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Euroclear Becomes Latest SWFI Member

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EuroclearEuroclear is the latest organization to join as a member of the Sovereign Wealth Fund Institute. The global Sovereign Wealth Fund Institute membership program is for leading asset managers and service providers engaged in the public investor community. Some of our members include the largest asset managers in the world.

About Euroclear
Euroclear is the world’s largest provider of domestic and cross-border settlement and related asset services for bond, equity, derivatives and fund transactions. Client interests are Euroclear’s top priority.

In 2012, the total value of securities transactions settled by the Euroclear group was US$ 735 trillion, while assets held for clients exceeded US$ 31 trillion. We serve clients from more than 90 countries across the world including a total of 100 central banks, SWF, investment authorities and supra-nationals. Other type of clients include large broker/dealers, commercial and universal banks, local and global custodians and central securities depositories as well as others involved in the issuance, settlement and asset servicing of domestic and international securities.

Managing an excess of US$ 1 trillion of daily collateral movements through our global Collateral Highway, Euroclear offers access to the widest range of counterparties across multiple products and asset classes. Euroclear’s Collateral Highway makes it easy to source and mobilise securities to be used as collateral for multiple purposes. Clients reduce their back-office work, have access to real-time information and benefit from a completely automated process to substitute and re-use collateral, when appropriate.

Extending our global Collateral Highway across the different continents is our priority as it fits in our plans to improve cross-border collateral mobility and liquidity. It also underscores our commitment to clients and market infrastructures to ease cross-border flows and contribute to linking emerging market economies with the traditional ones.

The Euroclear group includes the international central securities depository (CSD) Euroclear Bank in Brussels, as well as the national CSDs of Belgium, Finland, France, Ireland, Sweden, the Netherlands and the UK.

With links to Central Securities Depositories (“CSD”) in 44 markets, Euroclear Bank settles transactions in 54 currencies. Euroclear Bank is rated AA+ by Fitch Ratings and AA by Standard & Poor’s.

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Questions: Vince Berretta – vberretta@swfinstitute.org

Atlas Merchant Capital and GIC Scoop Up Stake in Ascensus

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Atlas Merchant Capital LLC and Singapore’s GIC Private Limited acquired just under a 25% equity stake in Dresher, Pennsylvania-based Ascensus, the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. San Francisco Genstar Capital LLC and New York-based Aquiline Capital Partners LLC were the sellers of the shares in Ascensus and will maintain control over the company.

Atlas Merchant Capital LLC was founded by Bob Diamond and David Schamis. Diamond is the former group chief executive of Barclays plc.

GIC is an investor in Alight Solutions, a provider of human capital solutions.

Advisors

Barclays acted as the lead financial advisor and J.P. Morgan acted as financial advisor to Ascensus in connection with this transaction. Willkie Farr & Gallagher LLP acted as legal counsel to Ascensus.

Debevoise & Plimpton LLP acted as legal counsel to Atlas Merchant Capital and Sidley Austin LLP acted as legal counsel to GIC.

In 2015, JC Flowers sold Ascensus to Genstar Capital and Aquiline Capital Partners.

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The Value of Research: Skill, Capacity, and Opportunity

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This article is sponsored by S&P Dow Jones Indices.

How much should a portfolio manager be willing to pay for research? The question is of importance to any manager, but has become particularly pertinent since newly imposed European rules require that the costs of investment research—previously offered by many investment banks as an in-kind consideration in return for brokerage business—be unbundled from trading.

Unfortunately, attempts to determine a fair value for research in the most general circumstances are doomed to fail. Even if we only consider direct recommendations to buy or sell certain securities, the value of such recommendations to a portfolio manager will vary according to the absolute size of positions taken in response. Instead, we provide a framework for estimating relative research values across markets and constituents, under certain stylized (but reasonable) assumptions.

REPORT: The Value of Research: Skill, Capacity, and Opportunity

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Khazanah to Scale Back International Investments, Preps 2019 Dividend

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Malaysia’s Khazanah Nasional Berhad is prepping to declare more than 1 billion MYR in a dividend payout to the Malaysian government for 2019. Khazanah Nasional is undergoing a significant strategy shift to focus more on domestic assets, while selling off venture tech investments, overseas real estate, fund investments, and other non-strategic assets. The wealth fund also plans to scale back its overseas presence in markets such as San Francisco and London.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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