Archive | January, 2017

Mega Asset Owners Form Investor Stewardship Initiative

A collective of institutional investors have formed the Investor Stewardship Group to establish a framework of basic standards of investment stewardship and corporate governance for U.S. institutional investor and boardroom conduct. “In markets around the world, there are well-established governance and stewardship codes. The Investor Stewardship Group’s goal is to codify the fundamentals of good […]


london

bcIMC Acquires Institutional Shareholding of Hayfin Capital Management

British Columbia Investment Management Corporation (bcIMC) agreed to buy the majority shareholding in London-based Hayfin Capital Management LLP from the existing consortium of institutional shareholders. These shareholders are TowerBrook Capital Partners, PSP Investments, Ontario Municipal Employees Retirement System (OMERS) and Australia’s Future Fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please […]


USS Forms Joint Venture with Morgan Sindall Investments

The Universities Superannuation Scheme (USS) is on the forefront of endowment money inking partnerships with institutions to boost returns in a low-yield world. The massive endowment investor is attracted to investing in portfolios of properties producing long-term, stable returns. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. […]


Lebanon Could Join the Sovereign Wealth Fund Community

Lebanon could have its own sovereign fund funded by oil and gas revenue. The Eastern Mediterranean region, specifically the Levant basin, is home to offshore oil and gas, as Israel, Egypt and Cyprus have already started developing its resources. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. […]


SWFI First Read, January 31, 2017

Kuwait FinMin Expects $25.85 Billion Budget Deficit for New Fiscal Year Kuwait Finance Minister Anas al-Saleh announced the budget deficit for the new fiscal year, beginning April 1, 2017, to be 7.9 billion KWD (US$ 25.85 billion). The minister’s forecast was built on an assumption of a US$ 45 oil barrel price and after a […]


Lawsuits Pursued by Japanese Asset Owners Mount Against Toshiba

Already, Japan’s Government Pension Investment Fund (GPIF) had indirectly sued Toshiba Corporation, through Japan Trustee Services Bank, Ltd., seeking some ¥13 billion in damages. Electronics giant Toshiba is ensnared in a massive accounting scandal which greatly affected the company’s share price. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to […]


5 Things Sovereign Wealth Funds Aren’t Telling You

With the Dow Jones Industrial Average (DJIA) breaking 20,000, sovereign investors are not holding back. Yes, We Still Use Active Managers and Hedge Funds Yes, a good amount of active management mandates were redeemed by sovereign funds in 2015 and 2016. Despite the monotonous, negative financial press on hedge funds and swift condemnation of active […]


SWFI First Read, January 30, 2017

Kung hei fat choi! (January 28, 2017) The Year of the Rooster has arrived. Kimberley Stafford to Lead PIMCO’s APAC Business Newport Beach-based Pacific Investment Management Company (PIMCO) named Kimberley Stafford as the new head of Asia-Pacific. She plans to relocate to Hong Kong by the middle of 2017. Stafford was Managing Director and Global […]


Korea’s National Pension Service Invests in One Vanderbilt Avenue

SL Green Realty Corporation, New York City’s largest office landlord, sold a 27.6% interest in One Vanderbilt Avenue to the National Pension Service of Korea (NPS), and a 1.4% interest to Hines Interest LP. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, January 27, 2017

OFFICIAL: OMERS Kicks in Juice for Fairfax Allies World Deal Toronto-based Fairfax Financial Holdings Limited and the Ontario Municipal Employees’ Retirement System (OMERS) announced that they have entered into an agreement pursuant to which OMERS will invest US$ 1 billion in order to indirectly acquire approximately 21% of the issued and outstanding shares of Allied […]


Temasek’s High-Stakes Bet on Google’s Verily Life Sciences

Asian sovereign wealth funds march forward on their quest for innovative healthcare companies. Singapore’s Temasek Holdings invested US$ 800 million in Verily Life Sciences LLC, a spin-off of Alphabet (formerly known as Google) for a minority ownership stake. Verily Life Sciences, formerly known as Google Life Sciences, is a health and life sciences subsidiary of […]


TEQUILA!

Mexico-based Jose Cuervo, the world’s largest tequila maker, seeks to raise US$ 706.5 million in its initial public offering (IPO). The tequila manufacturer was hesitant in having its IPO over the fluctuations in the Mexican peso. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


NBIM Prologis Partnership Sold Three Bay Area Properties

A partnership formed by Norges Bank Real Estate Management, the real estate unit of Norges Bank Investment Management (NBIM), and Prologis, sold three logistics properties in the San Francisco Bay Area to JLL Income Property Trust. JLL Income Property Trust is managed by LaSalle Investment Management. Norges Bank Real Estate Management received US$ 38.3 million […]


SWFI First Read, January 26, 2017

CPPIB Joins Investor Group to Bid for Shell’s North Sea Assets The Canada Pension Plan Investment Board (CPPIB), EIG Global Energy Partners and North Sea-explorer Chrysaor Holdings Ltd. are bidding together to acquire a portfolio of Royal Dutch Shell Plc’s U.K. North Sea assets for more than US$ 2 billion. Shell is on track to […]


Harvard

Harvard Management Company to Terminate Half of its Workforce

In a bid to turn things around, Harvard Management Company (HMC) plans to lay off approximately half of its workforce by the end of 2017. HMC plans to shutter its internally managed hedge fund units. Second, the indirect real estate investment team would exit by the end of 2017. Organizational complexity placed a burden on […]


USS Acquires $3.1 Billion Direct Lending Portfolio from Credit Suisse

The growth of non-bank lending in Europe represents a structural shift in capital markets. Asset managers and owners are filling the funding gap where banks are restricted in lending. European institutional investors continue to grow their private credit strategies, looking for pioneering ways to access return premia. [ Content protected for Sovereign Wealth Fund Institute […]


BlackRock Moves $1 Trillion in Custodial Assets from State Street to JPMorgan

In a rare move, BlackRock Inc., the world’s largest asset manager, announced they are migrating more than US$ 1 trillion of its assets from the custody of State Street Corporation to its competitor JPMorgan Chase & Co. Ultimately, the decision was to lower costs for BlackRock’s clients. The custodial deal was one of the biggest […]


SWFI First Read, January 25, 2017

Norway GPFG: Raytheon Removed from Naughty List Defence company Raytheon was removed from Norway’s SWF banned list. Raytheon was banned from investing in 2005 over its involvement in the production of cluster munitions. Raytheon is no longer involved in the activity. India’s NIIF to Ink MoU with ADIA [ Content protected for Sovereign Wealth Fund […]


Trump Admin Compiles Initial Infrastructure List

Documents obtained by McClatchy’s Kansas City Star and The News Tribune detail 50 potential infrastructure projects that U.S. President Donald Trump’s team has compiled. Some of the projects are revenue generating and would be open to private money. So far, the projects total some US$ 137.5 billion.[ Content protected for Sovereign Wealth Fund Institute Standard […]


FSDEA Invests in Cabinda Port Development

Fundo Soberano de Angola (FSDEA) is investing US$ 180 million into the country’s first deep-sea water port in Cabinda, called Caio Porto SA, for a 50% ownership stake. Cabinda is the capital city of the Cabinda province, an northern exclave of Angola. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe […]