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Abu Dhabi Aircraft Technologies and Sikorsky to create JV to Develop Military Maintenance, Repair and Overhaul Center in UAE

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According to the press release, “Abu Dhabi Aircraft Technologies (ADAT) and Sikorsky Aerospace Services today announced the launch of a joint venture to provide world class military aviation Maintenance, Repair and Overhaul (MRO) services to the United Arab Emirates (UAE) Armed Forces and other military operators internationally, including in the wider Middle East and North Africa region.

ADAT is wholly owned by Mubadala Development Company, the strategic investment arm of the Abu Dhabi Government, in the United Arab Emirates. Sikorsky Aerospace Services is the aftermarket business of Sikorsky Aircraft Corp., a subsidiary of United Technologies Corp. (NYSE: UTX).

The joint venture, known as AMMROC (Advanced Military Maintenance, Repair and Overhaul Center), brings together ADAT’s military track record of high quality and reliable maintenance services, and Sikorsky Aerospace Services’ Original Equipment Manufacturer (OEM) expertise.

With the combined strength of the joint venture parties and an aggregate investment that exceeds US$800 million, AMMROC will draw on decades of experience and expertise in aerospace engineering, material support, logistics, maintenance, component repair, overhaul and training to deliver a fully integrated MRO support program by a single provider. This will enable AMMROC to provide innovative platform solutions for all fixed and rotary wing aircraft, to ensure guaranteed aircraft readiness, deployability, improved safety and self reliance.

Read more: Press Release

GIC Sells Arizona Biltmore to Blackstone

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Blackstone Real Estate Advisors, part of the Blackstone Group, acquired the 740-room Arizona Biltmore hotel, located in Phoenix, for US$ 403.4 million. The deal closed on April 20, 2018.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Acquires Stake in Growing Hedge Fund Phoenician Capital

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Mubadala Investment Company, through its unit Mubadala Capital, purchased a minority stake Phoenician Capital, LLC. Although terms and size of the deal were not disclosed, the agreement grants Mubadala Capital rights to invest in a fund managed by the New York-based firm, which generated respective returns of 40.8% and 33.0% in 2016 and 2017, against benchmarks of 12.0% and 21.8% for the S&P 500. The hedge fund runs the Phoenician Offshore Fund Ltd.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Large Asset Managers Continue to Move Operations Out of California

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In the 2010s, Fisher Investments, an investment firm run by Ken Fisher, moved a large number of employees from the Woodside and San Mateo campuses to a town called Camas in Washington, near Portland. Vanguard has a large operational presence in Arizona, while Charles Schwab Corporation has expanded its technology operations and client services in places like Denver, Dallas, Austin and Phoenix. Dimensional Fund Advisors moved its headquarters in 2008 from Santa Monica, California to Austin.

While asset managers reap profits and try to lower employee head count costs, looking to fly-over country seems appealing.

The Pacific Investment Management Company (PIMCO), part of the Allianz family, selected Austin, Texas as its new office to hire more client services and technology talent. The PIMCO Austin office will open later in 2018. PIMCO is headquartered in Newport Beach, California, with an office in New York City.

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