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Japan GPIF’s Conservative Bond Rotation

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japanJapan’s Government Pension Investment Fund (GPIF), the largest pension plan in the world, plans to increase investment in domestic equities and international assets. The GPIF has ¥111.9 trillion in assets. Cuts will be made in domestic bond allocations which could go down to 60% from 67%. Since the GPIF is a major holder of Japanese government bonds (JGB), it could stimulate market volatility in the Japanese debt market.

The allocation of domestic equities would increase from 11% to 12%. International equities will rise from 9% to 12%.

The financial conservatism of the GPIF is being challenged as Japan’s core demographic ages. In addition, other public pension systems from around the world like CalPERS and OMERS have taken a different approach to investing by allocating to alternatives. This yield approach strikes a stark difference versus liability-driven investing (LDI).

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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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.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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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. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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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.

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