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CLS Group Makes Strategic Hires to Boost Sales

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New York-based CLS Group, a company that provides a foreign exchange settlement platform along with data solutions, hired Angus Scott, Euroclear’s former head of product strategy and innovation. Scott is joining CLS as head of product. Scott will report to Alan Marquard, CLS’ chief strategy and development officer. Scott also held roles at HSBC Securities Services and the London Stock Exchange (LSE).

CLS Group also hired Lisa Danino-Lewis to be head of sales for Europe, Middle East and Africa (EMEA). Previously, she was Head of e-Commerce Foreign Exchange Sales (EMEA) at HSBC. Danino-Lewis also held roles at BNP Paribas and London-based Broadway Technology.

In recent news regarding the company, CLS included Absa Bank as its newest settlement member, giving the company a stronger presence in South Africa. Formed in 2002 as a limited purpose bank, CLS is owned by banks and institutions such as Bank of America, BMO, BNY Mellon, Citi, Macquarie, DBS Bank, Barclays, Deutsche Bank and many others.

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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