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 [...]


The GROSS List: See Some Funds That Dumped PIMCO

The surprising departure of Bill Gross from Pacific Investment Management Co. (PIMCO) has made it easier for institutional investor clients who already had issues with the money manager to exit. For example, the Arkansas Teacher Retirement System terminated PIMCO following the exit of Bill Gross and George Hopkins. The pension fund had a US$ 475 [...]


Eastern Ties: Russian Funds Partner with Chinese Government on High-Tech Parks

The Russian Direct Investment Fund (RDIF), the Russia-China Investment Fund (RCIF), the Skolkovo Fund and the People’s Government of Shaanxi Province (China) have reached an agreement to co-develop high-technology parks in both Russia and China. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Former Chinese Sovereign Fund Chair to Lead World Bank Rival

According to the International Monetary Fund (IMF), China recently passed over the United States to be the world’s largest economy according to their calculations. The IMF method used to calculate this uses adjustments for purchasing power parity. For instance, China makes up 16.48% of the world’s purchasing power-adjusted gross domestic product (GDP) versus the United [...]


AIMCo Consortium Wins, Buys Porterbrook

The battle is won, as a consortium of institutional investors have agreed to acquire one of the three major rolling stock leasing companies in the United Kingdom. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


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 [...]


HKMA, CPPIB Win QFII Quotas from SAFE

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 [...]


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