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Invest AD Renews Ties With Sberbank on Asset Management Cooperation

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Invest AD, part of the Abu Dhabi Investment Council, and Sberbank Asset Management CJSC signed a Memorandum of Strategic Cooperation during the recent St. Petersburg International Economic Forum in Russia. This is a continuation of a strategic relationship in which they signed a similar document back in December 2012. OAO Sberbank is Russia’s largest lender and owns Sberbank Asset Management CJSC.

Both of these entities will seek to cooperate in asset management in the regions of Russia, CIS and the Middle East. Legal support and the sharing of market research enables the two organizations greater transparency when investing. Invest AD had worked with Sberbank as far back as 2009, when Invest AD joined Sberbank and invested in Mountain Carousel ski resort near Sochi, in the Krasnaya Polyana region.

David Sanders, chief investment officer of Invest AD, commented in a press release: “Invest AD has a long history of investing in the Middle East & Africa and in providing quality investment opportunities to clients. We are confident that our deepening partnership with Sberbank Asset Management will allow Russian investors excellent access to investment opportunities in the Middle East & Africa and allow Invest AD and Sberbank Asset Management to collaborate on innovative investment products.”

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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