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Goldman Sachs Wants to Be the King of Outsourced CIOs

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goldmansachs1The outsourced chief investment officer (OCIO) industry has grown quickly over the past five years. Both traditional investment consultants, niche boutiques, non-profit companies and asset managers have launched OCIO services. 2015 was the beginning of industry consolidation in world of OCIO, as larger, well-resourced firms devoured smaller boutiques. For example, in April 2015, Goldman Sachs Asset Management acquired New York-based Pacific Global Advisors LLC from the Pacific Life Insurance Company. Established in 2005 within JPMorgan Chase & Co.’s investment bank, Pacific Global Advisors was an OCIO provider that focused on corporate pensions, overseeing more than US$ 2.84 billion in retirement assets and more than US$ 18 billion in total assets under supervision at the time of the deal. Some of Pacific Global Advisors clients were pensions, endowments, nuclear decommissioning trusts and voluntary employee beneficiary associations. Goldman Sachs wasn’t doing the deal purely for the assets under management, but also the personnel.

Goldman Sachs Asset Management is keen on growing its unit called the global portfolio solutions group. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

GIC Raises Stake in China Oilfield Services

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On November 14 2018, Singapore’s GIC Private Limited acquired 2,982,000 H- shares in China Oilfield Services Ltd at an average price of HK$ 6.9883. GIC increased its ownership in China Oilfield Services to 9.07% from 8.91%. China Oilfield Services is an oilfield services company. It is a majority owned subsidiary of Chinese state owned company CNOOC Group.

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Carlyle Group Completes Deal on 19.9 Percent Stake in Fortitude Re

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More private equity firms are scooping up reinsurance assets. The Carlyle Group finalized its acquisition of a 19.9% stake in Fortitude Group Holdings, LLC, whose group companies operate as Fortitude Re (formerly DSA Re) from American International Group, Inc. (AIG) The transaction was first announced on August 1, 2018. Part of this deal included Fortitude Re inking an investment management agreement (IMA) whereby US$ 6 billion of assets will be committed into a variety of Carlyle investment strategies.

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RDIF, Indorama Corporation, and Yadran Oil Ink Joint Investment in Tartarstan

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The Russian Direct Investment Fund (RDIF), and Singapore-based Indorama Corporation Pte Ltd, a chemical corporation in Asia, and JSC Yadran-Oil, the company authorized by the Government of the Republic of Tatarstan, have agreed to jointly implement investment projects in Russia. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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