GROW: Nigeria Sovereign Investment Authority Seeks to Manage up to $5 Billion

Officials from the Nigerian Federal Government are contemplating the addition of more capital to total US$ 5 billion for the Nigeria Sovereign Investment Authority (NSIA) to manage, the entity that manages three of Nigeria’s sovereign funds. Dr. Ngozi Okonjo-Iweala, Nigeria’s Finance Minister, briefed members on the sidelines of last week’s IMF/World Bank Annual Meeting in [...]

TOBAM Stepping Out into Fixed Income Smart Beta

In an October 9th announcement, TOBAM unveiled a brand new fixed income smart beta strategy: Anti-Benchmark US Credit Strategy. The Paris-based asset manager entered the smart beta equity space in 2006, and this is their first foray into fixed income. According to a press release, a leading institutional investor seeded the strategy with an initial [...]

PGGM Slashes Workforce to Lower Costs

Dutch pension fund manager PGGM has announced it will be scaling back its workforce by about 15% in an attempt to bring costs down. Over the next three years, PGGM plans to cut at least 200 jobs, including forced redundancies, in line with a new reorganization program aimed at cutting costs by €50 million (US$ [...]

Friday SWFI News Roundup, October 10, 2014

New Zealand Superannuation Fund Has Total Return of 19.36% for 2013-14 The New Zealand Superannuation Fund (NZSF) returned 19.36% versus the reference portfolio of 19.47% for 2013-2014. Led by NZSF CEO Adrian Orr, in the 2012-2013 period, the NZSF posted 25.83% in total return. NZSF Chairman Gavin Walker cautioned that returns over the last 5 [...]

SWF to SWF: NBIM Buys Bank of America Merrill Lynch Financial Centre

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, has acquired a 585,000 square foot office complex in London. NBIM paid £582.5 million (US$ 944.5 million) for a 100% interest for the Bank of America Merrill Lynch Financial Centre from Singapore’s GIC Private Limited. [ Content protected for Sovereign Wealth Fund Institute [...]

Why Many Investment Bankers are Heading to the Gulf

Increasingly, sovereign wealth funds and other large public institutional investors have boosted their activity in direct investments, participating in acquisitions globally. A portion of those deals and capital raises are occurring in the GCC region, attracting a swath of investment bankers. Despite geopolitical headwinds like the Iraq government and Kurds battling ISIS over Mesopotamia, and [...]

NBIM Invests in Enfield Logistics Property

Norges Bank Investment Management (NBIM), manager of Norway’s sovereign wealth fund, has acquired a 50% interest in a logistics property through its joint venture with Prologis. NBIM paid £55 million for the stake and did not use any debt financing. The property is a building in Enfield, close to London. It has a total leasable [...]

PROMOTION: Mubadala Petroleum Has a New CEO

Mubadala Petroleum, a sovereign wealth enterprise of Mubadala Development Co, has promoted Mussabeh Al Kaabi to be CEO. He succeeds Maurizio La Noce who will remain a senior adviser to the company’s energy platform reporting to Dr. Sultan Al Jaber, the platform CEO. Mussabeh Al Kaabi was the company’s chief growth officer, joining Mubadala Petroleum [...]


China’s State Administration of Foreign Exchange (SAFE) awarded additional qualified foreign institutional investor (QFII) quotas of US$ 1 billion and US$ 600 million to Hong Kong Monetary Authority (HKMA) and Canada Pension Plan Investment Board (CPPIB), respectively. The increased quotas may signal that these two public institutional investors have plans to increase their exposures to [...]

SWFI – Movers and Shakers – October 7, 2014

BlackRock Snags UBS Strategist for Multiasset Strategies Asia-Pacific BlackRock has hired Edward Bang to be head of multiasset strategies for the Asia-Pacific region. In this new position, Bang will report to Ryan Stork and Ken Kroner. Bang is coming from UBS Global Asset Management as being its head strategist for Asia-Pacific in the multiasset class [...]

Mubadala Buys out Hewlett-Packard’s Stake in IT Joint Venture

Mubadala Development Company announced today it had bought out the remaining 40% stake in Injazat Data Systems from Palo Alto-based Hewlett-Packard, bringing the United Arab Emirates-based information technology service provider under its full ownership. The size of the deal was not disclosed. According to Mubadala’s press release, the deal demonstrates the UAE sovereign wealth fund’s [...]

Citigroup Banking

US Supreme Court Rejects ADIA’s $7.5 Billion Citigroup Dispute

Yesterday, the U.S. Supreme Court rejected a move by the Abu Dhabi Investment Authority (ADIA) to resume pursuing New York-based Citigroup for funds lost in a US$ 7.5 billion investment. ADIA was one of a number of sovereign wealth funds that bailed out Wall Street.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. [...]

Press Release – SWFI Survey of Public Funds Shows Strong Interest in Smart Beta

FOR IMMEDIATE RELEASE Download PDF of Press Release Includes survey of 72 public institutions, including 16 SWFs, with over US$ 2.9 trillion in public investor capital represented. Interviews with 8 asset owners from 8 different countries with combined AUM of over US$ 250 billion. Additional research provided by four leading practitioner firms: Northern Trust Asset [...]

BNY Mellon Manhattan

Tactical Changes at BNY Mellon

In an about face, BNY Mellon has made tactical shifts throughout the various units at the bank. Post global financial crisis, custodian banks have been chopping down costs by laying off workers, closing down units impacted by new financial regulations and moving people into less-fancier buildings. For example, in June, BNY Mellon announced it was [...]

AP1, Qatar Holding Invest US$ 340 Million in Ackman’s Pershing Square

Pershing Square Holdings Ltd raised US$ 2.7 billion in a European initial public offering with a substantial portion of the capital coming from two public investors: Qatar Holding LLC and the Swedish pension Forsta Ap-Fonden (AP1). Pershing Square Holdings Ltd is part of activist investor Bill Ackman’s suite of products. Ackman is the founder of [...]

CIC, AVIC Acquisition of Avolon Falls Through

Two Chinese state-owned investors, China investment Corporation (CIC) and AVIC Capital Co Ltd, have ceased talks to acquire Avolon Holdings Ltd, according to Reuters. Over the course of the discussions, Avolon, the Dublin-based aircraft leasing company, was simultaneously weighing an initial public offering. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please [...]

Real Estate: A Powerful Sovereign Wealth Fund Investment Trend

In September this year, Norway’s sovereign wealth fund, in one giant swoop paid US$ 1.5 billion for minority interests in two Boston properties and the former Citigroup Center in Manhattan. The amount of capital floating en route for core real estate is astonishing, more and more sovereign funds are allocating toward properties. In fact, for [...]

Singapore Sovereign Wealth Fund Centers on Italian Shopping Centre

Singapore’s GIC Private Limited owned 50% of RomaEst Shopping Centre through a sovereign wealth enterprise (SWE). The sovereign wealth fund has acquired the other 50% from a fund managed by CBRE Global Investors for an approximate amount of €200 million. The GIC is keen on prime regional centers. Asian institutional investors are grasping for a [...]

QIC Part of Massive PPP Project in Melbourne

The Queensland Investment Corporation (QIC) participated in one of the largest infrastructure public-private partnership (PPP) projects in Australia’s history. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Sunsuper Boasts Lively Hedge Fund Program

The US$ 27 billion Brisbane-based Sunsuper has embraced hedge funds as a suitable type of institutional investment. While many Australian superannuation fund peers display disdain for hedge funds, Sunsuper has benefited from them. In the second quarter of 2014, Sunsuper appointed two new hedge fund managers and committed more capital to a current credit hedge [...]

RFPs, Allocations and Opportunities

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