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Friday SWFI News Roundup, April 25, 2014

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Korea Investment Corporation Considers Beijing Office

The Korea Investment Corporation (KIC) is considering opening up a Beijing office, joining other sovereign wealth funds like the Kuwait Investment Authority, Qatar Investment Authority and GIC Private Limited. The sovereign wealth fund has a US$ 400 million quota under China’s QFII program.

Temasek Holdings’ Offer for Olam is Unconditional

Singapore’s Temasek Holdings, through its sovereign wealth enterprise, Breeden Investments, has made its offer to buy Olam fully unconditional. In March, Breedens offered to acquire the remaining shares of Olam at S$ 2.23 per share.

On April 24, Temasek and its investor group control 57.4% of the total issued share capital of Olam. In addition, Breedens received all necessary regulatory approvals for the Olam transaction.

Yatra.com Gets Funding from Vertex Venture and Other VCs

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JPMorgan Sells Stake in Saudi Investment Bank

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JPMorgan Chase & Co. is one of the largest foreign banks in Saudi Arabia. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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What Will BlackRock Look Like in 2030?

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Will BlackRock, currently the world’s biggest asset manager, be around in 10 years, or be overtaken in the exchange-traded fund market by tech companies like Amazon or Alibaba? Amazon is already in the online lending game. Amazon CEO Jeff Bezos once said, “Your margin is my opportunity.” Will Laurence “Larry” Fink still be CEO or at least Chairman of BlackRock? A lot can happen. BlackRock’s Aladdin is rubbing the lamp, calling on a genie to make its third final wish.

Over the past decade, BlackRock and the élite asset management community benefitted handsomely from central bank measures such as quantitative easing, with the rapid creation of money flowing into listed equity markets. At the end of 2017, BlackRock topped US$ 6.29 trillion in assets under management, rivaling nearly the size of the whole sovereign wealth fund market. Can BlackRock get any bigger or at least reach US$ 10 trillion in assets by 2030? This open-ended question can be answered in many ways, but factors such as market access to China, India and Southeast Asia will be crucial for BlackRock. In fact, SWFI research sees the Asia-Pacific region growing faster than the global AUM rates. BlackRock could be missing out on China, as players like Ant Financial offers products such as Yu’e Bao (Chinese for leftover treasure), a money market fund that was pushed out in June 2013 permitting Alibaba customers to use money leftover in their Alipay accounts.

By 2030, the United Nations predicts planet Earth will have 8.5 billion residents (more potential investors) and by then many of these grandeur Middle Eastern vision plans will be complete. Sovereign funds could be commanding nearly US$ 20 trillion in assets. Next, corporate boards across the United States, Europe and Asia might have all-but-embraced some form of globally-recognized ESG standards by nudging from CalPERS, BlackRock and the Swedish buffer funds.

BlackRock Will be Bloomberg

As incumbent financial industry consultants analyze products, regulatory changes and asset flow patterns, many are missing out on BlackRock’s not-so-secret weapon. As certain financial products and services become cheaper, a key differentiating factor for these firms is technology which can reduce labor costs, improve services and reduce execution risks. In an uncompromising fashion, BlackRock continues to push its Aladding solution on new and current clients in a bid to make quitting harder, while deriving more data insights from its octopus-like client reach. Armed with eleven data centers and more than 30,000 Aladdin users, BlackRock desires to ingrain itself into the workflow of every asset owners – small or big – knowing full well that ETFs and fund mandates can be lost in a whim. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ascendas-Singbridge Acquires Three Hotels in Osaka

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Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

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