SWFI First Read, April 28, 2017

Australia’s Future Fund Rides the Bullish Wave into March 2017

As of March 31, 2017, the Future Fund reached A$ 129.6 billion in assets. David Neal, Managing Director of the Future Fund, said in a press release, “The Future Fund’s overall risk level remains unchanged and towards the lower end of our normal expectations. This reflects our view that we should only take on additional risk where the expected returns are appropriate. We continue to work hard and in a disciplined way to identify areas of opportunity, taking up those with attractive risk-adjusted returns and ensuring the portfolio is flexible and efficient.”

SEI Investments Loses to BlackRock in Bpf Meubel’s Fiduciary Mandate

Pensioenfonds Meubel (Bpf Meubel), a Netherlands pension fund for the furniture industry, named BlackRock as its fiduciary manager. BlackRock replaces SEI Investments as the fund’s fiduciary manager. In addition, SEI Investments oversees some 80% of the fund’s assets as an asset manager. In 2016, the fund had an annual return of 0.94%, as 46% of its assets are in fixed income versus 29% held in equity. In 2016, SEI Investments earned €6.5 million in its fiduciary manager mandate from Bpf Meubel.

Invesco to Buy ETF Provider Source from Warburg Pincus

Invesco is buying a majority stake in Source, a London-based exchange-traded funds (ETF) provider, from an affiliate of Warburg Pincus. Source oversees US$ 18 billion in assets, while managing US$ 7 billion in subadvised assets. Other investors holding their position in Source include Morgan Stanley, Nomura, Bank of America Merrill Lynch, Goldman Sachs and J.P. Morgan. Warburg Pincus had bought into Source in 2014. The financial advisor for Source is JPMorgan, while the legal advisor was Freshfields Bruckhaus Deringer LLP.

1MDB and IPIC Ink Conditional Agreement

Ever since the U.S. Department of Justice (DOJ) put heat on the 1Malaysia Development Berhad (1MDB) debacle, government officials from around the world involved want a faster resolution to outstanding issues. The issue between Mubadala and 1MDB encircles agreements on two bond offerings in which IPIC did not receive payment, even though 1MDB maintained they did. On April 24, 2017, 1MDB and IPIC agreed to a conditional agreement in which 1MDB would pay US$ 1.2 billion in two installments. The agreement is conditional on the Arbitration Tribunal in London. The agreement is awaiting a consent award by May 31, 2017.

RDIF and JBIC Make Progress on Key Terms for Russia-Japan Investment Fund

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