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Friday SWFI News Roundup, December 2, 2016



In case you missed – Follow the Money – Episode #25

Jo Taylor Promoted to Senior Managing Director, International

Bjarne Graven Larsen, Chief Investment Officer, Ontario Teachers’ Pension Plan (OTPP), announced that Jo Taylor has been promoted into the new role of Senior Managing Director, International, effective January 1, 2017. Taylor joined OTPP in 2012 and is Regional Managing Director, Europe, Middle East and Africa and is located in the London office.

OCERS CIO to Resign in January 2017

Girard Miller, the Chief Investment Officer of the Orange County Employees Retirement System (OCERS), is resigning. This is effective, January 5, 2017. The pension is putting on a search for a CIO in January.

Brexit Minister Hints at Paying for Access, Sterling Rockets

On December 1, 2016, the British pound sterling surged to a 3-month high against the euro after David Davis, the Brexit minister, said the country would consider making payments to the European Union (EU) budget in exchange for access to EU markets.

Agustín Carstens Plans to Exit Central Bank for BIS Role

Agustín Carstens, the Governor of the Central Bank of Mexico, is leaving his post in July 2017 to lead the Basel, Switzerland-based Bank for International Settlements (BIS) in October 2017. This is a 5-year term at BIS as General Manager. He will succeed Jaime Caruana at BIS. The 86-year-old BIS is known as the central bank of central banks.

Agustín Carstens ranked #11 out of 100 on the Public Investor 100 for 2016.

Private Credit Trend: Allianz Global Investors Buys Sound Harbor Partners

Allianz Global Investors is purchasing New York-based Sound Harbor Partners, a private credit manager led by Michael Zupon and Dean Criares. Zupon is a former Partner at The Carlyle Group where he founded and led the leveraged finance business. Criares is a former Partner of The Blackstone Group where he founded and led the loan management business. The transaction is expected to close in the first quarter of 2017. Berkshire Capital Securities LLC served as M&A advisor, Kaye Scholer LLP served as legal advisor to Sound Harbor and Sullivan & Cromwell served as legal advisor to Allianz Global Investors.

Invitation Homes Secretly Files IPO

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Mubadala Invests in No Fly Zone Drone Radar Company



Data Collective led a US$ 15 million Series A round into Salt Lake City-based Fortem Technologies, Inc., a company that works on solutions that can detect, identify and classify drones in real time to maintain airspace safety. Other investors in the round include Boeing, Mubadala Investment Company, Manifest Growth, New Ground Ventures and Signia Venture Partners.

Ibrahim Ajami, Head of Mubadala Ventures said in the press release, ” Mubadala is excited to work with Fortem and its outstanding leadership team to help grow its business to new markets.”

Ajami added, “We strongly believe the TrueView radar is essential to maintain a safe airspace for both the aircraft and the critical infrastructure on the ground.”

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Ireland and China to Open New €150 Milllion Joint Tech Fund



The Ireland Strategic Investment Fund (ISIF) and CIC Capital Corporation – a sovereign wealth enterprise (SWE) of the China Investment Corporation – announced the formation of a joint €150 million fund targeting high-growth Irish technology firms looking to expand into Chinese markets, as well as a special emphasis on Chinese companies hoping to set up shop in Ireland as a base for their European operations.

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How ESG Considerations Can Drive Voting at the Board Level



The Council of Institutional Investor’s spring conference for 2018 – held this week in Washington D.C. at the Omni Shoreham Hotel – was packed with member-hosted panels, where nearly 400 of the top investment professional, regulators, and corporate governance experts gathered together to share their insights and engage in forward-looking discussions on how to drive a multi-stakeholder approach to responsible investment over the long-term.

Sovereign Wealth Fund Institute (SWFI) had the opportunity to attend several breakout sessions, including one presented by Maryland-based Institutional Shareholder Services that sought to address one of the most pressing challenges facing institutional investors today: How can environmental, social, and governance (ESG) criteria help drive voting at the board level? Moderated by Georgina Marshall, Head of Global Research at ISS, panelists provided a diverse array of perspectives on how to harness ESG considerations as an effective decision-making tool.

Player-Coach Model

For Bonnie Saynay, Global Head of Responsible Investments at Invesco, fostering an environment conducive to communication with investment teams using a “player-coach” model is critical. Moreover, Saynay warned investors of thinking too broadly on ESG considerations, and to instead focus in on the criteria that is most important to them as an organization, and to then tailor their stewardship practices to match those priorities: “If everything is important, nothing is important,” she said.

Clare Payne, head of corporate governance for North America at Legal & General Investment Management, highlighted the importance of procuring the latest ranking data from a number of different providers, as well as how to develop one’s own internal system for scoring so as to cut through the clutter and provide a contextualized framework for making investment decisions on your own terms.

Remuneration is the name of the game for Robbie Miles, Vice President and ESG analyst at Allianz Global Investors. Amid the ever broadening scope of influence that responsible investment commands, Miles urged attendees to work with their managers on mandates that link compensation to the long-term performance of the fund, as well as long-term holding periods.

Wrapping up the panel was Stu Dalheim, Vice President of Shareholder Advocacy at Calvert Research Management, advocated for diversity at the board level across a number of different metrics – including ethnicity, gender, and professional backgrounds – in order to reflect the reality of their client base, as well as provide an apparatus for robust debate and adaptation in an ever-changing business environment.

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