ECB Selects 4 Money Managers for Asset-Backed Securities Purchase Program

The European Central Bank (ECB) selected four money managers to execute transactions for the bank’s asset-backed securities purchase program. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Friday SWFI News Roundup, October 31, 2014

Friday Roundups – Halloween Edition In London: We had over US$ 2.7 trillion in public asset owner capital in the audience. Photo: Gerard Lyons addressing delegates of asset managers, sovereign wealth funds, pensions and policymakers. Harrods Pays £118 Million Dividend to Qatar Holding Harrods, a luxury department business, paid a £118 million dividend to its [...]

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Aabar Looks to Refinance Stake in UniCredit

Aabar Investments PJSC, owned by International Petroleum Investment Company (IPIC), is hoping to refinance their stake in UniCredit SpA. The position is valued at US$ 2.2 billion. Aabar is the largest shareholder in Italian banking giant UniCredit, clearing over 5%. In 2010, Aabar acquired a 4.99% stake in UniCredit, ownership moved to 6.5% post-2012 rights [...]

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2 Reasons Why Luxembourg is Important for Institutional Investors

Luxembourg’s largest employer is the financial services sector. The Grand Duchy of Luxembourg is the fund epicenter of Europe. The country boasts rigorous investor protections, while enabling flexibility in fund formations. For institutional investors such as sovereign wealth funds and pensions, a number of them have formed subsidiaries in Luxembourg. UCITS Adopter [ Content protected [...]

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FOOTBALL MATES: IPIC and Real Madrid Ink Ties

Abu Dhabi-based International Petroleum Investment Company (IPIC) is the next “big sovereign wealth player” in European football, choosing Real Madrid CDF. Real Madrid boasts 10 European Champions League trophies. On October 28th, both organizations announced a long-term strategic partnership, essentially to “globalize” Real Madrid’s assets. See the institutional investor profile of IPIC [ Content protected [...]

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ALMOST FLAT: Norway SWF Posts 0.1% for 3rd Quarter of 2014

Norway’s Government Pension Fund Global (GPFG) posted a 0.1% return for the third quarter of 2014. Equity investments posted -0.5% for the period, while fixed income posted 0.9%. Real estate investments for the period returned 1.5%. In a press release, Yngve Slyngstad, CEO of Norges Bank Investment Management (NBIM), stated, “Two quarters of strong returns [...]

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Norway Sovereign Wealth Fund Acquires Pricey DC Real Estate

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, acquired a 49.9% stake in a Washington, DC office property for US$ 195.6 million. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

China and Oman to Invest in Bagamoyo Port Infrastructure

The Government of Tanzania is hoping to construct a large port in the city of Bagamoyo which is 47 miles north of Dar es Salaam. The port is being primarily funded by China and construction will start by July 15, according to a statement from the President of Tanzania’s office. The port project could cost [...]

Mubadala GE Capital Seeks Investors for 144A Bond

Mubadala GE Capital PJSC, a 50:50 joint venture between General Electric and Mubadala Development Co, is setting up some roadshows to market its dollar benchmark 144A bond. Barclays and Citigroup are the global co-ordinators and joint lead managers. Other joint leader managers for the offering are HSBC, First Gulf Bank and Natixis. The JV does [...]

Warburg Pincus Raises $4 Billion for Energy Fund

New York-based Warburg Pincus LLC raised US$ 4 billion for its Warburg Pincus Energy Fund, beating its target raise of US$ 3 billion. High profile executives at the firm include former U.S. Treasury Secretary Tim Geithner as president. The team at Warburg Pincus began marketing the fund in November 2013. The fund is backed by [...]

Blow to Consultants: Lothian Pension Seeks Independence

The £4.3 billion Edinburgh-based Lothian Pension Fund is planning to create a separate entity to house its internal investment team. The internal investment team manages over 60% of the pension fund’s assets. Entitles like Canada’s bcIMC and Alberta Investment Management Corporation (AIMCo), that have pursued this route of operational autonomy, have been able to retain [...]


5 Things Sovereign Wealth Funds Won’t Tell You

5.We Aren’t as Long-Term as Some Think Sovereign wealth funds constantly make news headlines, buying infrastructure in the UK, acquiring a tech company with a private equity fund or doling out large mandates to established money managers. The perception that sovereign funds are long-term in nature can rightfully be challenged. Take for instance Ireland’s National [...]

Qatar Sovereign Wealth Fund May Be the Next Owner of HSBC Tower

The Qatar Investment Authority (QIA) is still pursuing real estate assets across Europe. The sovereign wealth fund holds interests in many notable UK companies and assets such as Sainsbury’s, Harrods, London Stock Exchange and the Shard. The QIA has made a £1.1 billion offer for the HSBC tower in London’s Canary Wharf at 8 Canada [...]

Kai Yuan Holdings Finalizes Paris RE Transaction From ADIA

Asian investors have a growing interest in European gateway cities like Paris, particularly in core real estate. Hong Kong-based Kai Yuan Holdings has closed on its acquisition on a Paris hotel from Luxembourg-based Tamweelview European Holdings SA, a sovereign wealth enterprise (SWE) of the Abu Dhabi Investment Authority (ADIA). [ Content protected for Sovereign Wealth [...]

Mirantis Raised $100 Million in Series B Funding

Mountain View-based Mirantis has raised US$ 100 million in Series B funding. Mirantis is the developer of the OpenStack systems integrator. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Friday SWFI News Roundup, October 24, 2014

RDIF and Co-Investors Move Capital Toward Russian Logistics The Russian Direct Investment Fund (RDIF), along with some Middle Eastern funds and Development Group 19 are moving forward on creating a joint venture to develop and invest in Class A logistics in Russia. Development Group 19 is a real estate developer. The investor group plans to [...]

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 [...]

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. ]


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), [...]

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. ]

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. ]

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 [...]

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 [...]

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