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Friday SWFI News Roundup, September 30, 2016

From Columbia to Harvard, Narv Narvekar Takes the Reins as CEO of HMC

Narv Narvekar is taking the role as Chief Executive Officer of Harvard Management Company (HMC). He is leaving his role as CEO of Columbia University’s endowment. In addition, Peter Holland, Columbia University’s endowment CIO is taking Narvekar’s role as CEO.

Singapore Technologies Engineering Removed from NBIM Banned List

Norges Bank Investment Management (NBIM) can now resume investing in Singapore Technologies Engineering after getting recent approval from the board of Norges Bank. Singapore Technologies Engineering was excluded from Norway’s SWF universe in 2002 over the production of anti-personnel landmines. The Board of Norges Bank has now reversed its decision stating publicly in a statement, “The Council on Ethics has received confirmation from Singapore Technologies Engineering that the company no longer has any activities associated with production of antipersonnel landmines or cluster munitions.”

Victorian Funds Management CIO to Resign

Victorian Funds Management Corporation’s (VFMC) chief investment officer is stepping down after eight years in the role. Justin Pascoe plans to remain on board as VFMC transitions to a new CIO.

Syntrus Achmea Real Estate & Finance Seeks to Expand Mortgage Portfolio

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Asian Sovereign Funds Not Slowing Down on Tech Investing

According to data from SWFI’s Sovereign Wealth Fund Transaction Database, Asian sovereign funds invested US$ 6.05 billion directly into companies and assets in the information technology sector from Jan 2017 to November 22, 2017. In a comparable time frame from Jan 2016 to November 22, 2016, this same group of Asian sovereign funds directly invested US$ 5.02 billion in the sector. These are direct investments, not fund commitments or manager allocations.

Asian sovereign funds such as GIC Private Limited, Temasek Holdings and the Korea Investment Corporation (KIC) have demonstrated bullish signals to the technology community over other sectors. GIC and Temasek have also been major investors in the private side of deals, funding a wide range of tech startups, while providing financial firepower in buyout transactions.

Some notable direct tech investments in 2017 by sovereign funds include Meituan-Dianping, SoundCloud, Nets A/S, Visma AS, Turn, Inc. and Vantiv.

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Future Fund Makes a Guardian Out of Former J.P. Morgan ANZ Chair

The Australian government has appointed Robert Priestley – current non-executive chair of J.P Morgan for Australia and New Zealand (ANZ) and a non-executive director of ASX – to serve on the Future Fund Board of Guardians for a five-year term from November 7, 2017. Priestley replaces former Morgan Stanley Australia chief executive Steven J. Harker.

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Associated British Ports Reboots Property Development Arm to Capitalize on Land Bank

Associated British Ports (ABP) – operator of 21 major ports throughout the United Kingdom – has announced a reboot of its ABP Property division, complete with a new team of specialists in commercial development and logistics led by Huw Turner, in order to identify and develop strategically significant locations in its 2,372 acre land bank.

ABP is owned in large part by a consortium of pensions and sovereign funds, including the Canada Pension Plan Investment Board (CPPIB) at 33.88% ownership, OMERS at 30%, Singapore’s GIC Ventures Pte Ltd at 20.00% ownership, and the Kuwait Investment Authority at 10.00% ownership. Large institutional investors such as sovereign funds, pensions, and endowments have slowly increased allocation towards infrastructure over the past six years as an alternative to equities and bonds, according to asset allocation data from SWFI.

Plans

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