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COMEBACK: Goldman Sachs Tops SWFI Financial Advisory League Table for H1 2016

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SWFI_leaguetable_july2016reportSovereign wealth funds are significant actors when it comes to the world of direct investing. Since the 2000s, the number of wealth funds has blossomed. However, over the past year, there has been a recognizable slowdown in the dollar amount of cross-border SWF investment as deal making activity considerably subsided. For the first half of 2016, wealth funds and other public pension investors invested US$ 73.2 billion directly, according to data from the Sovereign Wealth Fund Transaction Database. This is a sharp decline from the US$ 126.7 directly invested in the first half of 2015.

A number of observations are that more wealth funds have been allocating toward alternative investment vehicles such as real estate funds, credit funds and infrastructure funds. Second, there has been some pull back in direct listed equity investing. Third, there were gaps between buyer and seller valuations in industries such as financials. For example, TPG’s bid to acquire ICICI Home Finance was delayed because ICICI Bank demanded a higher valuation. TPG ended up agreeing to a price, then reached out to some wealth funds to help back the deal. Lastly, wealth funds alone in the first half of 2016 invested US$ 37.1 billion directly versus US$ 67 billion from the first half of 2015.

For the first semester of 2016, the top financial advisor was Goldman Sachs. Goldman Sachs rose from fifth, in the second half of 2015, to first in the current half-year period. Goldman Sachs was ranked #1 for the first half of 2015. Vacating their former top spot which they occupied in the second half of 2015, is Eastdil Secured.

Legal Advisors

For the first half of 2016, the top legal advisor for public fund transactions was Linklaters tied with Herbert Smith Freehills.

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Source: SWFI – Sovereign Wealth Fund Transaction Database – www.swftransaction.com, July 6, 2016

SA FinMin: PIC CEO Plans to Resign

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Dr Dan Matjila, the Chief Executive Officer of the Public Investment Corporation (PIC) of South Africa, plans to resign according to South Africa’s finance ministry, which oversees the organization. The finance ministry commented that PIC’s board was dealing with Matjila’s intentions. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Goldman Sachs Sued by Abu Dhabi SWF Unit

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International Petroleum Investment Company (IPIC), which is now wrapped up into Abu Dhabi-based Mubadala Investment Company, is suing Goldman Sachs over its role in the 1MBD international corruption scandal. IPIC, through its unit Aabar Investments, was once an investment partner of 1Malaysia Development Berhad (IMDB). In the lawsuit, Aabar believes Goldman Sachs conspired with others to bribe both IPIC and Aabar Investment former executives. SWFI and other media outlets have written extensively on the matter.

In the fall, the U.S. Department of Justice (DOJ) already unsealed criminal charges against key players in the massive fraudulent scheme, while Malaysian government officials have jailed its former prime minister Najib Razak.

Lloyd Blankfein, the recent former CEO of Goldman Sachs, attended a 2009 meeting with Malaysian financier Jho Low (name: Low Taek Jho). According to various media sources, Blankfein is the unidentified Goldman executive who attended the 2009 meeting in New York in the U.S. court documents.

Goldman Sachs faces a plethora of lawsuits and regulatory probes stemming from its involvement in the 1MDB scandal.

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EXPORT DREAMS: American Reliance on World Oil at an Inflection Point

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Remember the days of experts talking about peak oil. The peak oil concept is the point in which the global petroleum production rate starts its inevitable historic decline. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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