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COP21: How Will This Impact Institutional Investors?

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At the Conference of the Parties’ U.N. Framework Convention on Climate Change (COP21) in Paris, world leaders huddled to layout a framework on tackling greenhouse gas emissions. The luminaries of global warming were present such as former U.S. Vice President Al Gore. Actor Sean Penn and United Nations secretary-general Ban Ki-moon were present as well. Leading many of the negotiations and pushing for the agreement was Laurent Fabius, French Minister of Foreign Affairs and International Development. After rounds of negotiations and bartering, a global climate agreement has been reached in Paris. For the first time in world history, nearly 200 countries are part of a single agreement on the need to lower greenhouse gas emissions. This is the Paris Agreement.

Despite the historic diplomatic agreement, an agreed framework to price carbon remains key on whether more institutional investors will shed fossil fuel assets.

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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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