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China Investment Corporation Plans to Open an Office in Toronto, Score for Canada

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The China Investment Corporation (CIC) is planning to open an office in Toronto. The office will be the main center for North American investments for the CIC. Toronto was chosen over New York and London, as China’s SWF first western outpost. This is a surprise too many, since sovereign funds like the Kuwait Investment Authority, Abu Dhabi Investment Authority, and Singapore’s GIC started Western offices in cities like New York and London. There are a number of select reasons why the CIC chose Toronto over other financial centers like New York, London, and Chicago. First, Toronto is still relatively close to New York and even a fast flight to London. Toronto is also close to Calgary and Vancouver, key cities that have a large presence in the Canadian energy markets.  Second, Canada is one of the only G-7 countries that have been somewhat resilient in the financial crisis of 2008. US Financials proved to be troubling investments for several sovereign funds. From a macro perspective, Canada has a myriad of natural resource opportunities to invest in, coupled with a media and government less intrigued in protectionism. That could change overtime however.

The last office CIC opened was in Hong Kong. This marks the first step in which the CIC will begin to deploy billions directly into the Americas to diversify their holdings. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Ping An Good Doctor Lures Big Public Asset Owners

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Ping An Good Doctor, formerly known as Ping An HealthCare and Technology Company, is a Chinese online healthcare platform that is part of Ping An Insurance (Group) Company. This unit is planning to be offered in a Hong Kong initial public offering that could raise as much as 8.8 billion HKD in shares at 50.80 or 54.80 HKD per share.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek and Schneider Electric Eye L&T Electrical Unit

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Singapore’s Temasek Holdings and France-based Schneider Electric are in talks to acquire Larsen & Tourbo’s electrical and automation business. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CalPERS Allocates $1 Billion Internally to a Global ESG Strategy

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In February 2018, the California Public Employees’ Retirement System (CalPERS) allocated US$ 1 billion to an internally-managed QSI Global ESG strategy. The internally-managed strategy was developed by New York-based QS Investors, LLC, a subsidiary of Legg Mason. CalPERS entered into a 5-year contract with QS Investors, with a possible spend of over US$ 1 million per annum.

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

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