Connect with us

Institutional Investors Keep an Eye on Macron’s France

Published

on

French President Emmanuel Jean-Michel Frédéric Macron, a former member of the Socialist Party and former investment banker at Rothschild & Cie Banque, won the French presidential election on May 7, 2017, handily defeating the populist candidate Marine Le Pen via popular vote with 66.1% versus 33.9%. Macron became the youngest French president at age 39. Macron moved toward the political center during the election, getting support from European Commission President Jean-Claude Juncker, German Chancellor Angela Merkel, and former U.S. President Barack Obama. Geopolitically, Macron’s electoral victory helped save the eurozone, as the U.K., Italy, Austria, and Hungary, have elected more nationalist candidates combating EU hegemony.

With a mandate to tackle unemployment, Macron’s economic plan includes embracing climate change measures, tweaking France’s notoriously restrictive labor market regulations, keeping France’s pool of debt under control, and a massive 15 billion EUR plan to invest in training for workers. The long-term debt of France becomes a larger concern if France experiences low-economic growth. Canadian pensions like OMERS and CPPIB and Norway Government Pension Fund Global have boosted illiquid investments in continental Europe, straddling investments between the United Kingdom and the continental Europe. For example, OMERS acquired Paris-based calibration service specialist Trescal SA in late 2017, while GIC acquired the Westin Paris Vendome hotel from Henderson Park Capital Management. As U.K. Prime Minister Theresa May faces revolts from her own party over her Brexit proposal, Macron is facing political headwinds in France being perceived by some as an “out of touch” elitist, according to several Euro-focused news media sites.

Like the past few French presidents such as François Hollande and Nicolas Sarkozy, according to numerous polls Macron’s popularity has been sliding. On November 24, 2018, the Yellow vests (Gilets jaunes) protesters descended into Paris protesting against an increase in fuel prices and living costs. Fires raged along Champs Elysee, as police used tear gas and water cannons to blast protestors. Macron is pushing a new fuel tax increase, about four euro cents. In France, Gasoline costs around 1.64 euros per liter (comparable to US$ 7.07 per gallon). 81,000 people protested across France, compared to 244,000 from the previous Saturday.

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

Published

on

Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

Continue Reading

Yield-Hungry Korean Insurance Capital Backs TSX Broadway

Published

on

Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

Published

on

The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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.