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Friday SWFI News Roundup, October 31, 2014

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Friday Roundups – Halloween Edition

sovereign wealth fund pumpkin

In London: We had over US$ 2.7 trillion in public asset owner capital in the audience.

lyons-swfi-london2014
Photo: Gerard Lyons addressing delegates of asset managers, sovereign wealth funds, pensions and policymakers.

Harrods Pays £118 Million Dividend to Qatar Holding

Harrods, a luxury department business, paid a £118 million dividend to its owner Qatar Holding, a sovereign wealth enterprise of the Qatar Investment Authority (QIA). For 2014, Harrods posted record sales and profits, turnover increased by 10% to £843 million. Qatar Holding acquired Harrods in 2010 from Mohamed Al Fayed.

Most of Rosneft’s Aid Request to be Denied

Rosneft, an integrated oil company majority owned by the Russian government, filed a request for over 2 trillion rubles (US$ 48 billion) from Russia’s National Welfare Fund. Russian Economic Development Minister Alexey Ulyukayev, on October 29th, addressed the media, “We’ll work with the company (Rosneft). The request in its current form does not comply with the requirements, which are set to projects entitled to financing from the National Welfare Fund because it actually aims to cover the company’s financial gaps as a whole and with regard to its investment program.”

GIC Invests in Turkish Real Estate Firm

Singapore’s GIC Private Limited acquired a 20% stake in Rönesans Gayrimenkul Yatýrým A.S., a Turkish real estate firm for €250 million. The Turkish firm has 25 properties in its portfolio. The deal is expected to be completed by the end of 2014.

CPPIB Invests Big in Brazil

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Koch Brothers Kick Big Money into ERP Cloud Software Company Infor

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New York-based Infor is an enterprise cloud software company. Infor raised US$ 1.5 billion from existing shareholders, Golden Gate Capital and Koch Equity Development LLC. Koch Equity Development is the investment and acquisition subsidiary of Koch Industries, Inc. Infor has 17,300 employees. At fiscal year 2018, Infor claims it generated over US$ 3 billion in revenue. Infor states that over 72% of all hospitals in the United States run Infor applications. Infor could be heading toward an initial public offering (IPO) or possibly be acquired by a company like Oracle Corporation or Salesforce. Charles E. Phillips is the CEO of Infor and before heading it was Co-President of Oracle from 2003 to 2010.

On February 21, 2017, Koch Equity Development invested US$ 2 billion into Infor. Koch Industries was a customer of Infor before it became an investor in the company. Golden Gate Capital made its first investment in Infor in 2002.

Matt Flamini is the President of Koch Equity Development. Jim Hannan is Koch Executive Vice President and CEO of Enterprises for Koch Industries, Inc.

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Could Australia’s Future Fund Offer a Low-Fee Superannuation for its Citizens?

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Australia’s Scott Morrison government may soon allow the country’s Future Fund to offer low-fee superannuation accounts. Aware of the proposal, Prime Minister Morrison stressed that offering Australia a low-fee, government-managed superannuation fund as a default option is not government policy.

However, many proponents of this model believe it would create competition in the country’s US$ 2.7 trillion dollar retirement system. The Future Fund Chairman, Peter Costello, and economist Nicholas Gruen, CEO of Lateral Economics, put forth the idea, and it is quickly gaining support. This comes in the wake of Australians learning that they were losing US$ 3.8 billion annually in high-fee, underperforming accounts, and many were mistakenly being charged fees with no accompanying service provided. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Saudi and Other Gulf Country Bonds to Join JPMorgan Emerging Market Bond Index

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In a boost for Gulf-based debt, JPMorgan is adding their debt compositions to two influential emerging market bond indexes. These emerging market indexes are the most widely tracked among asset managers in the industry. Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, and Qatar are being added to the J.P. Morgan EMBI Global Diversified Index and the EMBI Global, starting January 31, 2019. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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