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Do Sovereign Wealth Funds Need Bankers for Deal Flow?

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Sovereign funds are earning their keep as buyers of assets, competing against private equity funds for lucrative stakes in companies like New China Life and a U.K. mobile company. The competition for attractive, long-term, sustainable companies is fierce. In 2007, sovereign wealth funds owned about US$ 3.5 trillion in assets, and there were far fewer in number. Pre-2004, these public institutional investors were known by dealmakers on Wall Street but significantly unknown by the financial media and general public. In the past, wealth funds frequently procured the use of investment bankers for idea generation and deal flow (and still do today), but the relationship between banker and asset owner has evolved favoring the latter. The push and pull relationship continues to propagate; the needs of investment banking and deals remain, but the level of trust vacillates. In this story, we have selected Goldman Sachs to analyze for multiple reasons. First, Goldman typifies the ideal investment bank to many in the industry. The bank has a reputation for getting deals and getting paid massive amounts of money. Analyzing multiple sources of data, including our own, the investment bank year-to-date is the top fee generator in the area of mergers & acquisitions. Trailing behind is JP Morgan, Bank of America Merrill Lynch, Morgan Stanley, Deutsche Bank and Citi when it comes to fees and M&A.

Has Goldman Sachs investment banking lost out to competitors when it comes to dealing with sovereign funds?

Inside Goldman Sachs

Former Goldman Sachs co-Chair John Whitehead (passed away in 2015) wrote his 10 commandments. One of this commandments was “Important people like to deal with other important people. Are you one?”

This highlights the culture of Goldman Sachs. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Matt Whineray Officially Named CEO of NZ Super Fund

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On June 19, 2018, the Board of the Guardians of New Zealand Superannuation (NZ Super Fund) officially appointed Matt Whineray as chief executive officer. He has been acting CEO of the sovereign wealth fund since March 2018. Whineray joined the organization in 2008 as general manager, private markets and in 2014 became chief investment officer. The appointment is effective July 1, 2018.

An executive search was conducted when Adrian Orr decided to take the governor job at New Zealand’s central bank.

Here is an interview SWFI conducted with Matt Whineray.

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SWFI First Read, June 19, 2018

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Tronc to Revert to Original Name – Tribune Publishing

Publishing company Tronc will go back to its current name Tribune Publishing. Tronc is the parent company of the New York Daily News and Chicago Tribune. Tronc stood for Tribune Online Content, but received vast ridicule from the U.S. media community.

Denholm to Lead as CIO of Solutions Unit at Aviva Investors

Al Denholm was named Chief Investment Officer for the new solutions unit at Aviva Investors. This is a new position and Denholm is based in London. He will report to Aviva Investors CEO Euan Munro. Denholm was Chief Executive Officer at Prudential Portfolio Management Group.

Hostetter Gets Fresh Start at Russell Investments

Robert Hostetter was named Global Head of Product at Russell Investments. He will report to Michelle Seitz, CEO and Chair of Russell Investments. Previously, Hostetter was Managing Director and Global Head of Product Strategy at AllianceBernstein.

President Trump Wants a Space Force Branch

U.S. President Donald Trump revealed plans at directing the Pentagon to form a new space force branch of the military.

Greenpeace Occupied AP3’s Offices Last Week

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

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CalPERS Reveals More of New Private Equity Model

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The California Public Employees’ Retirement System (CalPERS) is a major U.S. pension player in private equity.

CalPERS is keen on using this direct model to better source and take advantage in private equity to meet its goal of a 10% target, while lowering fees. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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