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Friday SWFI News Roundup, November 6, 2015

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Sunsuper Hires Former CEO of JANA Investment Advisors as CIO

Brisbane-based Sunsuper, a superannuation fund with around A$ 34 billion in assets, named Ian Patrick as chief investment officer. Patrick replaces David Hartley who retired as CIO in August 2015. Patrick will be based in Sydney, Australia. Previously, Ian Patrick was CEO of JANA Investment Advisors.

84 Investment Managers Subscribed to Luminex Platform

Luminex Trading & Analytics LLC, a buy-side owned trading venue, started operations and completed its first day of trading on November 3, 2015. Luminex Trading & Analytics is guided by a board of directors which includes one representative of each of the nine leading investment managers of the consortium that formed Luminex: BNY Mellon, BlackRock, Capital Group, Fidelity Investments, Invesco, J.P. Morgan Asset Management, MFS Investment Management, State Street Global Advisors, and T. Rowe Price. 84 investment management forms are subscribed to the platform.

Allianz Global Investors Hires Former T. Rowe Price UK Institutional Sales

Allianz Global Investors hired Tim Bird as director in its U.K. institutional sales and client servicing team. He will report to Philip Dawes, head of U.K institutional at Allianz Global Investors. This is a new role and Bird is based in London. Bird was head of the U.K. and Irish institutional business at T. Rowe Price.

PIMCO Fallout, Cupps to Retire

Wendy Cupps, PIMCO’s head of product management, plans to retire at year-end. Taking over her spot is Jennifer Bridwell who is the current managing director and head of alternative products. Cupps was identified in Bill Gross’ lawsuit against PIMCO.

How Norway’s SWF Funds Real Estate Purchases

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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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