Connect with us

HNA Group Has Ambitions for an Asset Management Empire

Published

on

HNA Group is an expanding Chinese conglomerate that has been on an overseas spending spree, armed with roughly US$ 145 billion in assets. HNA Capital, the financial services business of HNA Group, is keen on building a global asset management business.

palms_golden

New York-based HNA Capital U.S., a subsidiary of HNA Capital, has agreed to buy a 24.95% stake in U.S.-based OM Asset Management, a unit of U.K.-based Old Mutual plc. OM Asset Management, as of December 31, 2016, had £395 billion of funds under management. HNA Capital is paying US$ 446 million for the stake in the asset management unit. Per deal terms, Old Mutual’s stake in OM Asset Management is being reduced from 51% down to 26%. In addition, HNA Capital will be given two board seats on OM Asset Management. HNA Group beat out two other rivals in the deal which include private equity firm TPG Capital and Advent International.

Deal Details

This transaction is taking part in two price tranches. Old Mutual is selling shares in OM Asset Management first at US$ 15.30 per share (9.95% ownership stake), and then for US$ 15.75 per share (15% ownership stake) – each slight premiums to a set price date. PJT Partners was the financial advisor for HNA Group on the deal, while Bank of America Merrill Lynch and Evercore had advised Old Mutual. Skadden Arps and Linklaters served as legal advisors to Old Mutual in connection with the transaction. In December 2016, Old Mutual, in the open market, sold down its ownership from 66% to 51%.

Ambitions

This is HNA Group’s second overseas foray into asset management companies, bypassing the Fortress deal in which Japan-based SoftBank Group had bought out. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

MAS Seeks to Commit $5 Billion to Private Equity and Infrastructure Managers

Published

on

From U.S. pension funds to asset-heavy sovereign wealth funds, Singapore is calculating that more institutional investor assets globally are being committed to the Asia region. The Monetary Authority of Singapore (MAS), Singapore’s central bank, signaled and planned to commit US$ 5 billion with locally-based fund managers who will invest in private enterprises and infrastructure projects. The beneficiaries of the mandates will be private equity and infrastructure fund managers. MAS is seeking to lure top global asset managers to Singapore and firms that have a significant footprint in Singapore could be eligible for the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Ivanhoe Cambridge Acquires Cap Ampere Campus from Natixis

Published

on

In one of the largest transactions in the French office sector, Ivanhoé Cambridge, real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), has acquired a 90,000 square meter office-building campus from Natixis, in the Greater Paris area of Saint-Denis Pleyel. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

GIC Supports CapitaLand Shanghai Investment on Haimen Road

Published

on

GIC Private Limited, Singapore’s sovereign wealth fund, has entered into a 50:50 joint venture with Raffles City China Investment Partners III (RCCIP III), a fund controlled by CapitaLand. The joint venture is acquiring Shanghai’s tallest twin towers for an aggregate consideration of RMB 12.8 billion (US$ 1.84 billion). The property is located in Shanghai’s core Central Business District.

Development Details

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.