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Friday SWFI News Roundup, June 20, 2014

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bcIMC Posts 14.7% Return

The British Columbia Investment Management Corporation (bcIMC) posted a 14.7% return for its investments ending the fiscal year on March 31. Assets were boosted to US$ 105.3 billion. “Overweighting global equities and underweighting fixed income were the main drivers of the double-digit returns,” said Doug Pearce, CEO and chief investment officer, in a press release.

AMEX Deal Clears in India

Juweel Investors, a holding entity set up by Qatar Holding and other investors, has received approval from an Indian regulator to move forward with the American Express (AMEX) deal. The regulator CCI commented that the AMEX deal would unlikely have an adverse impact on competition in India. Furthermore, CCI noted that Qatar Holding did not have any interest or investment in any Indian company that engaged in global business travel services.

Wealth Funds Invest in Ceramics Company

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GIC Sells Arizona Biltmore to Blackstone

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Blackstone Real Estate Advisors, part of the Blackstone Group, acquired the 740-room Arizona Biltmore hotel, located in Phoenix, for US$ 403.4 million. The deal closed on April 20, 2018.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Acquires Stake in Growing Hedge Fund Phoenician Capital

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Mubadala Investment Company, through its unit Mubadala Capital, purchased a minority stake Phoenician Capital, LLC. Although terms and size of the deal were not disclosed, the agreement grants Mubadala Capital rights to invest in a fund managed by the New York-based firm, which generated respective returns of 40.8% and 33.0% in 2016 and 2017, against benchmarks of 12.0% and 21.8% for the S&P 500. The hedge fund runs the Phoenician Offshore Fund Ltd.

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Large Asset Managers Continue to Move Operations Out of California

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In the 2010s, Fisher Investments, an investment firm run by Ken Fisher, moved a large number of employees from the Woodside and San Mateo campuses to a town called Camas in Washington, near Portland. Vanguard has a large operational presence in Arizona, while Charles Schwab Corporation has expanded its technology operations and client services in places like Denver, Dallas, Austin and Phoenix. Dimensional Fund Advisors moved its headquarters in 2008 from Santa Monica, California to Austin.

While asset managers reap profits and try to lower employee head count costs, looking to fly-over country seems appealing.

The Pacific Investment Management Company (PIMCO), part of the Allianz family, selected Austin, Texas as its new office to hire more client services and technology talent. The PIMCO Austin office will open later in 2018. PIMCO is headquartered in Newport Beach, California, with an office in New York City.

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