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 [...]


SWFI – Movers and Shakers – November 12, 2014

Nikko Asset Management Boosts MENA and Asia Teams Nikko Asset Management has hired three executives to boost operations and sales globally. The firm has hired Ian Lewis who will be head of global consultant relations. Lewis will be based in Singapore. He was a partner at London-based Ardevora Asset Management LLP. Nikko hired John Howland-Jackson [...]


Why Sovereign Wealth Funds Were Smarter Than Yahoo Shareholders

Sunnyvale-based Yahoo was founded by hungry entrepreneurs, Jerry Yang and David Filo. Post dot-com-boom, Yahoo had acquired, sold and shuttered many high-profile acquisitions such as Geocities, Overture Services, Hotjobs.com, Right Media and Broadcast.com (which made Mark Cuban very rich.) In 2013, Yahoo paid US$ 1.1 billion for a blog service called Tumblr, founded by young [...]


CPPIB Buys Apax Europe VII Stake from SL Capital Partners

Increasingly, sovereign wealth funds and large pensions are seeking secondaries, developing internal resources and hiring consultants to assist with the process. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


new york asset management

Neuberger Berman Hires Former McKinsey Executive for Client Service Role

Neuberger Berman has hired Celine Dufetel as managing director and head of client service. Dufetel fills in Lori Holland’s role who moved on to managing director of the Multi-Asset Class (MAC) team. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Sir Rocco Forte’s Hotel Group Gets Investment from FSI

Fondo Strategico Italiano, the Italian Strategic Fund (FSI), is investing capital into Sir Rocco Forte’s empire, Rocco Forte Hotels. FSI Investimenti, a joint venture between the FSI and the Kuwait Investment Authority (KIA), and FSI are investing £60 million into the hotel group for a 23% stake in the company. FSI Investimenti is about 77% [...]


Dream Team: JP Morgan Brings on Former Australia PM for Council

JP Morgan’s International Council was formed in 1965 to assist the bank’s leadership on global trends and changes. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Sovereign Wealth Funds Poised to Reach $7 Trillion by 2015

As of November 2014, sovereign wealth fund assets totaled US$ 6.977 trillion compared to US$ 6.106 trillion in December 2013. This nearly US$ 900 million increase can be attributed by improvements in investment returns and capital flows into sovereign wealth fund vehicles. In December 2007, sovereign wealth fund assets amounted to US$ 3.259 trillion. This [...]


roads

UK Osborne Keen on Shale Gas-Backed Sovereign Wealth Fund

George Osborne, UK Chancellor of the Exchequer, commented on BBC Radio 4 that shale gas extraction revenues could be held in a sovereign wealth fund. The UK is looking at ways to lower its dependence on oil imports, while creating a savings vehicle from taxable earnings, like its northern neighbor Norway. Osborne said, “That’s a [...]


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