for C$ 600 million. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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london

Tory Peer Proposes Sovereign Wealth Fund Amendment to UK Infrastructure Bill

Lord Hodgson of Astley Abbotts, a Tory peer, proposed an amendment to the UK infrastructure bill. In it, Hodgson entails the formation of a soverign wealth fund being funded by shale gas revenue. Hydraulic fracturing, also known as fracking, could provide the UK with a boom in energy revenue. According to the Associated Press (AP), [...]

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Ding Xuedong to Chair CICC

The chairman of China International Capital Corporation (CICC) officially resigned Thursday. Jin Liqun, formerly associated with the China Investment Corporation (CIC), will be leading a Chinese rival to the World Bank called the Asian Infrastructure Investment Bank (AIIB). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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China Wealth Money Acquires Stake in Mediobanca

Building on stronger Italian-Chinese economic relations, during the October 14th meeting of Italian Prime Minister Matteo Renz and Chinese Premier Li Keqiang, the People’s Bank of China acquired a 2.001% share in Mediobanca S.p.A, an Italian investment bank. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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India deals

IFC Looks to Invest in Fullerton India Credit Company

The International Finance Corporation (IFC), the private sector investment arm of the World Bank, is looking to allocate US$ 74 million in Fullerton India Credit Company Ltd, a unit of Fullerton Financial Holdings Pte. Ltd. Fullerton Financial is a sovereign wealth enterprise (SWE) of Singapore’s Temasek Holdings. Fullerton Financial has ten operating entities providing banking [...]

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SWFI® NEWS, ARTICLES AND CURRENT ENTRIES

Group Led by bcIMC and Macquarie to Acquire Cleco

An institutional investor group led by British Columbia Investment Management Corporation (bcIMC) and Macquarie Infrastructure and Real Assets are acquiring Pineville-based Cleco Corporation, a public utility holding company. Cleco owns the regulated asset, Cleco Power LLC. There are other investors in the group such as John Hancock Financial. Institutional investors are attracted to public utilities [...]


Investor Group Runs Toward Reebok

Penning a letter, a group of investors from Hong Kong and Abu Dhabi are making strides to purchase Reebok from Adidas AG. The unsolicited bid is worth about €1.7 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


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. ]


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 [...]


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. ]


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 [...]


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 [...]


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. ]


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 [...]


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