LEAGUE TABLES: Goldman Sachs Takes the Iron Throne for 2016
The Sovereign Wealth Fund Institute (SWFI), through its proprietary database, tracks direct transactions by sovereign wealth funds, pensions and other public funds. The database has a bias toward equity, real estate and infrastructure transactions and a much lower emphasis on bond deals. Combining all public investors, for calendar year 2016, transactions amounted to US$ 205.25 billion versus US$ 237.18 billion in 2015. 2015 ended up being a record year for public investor direct investments. When it comes to sovereign wealth funds, the 2016 transaction figure amounted to US$ 96.31 billion versus US$ 120.76 billion in 2015. 2016 follows the trend of a three-year decline in direct sovereign investor transactions from 2013. To be clear, 2013 was an outlier sovereign wealth fund direct transaction year, with a bias toward Norway’s Government Pension Global Fund (GPFG) acquiring many open market positions in listed equities. In addition, sovereign wealth funds expanded direct investments into the United States in 2016 by closing at US$ 30.39 billion versus US$ 24.58 billion in 2015. Drastic drops in direct transactions by sovereign investors incurred in major markets such as China and the United Kingdom.
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Top Financial Advisors for 2016
For 2016, Goldman Sachs reclaimed the iron throne as the number one financial advisor for public investor direct transactions. Morgan Stanley, which placed #1 in 2015, plummeted to fifth place in 2016. JPMorgan, another financial advisor which placed #1 in 2015, dropped to #3 in 2016. Taking second place in 2016 was Credit Suisse. Other notable mentions for the year are CBRE, Barclays, Deutsche Bank, Macquarie, Citigroup, Bank of America Merrill Lynch, Eastdil Secured and HSBC.
For calendar year 2016, the top legal advisor for public fund transactions was Linklaters, displacing the previous top contenders, Clifford Chance and Torys. Torys did not even rank in the top four for 2016. Clifford Chance fell to third in 2016, being tied with Weil Gotshal & Manges and White & Case. Tied for second place are Kirkland & Ellis and Herbert Smith Freehills.
Source: SWFI – Sovereign Wealth Fund Transaction Database – www.swftransaction.com, January 16, 2017
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