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Friday SWFI News Roundup, December 19, 2014

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Man Group Buying up U.S. Alternative Management Businesses

Man Group has acquired Stamford-based Silvermine Capital Management. Man Group is looking to augment their presence in the United States, buying up alternative shops. Silvermine Capital Management has US$ 3.8 billion in assets under management. Silvermine is owned by its founders and senior executives. The firm focuses on U.S. levered credit portfolios. The deal is expected to close in the first quarter of 2015, which the company will be integrated under Man GLG, a subsidiary of Man Group. In 2014, the Man Group acquired Merrill Lynch Alternative Investments hedge fund-of-funds business, Numeric Holdings and Pine Grove Asset Management. Berkshire Capital Securities was the financial adviser to Silvermine.

Aviva Investors Has a New Fixed Income CIO

Aviva Investors, the investment arm of Aviva plc, has appointed Mark Connolly as chief investment officer for fixed income. Connolly replaces acting chief investment officer for fixed income Jean-Francois Boulier. Jean-Francois Boulier will continue his role as CEO, France for Aviva Investors. Connolly will report to Aviva Investors CEO Euan Munro. Connolly came from Scottish Widows Investment Partnership (SWIP) where he as a director and head of fixed income.

Goldman Sachs Promotes Waldron to Co-Head of Investment Banking

Goldman Sachs has appointed John E. Waldron to be co-head of the Investment Banking Division. Waldron joins Richard Gnodde and David Solomon to augment and grow Goldman Sachs’ investment banking business. Waldron was global head of Investment Banking Services and Client Coverage. From 2005 to 2007, he was first global co-head of the Financial Sponsors Group. Waldron joined Goldman Sachs in 2000. He assisted media head honcho Rupert Murdoch split his media business into 21st Century Fox and News Corporation. In other news, John S. Weinberg, vice chairman of Goldman Sachs, will focus on client development and other initiatives at Goldman Sachs.

Khazanah Denies Jentayu Danaraksa’s Bid

Khazanah Nasional has denied a proposal from Malaysian venture capitalists, Jentayu Danaraksa Sdn Bhd, to acquire select assets of troubled airliner Malaysia Airlines. Jentayu Danaraksa Sdn Bhd wants to buy the airlines’ parent company Penerbangan Malaysia Bhd (PMB).

State Street Appoints Rogers as President and Chief Operating Officer

State Street Corporation has appointed Michael (Mike) F. Rogers to president and chief operating officer. He will continue to report to Jay Hooley, chairman and CEO of State Street. Rogers joined State Street in 2007 following its acquisition of Investors Financial, where he served as president for six years. In addition, Wai Kwong Seck and Gunjan Kedia were appointed to State Street’s management committee.

GPIF May Change Governance Structure

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Norway SWF Votes Down Paris Climate Targets at Shell Shareholder Meeting

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Norges Bank Investment Management (NBIM), which oversees Norway Government Pension Fund Global, voted down a proposal put forward by some investors at Royal Dutch Shell’s annual general meeting calling on the company to set emissions targets in line with the Paris climate accords of 2015. The challenge was shot down by 94.5% of Shell shareholders at Tuesday’s proceedings. Its defeat was followed by a statement from the oil giant calling the resolution “unnecessary” in light of the firm’s plans revealed in November to halve its carbon footprint by 2050. Some investors believe Shell would be in a better position to set their own goals on addressing issues like climate change.

The US$ 1.1 trillion sovereign wealth fund – which is itself reliant on cash-streams from Norway’s hydrocarbon stores – announced last July it would be asking the banks in which it invests nearly a quarter of its equity assets to disclose how their lending contributes to greenhouse emissions, and is currently considering whether to drop its exposures in oil and gas companies constituting roughly 6% of its overall portfolio ahead of a parliamentary vote on the proposed policy change later this year.

The climate change motion was featured by 60 long-term institutional investors representing more than US$ 10 trillion in assets – including HSBC, BNP Paribas, Fidelity, Swedish buffer fund AP7, France’s ERAFP, and the United Kingdom’s National Employment Savings Trust (NEST) – in an open letter published during the week of May 16th by The Financial Times urging fossil fuel companies to “clarify how they see their future in a low-carbon world,” without going so far as to openly support its approval.

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PSP Investments Finished Deal on Equity Stakes in AEA and AELO in Portugal

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On May 11, 2018, ROADIS, which is owned by PSP Investments, finalized the purchase of equity interests in Portugal´s Auto Estradas do Atlantico (AEA) for 50% ownership and Auto Estradas do Litoral Oeste (AELO) for 60% ownership from MSF Group (Moniz da Maia, Serra & Fortunato, Empreiteiros) and Lena Group (known locally as Grupo Lena). This is ROADIS’ first investment into Portugal.

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USS Backs Rental Housing Platform Managed by PfP Capital

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The £60 billion Universities Superannuation Scheme (USS) is providing the majority of the funding toward a joint venture to invest in the U.K. private rented sector.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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