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Alaska SWF Backs New SSgA Smart Beta Funds

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Increasingly, sovereign wealth funds and pensions are embracing the usage of factor-based investing or smart beta. State Street Global Advisors (SSgA) has US$ 81 billion in assets under management when it comes to smart beta offerings. SSgA developed new exchange-traded funds (ETF) with input from the Alaska Permanent Fund Corporation (APFC). The APFC has been contemplating smart beta strategies for well over a year, according to SWFI Compass – an opportunity tracking service. In return, the AFPC is investing US$ 1 billion across the three new smart beta ETFs. The three ETFs are broken out by yield, momentum and low volatility.


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The ETFs are designed to track the performance of rules based indexes from FTSE Russell. The three ETFs are SPDR Russell 1000 Momentum Focus ETF, SPDR Russell 1000 Yield Focus ETF and SPDR Russell 1000 Low Volatility Focus ETF.

“The adoption of smart beta strategies has been one of the most powerful trends in investing over the recent years and investors are now rethinking their core exposures to leverage approaches that seek to bridge the gap between active and passive,” said James Ross, executive vice president and global head of SPDR Exchange Traded Funds at State Street Global Advisors in a press release.

Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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