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APFC Board adopts new policies

According to the press release, “The Alaska Permanent Fund Board of Trustees approved new Board Charters and a Governance Policy, as well as an updated Investment Policy at its regular meeting on Wednesday and Thursday. The new documents incorporate a number of existing policies and charters into two streamlined documents that will hold all of the related information together.

“In the past we had a handful of resolutions that addressed the management of each of our asset classes and were separate from the manual on how we invested. We also had separate board charters, as well as governance procedures that were not codified in writing,” said Board Chair Steve Frank. “By pulling together these two documents, it will make our policies and procedures more transparent, and provide a great deal of benefit to incoming Trustees.”

For the most part, the new policies do not represent significant changes from past practices. However, the updated investment policy does delegate the Board’s authority to authorize the hiring and firing of managers to staff.

“This change makes sense and is in line with how similar funds operate,” said Frank. “The Board must first authorize a manager search, but then we leave the hiring of managers to the staff that have the time to conduct due diligence visits and comb through performance data.”

In addition to approving the new policy documents, the Board also took the following actions:

  • Approved a $600 million commitment to private equity investments for Fiscal Year 2011 as well as authorizing use of the remaining $250 from the Fiscal Year 2010 commitment in the coming year.
  • Approved the APFC’s Fiscal Year 2011 budget as authorized by the Legislature, and authorized changes within the Fiscal Year 2010 budget for the remainder of the current fiscal year.”

Read more: APFC Press Release

Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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Digital Insurance Distributor BGL Opts for CPPIB Money Over IPO

Canada Pension Plan Investment Board (CPPIB) is investing £675 million (US$ 895.715 million) for a 30% stake in Peterborough-based BGL Group, a digital distributor of insurance and household financial services to 8.5 million customers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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