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Follow the Money – Episode 16


In this episode, I get Nicholas Garrott’s insider perspective on post-Brexit, the future of the United Kingdom and asset owner European targets, from a macroeconomic expert who served under former London Mayor Boris Johnson’s administration. Garrott now works for Kyklos London. Kyklos London was founded by Dr Gerard Lyons. I ask Nicholas on his thoughts regarding the Bank of England, trade flows, wealth funds and real estate.

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0:45 A Brexit BOOM or Brexit Bust?
3:50 Going Over PMI Numbers
5:20 Where Long-Term Pensions and Wealth Funds Are Placing Money in the UK
8:10 U.K. – Loosening Austerity and Pro-Infrastructure
9:15 Analyzing Trade Flows
11:30 U.K. and German Trade Relations
12:40 The Norway Model Question

Follow the Money Show is available on on the Asset Owner Channel.


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Our guest
Nicholas Garrott has several years experience as an economist in the financial services industry, academically and within the UK Civil Service. He is well qualified to support Gerard as he has many years as his personal supporting advisor. He has a number of supporting academic qualifications in economics, history and politics that allow him to undertake a broad base of research topics. Most recently he co-wrote with Gerard the influential Europe Report and has worked on infrastructure impact studies, investment studies and policy creation advisory projects for emerging economies around the world (including Africa). Nicholas also has experience with international investment, regularly advising UK government bodies on how to attract flows from abroad. He is also a recognised expert on Sovereign Wealth Funds.

The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

Concerns Raised at Potential BlackRock Takeover of CalPERS’ Private Equity

The California Public Employees’ Retirement System (CalPERS) has been analyzing options on what to do with its massive US$ 26 billion private equity program. The pension system has embraced the mantra of reducing cost, reducing complexity and reducing risk, the hallmark of its program called “INVO 2020”. CalPERS also wants less, but more strategic relationships with external money managers. At one point, CalPERS was contemplating increasing its direct investment staff to model Canadian pension funds such as Canada Pension Plan Investment Board (CPPIB), OMERS and the Ontario Teachers’ Pension plan. The pendulum has begun to swing the other way as reported earlier by SWFI research staff.

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CDP Signs €1.7 Billion Infrastructure Loan Agreement with Atlantia Group

Cassa depositi e prestiti S.p.A. (CDP) and Atlantia Group’s Autostrade per l’Italia (ASPI) have signed a €1.7 billion loan contract dedicated to upgrading motorways in Italy under concession to ASPI. €1.1 billion will come in the form of a term loan with a 10-year tenure, with the remaining €600 million wrapped up in a five-year revolving loan.

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Sovereign Funds Commit to Integrating Climate-Related Risks at One Planet Summit

Representatives from a number of sovereign wealth funds who collectively govern over US$ 2 trillion in assets came together at the One Planet Summit at the Élysée Palace in Paris in order to discuss what public asset owners can do to incorporate climate change-related risks and opportunities into investment considerations.

The newly formed committee – called the One Planet Sovereign Wealth Fund Working Group – includes as its founding members the Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority (KIA), Qatar Investment Authority (QIA), Norges Bank Investment Management (manager of Norway’s Government Pension Fund Global), Saudi Arabia’s Public Investment Fund (PIF), and the New Zealand Superannuation Fund.

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