Friday SWFI News Roundup, March 27, 2015

TRS Delivers 8.51% for 2014 Return The Teacher Retirement System of Texas posted an 8.51% return for 2014, beating its policy index by 0.04%. The highest performing asset class for the pension system was stable value which posted 21.4%. Real return asset class posted 10.2%, followed by risk parity at 8.1% in return. Directional hedge [...]

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KIC Exploring Idea of Overseas Asian Office

The Korea Investment Corporation (KIC) is carefully exploring the possibility of opening up more overseas offices – following the footsteps of many large sovereign funds and Canadian pensions. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway’s Sovereign Wealth Fund Invests in Google DC Property

Norges Bank Investment Management (NBIM), the manager of Norway’s massive sovereign wealth fund, invested with TIAA-CREF in a Washington D.C. office property. The deal values the property at US$ 307 million. NBIM bought a 49.9% stake in the building which touts Google as a key tenant for US$ 60.8 million. The property asset is encumbered [...]

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Build, Buy or Outsource: Tax Reclaims and Class Action Recovery

This article is sponsored by Goal Group. Written by Bill Salva and Noah Wortman The arguments in favor of outsourcing or buying a commercial enterprise solution from a qualified Tax Reclaim and Securities Class Action Recovery provider are compelling. One common guideline applied by many for this decision is to buy or outsource when you [...]

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Malin Attracts Sovereign Wealth Funds, Backs Bill Gates Venture

Dun Laoghaire-based Malin Corporation, an Ireland life sciences investor company, has raised €330 million from key institutional and high net worth investors. Malin is targeted to be one of Europe’s largest biotech initial public offerings. Malin plans to provide long-term capital to life science and medical device companies backed by industry experts. The investment stakes [...]

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Russian NWF to Indirectly Fund RZD Locomotive Purchases

Russia’s National Welfare Fund (NWF) is planning to indirectly invest 60.22 billion roubles (US$ 1.3 billion) through the capitalization of VTB Bank, in which the bank will buy infrastructure bonds of Russian national rail carrier RZD. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Vontobel Buys Majority Stake in TwentyFour Asset Management

Swiss private bank Vontobel agreed to acquire a majority 60% stake in London-based TwentyFour Asset Management. Partners and key employees of TwentyFour Asset Management will retain 40% control. Zurich-based Vontobel could purchase the other 40% over a period of time. Vontobel, through its unit Vontobel Asset Management, is keen on expanding its European presence. The [...]

CIC Makes Strategic Investment in Uranium Mining Company

Currently, China has 27 nuclear reactors under construction. The Asian giant’s nuclear programme possessed 18 GW of nuclear energy capacity in 2014, determined to hit 58 GW by 2020. The demand from China, India and the Middle East are elevating uranium prices, catching up to pre-Fukushima levels. Perth-based Paladin Energy Ltd, a Uranium explorer and [...]

Qatar Sovereign Wealth Fund Eyes World Duty Free

The Qatar Investment Authority (QIA) and Basel-based Dufry AG, a global travel retailer, are working together on a joint bid for World Duty Free. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


British Land and GIC Form Broadgate REIT

British Land and Singapore sovereign wealth fund GIC have formed Broadgate REIT Limited as the new holding company for their joint venture. The entity formation does not modify any party’s economic interest in Broadgate, a massive office and retail complex at the core of the City of London. British Land and GIC are 50:50 owners [...]


BOND SALE: Aabar Investments to Refinance UniCredit Stake

Aabar Investments PJS, a sovereign wealth enterprise (SWE) of International Petroleum Investment Company (IPIC), is selling a bond worth around €2 billion that can be exchanged for shares of UniCredit SpA. Aabar is taking advantage of market conditions in the world of equity-linked securities to secure long-term financing. [ Content protected for Sovereign Wealth Fund [...]

Former Ballet Dancer, Ex-Yale Investor to Run Stanford Endowment

Robert F. Wallace was named president and CEO of Stanford Management Company (SMC), the organization that oversees Stanford University’s endowments, real assets and other trust assets. Wallace replaced John Powers who made his exit announcement in November 2014. Powers is helping with the transition. View Stanford Endowment Profile [ Content protected for Sovereign Wealth Fund [...]


PAY ATTENTION: SIFI Stamp on Asset Managers Could Broaden

Financial regulators may soon be further reigning in global asset managers like BlackRock and Los Angeles-based Capital Group by marking some as SIFI. SIFI stands for systemically important financial institution. The Financial Stability Board (FSB), an international body backed by a number of governments, and the International Organization of Securities Commissions (IOSCO), a membership organization [...]

India deals

Sovereign Fund-Backed Indian Real Estate JV Buys Brooke Bond

Major Indian property developer Brigade Group announced the 100% purchase of Brooke Bond Real Estate Private Limited, through Brigade Properties Private Limited, its 2014 joint venture with Singapore’s GIC Private Limited. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Exeter Property Group and GIC Form European Logistics Partnership

Singapore’s GIC Private Limited, one of the country’s sovereign wealth funds, entered into a partnership with Exeter Property Group. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Singapore’s Founding Father Lee Kuan Yew Passes at 91

Lee Kuan Yew, Singapore’s first elected prime minister who served starting at the age of 35, passed away at 3:18 AM Singapore time on Monday. On February 5, 2015, elder statesman Lee Kuan Yew was hospitalized for severe pneumonia. Under Lee’s watch, he oversaw the modernization of Singapore from a tiny British outpost into a [...]

Carlyle Stacks Up $2.5 Billion for International Energy Fund

The Carlyle Group closed its first private equity international energy fund at US$ 2.5 billion attracting sovereign wealth funds and pensions – totaling around 160 investors. The fund, Carlyle International Energy Partners (CIEP), started raising capital back in the middle of 2013. By August 2014, Carlyle raised US$ 1.86 billion in commitments for CIEP. Adding [...]

Temasek VC Unit Invests in TheAsianparent

Vertex Venture Holdings, the venture capital unit of Singapore’s Temasek Holdings, invested in TheAsianparent, a Singapore-based web portal for soon-to-be parents and parents in Asia. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Future Fund Promotes Wendy Norris to be Head of Infrastructure and Timberland

Australia’s Future Fund has appointed Wendy Norris to be head of infrastructure and timberland. She will assume command of the Future Fund’s A$ 8 billion infrastructure and timberland portfolio. Norris was a director in the sovereign wealth fund’s infrastructure and timberland team since 2010. Norris fills Raphael Arndt’s position who was promoted to chief investment [...]

China Sovereign Wealth Fund’s Second Take on Italian Infrastructure

The China Investment Corporation (CIC) is taking a second look in possibly investing in a fund managed by Il Fondo Italiano per le Infrastrutture (F2i). F2i is looking to raise a second infrastructure fund, hoping to attract more foreign institutional investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to [...]

Friday SWFI News Roundup, March 20, 2015

Libya Sovereign Wealth Fund Convenes Board Meeting in Malta The Board of Directors of the Libyan Investment Authority (LIA) had its first 2015 meeting in Malta this week. The meeting was held to discuss LIA’s global investments, as well as pending litigation against Goldman Sachs and other banks regarding derivative transactions. The LIA opened up [...]

San Diego County ERA CEO White Resigns

San Diego County Employees’ Retirement Association CEO Brian White has resigned effective March 30, 2015. The retirement board voted 8 to 1 to pass the mutual separation and severance deal, which includes nearly one year’s pay for Brian White. Board Vice Chairman David Myers voted “no” on the measure. San Diego-based Efficient Market Advisors, LLC [...]

Lloyds and RBS Sell Before $14.6 Billion Dubai World Restructure

Since 2011 the Dubai economy, home to the world’s tallest man-made structure Burj Khalifa, has been accumulating steam. The economic environment wasn’t always rosy for Dubai. State-owned Dubai World was at the core of the Dubai debt fiasco of 2009. Dubai World has ownership stakes in companies such as DP World Ltd. and shipyard Drydocks [...]

YELLEN: Rate Increases Cannot be Ruled Out

Federal Reserve Chair Janet Yellen calmly stated at a press conference that a rate increase in June cannot be ruled out. Yellen added for the Federal Reserve to raise rates, there must be “further improvement in labor markets,” and inflation will need to go back to its 2% target over the medium term. The Federal [...]

March 18th – Federal Reserve Puts Out FOMC Statement

See the press release: Federal Reserve Below is the FOMC statement on March 18, 2015. Release Date: March 18, 2015 For immediate release Information received since the Federal Open Market Committee met in January suggests that economic growth has moderated somewhat. Labor market conditions have improved further, with strong job gains and a lower unemployment [...]

PREPPING: Institutional Investor CIOs Dampen Equity Expectations

Despite the recent stack of institutional investor surveys that demonstrate the current mood of chief investment officers as cautiously optimistic, a number of these asset owner executives are not singing the same tune to their investment committees. Released publicly in October 2014, the Pyramis Global Advisors Institutional Investor Survey 2014 posed a question to its [...]

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