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Largest 100 U.S. Public Pensions See First Asset Declines in 5 Quarters

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According to the U.S. Census Bureau, total assets of the largest 100 public defined benefit retirement systems declined 8.54% in the third quarter. It was the first overall quarterly loss for the U.S. public investor group in more than 1 year. The top 100 assets are ranked at US$ 2.534 trillion, a little more than half the size of the current sovereign wealth fund investor class. At the zenith in Dec 31, 2007, the top 100 public plan assets where at US$ 2.928 trillion.

Facts about the 100 largest public plans surveyed by the Census Bureau:

  • Represents 90% of Total U.S. Public Plan Assets
  • 81 State Plans
  • 19 Local Plans

 Dollar amounts in millions

Date Total Corp. Stocks Corp. Bonds Fed. Gov. Securities Int’l Securities Mortgages State/Local Gov. Sec. Cash and ST Investments Other Sec.
Sept 30, 2011 2,534,267 769,589 398,382 177,773 448,857 10,353 2,591 103,898 622,824
June 30, 2011 2,770,910 904,289 435,679 182,142 523,320 9,423 1,758 115,625 598,675
March 31, 2011 2,740,540 916,250 437,297 172,123 512,284 9,390 1,669 108,566 582,961
Dec 31, 2010 2,641,575 884,435 433,665 169,570 500,915 9,749 1,746 93,710 547,785
Sept 30, 2010 2,507,147 824,006 439,493 167,776 466,101 10,415 1,835 83,157 514,366
June 30, 2010 2,358,541 746,891 415,346 174,443 406,142 10,251 1,567 84,929 518,972
March 31, 2010 2,480,902 843,557 414,339 168,376 429,067 9,810 2,481 81,231 532,042
Dec 31, 2009 2,449,940 819,142 413,578 155,822 424,761 9,286 2,282 79,354 545,715
Sept 30, 2009 2,370,569 822,427 425,431 148,880 369,617 9,555 2,521 81,256 510,882
June 30, 2009 2,197,961 658,989 404,965 143,626 357,403 9,253 2,797 73,934 546,994
March 31, 2009 2,093,614 656,653 379,983 147,832 268,742 9,518 2,161 84,817 543,907
Dec 31, 2008 2,229,458 690,567 413,431 155,333 292,597 9,586 2,135 81,953 583,856
Sept 30, 2008 2,576,394 856,745 439,173 160,138 384,438 10,931 2,116 72,370 650,482
June 30, 2008 2,815,010 921,981 471,687 170,159 472,357 11,790 1,423 84,908 680,705
March 31, 2008 2,810,924 938,832 480,158 177,107 436,731 17,261 2,338 87,525 670,970
Dec 31, 2007 2,928,853 1,019,072 497,788 180,882 463,988 18,138 2,125 77,919 668,941
Sept 30, 2007 2,918,853 1,066,246 427,470 196,958 466,695 12,863 1,951 79,714 666,957
June 30, 2007 2,920,022 1,101,555 441,604 200,008 453,341 11,554 2,145 98,091 611,725
March 31, 2007 2,723,973 1,033,320 416,676 184,017 410,505 11,419 2,474 86,119 579,443
Dec 31, 2006 2,692,702 1,018,633 391,746 205,528 405,649 11,551 2,242 85,119 572,234
Sept 30, 2006 2,600,592 975,047 385,057 207,212 403,178 14,147 2,434 78,493 535,026
June 30, 2006 2,539,251 960,606 373,216 206,804 396,918 13,498 2,325 73,062 512,822
March 31, 2006 2,588,809 988,291 370,743 202,531 399,708 13,568 2,291 74,317 537,362

Source: U.S. Census Bureau, Governments Division
December 16, 2011

Mergermarket Gets Ready to be Sold

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Private equity firm BC Partners hired Goldman Sachs Group Inc. and JPMorgan Chase & Co. to advise on the sales of Acuris. Acuris is a collection of financial news and data sites, which includes Mergermarket, Dealreporter, and Debtwire. In 2017, BC Partners sold around a 30% stake in GIC Private Limited.

Before the rebranding to Acuris, Mergermarket was part of The Financial Times Group until 2013 when it was sold off to BC Partners.

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Why Japan Post Sees Promise in Aflac

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Aflac Inc. is an American insurance company founded in 1955. The company is the biggest provider of supplemental insurance in the United States. Aflac also has major operations in Japan.

In December 2018, Japan Post Holdings (JPHLF) signaled it was spending US$ 2.64 billion for a 7-8 % stake in Aflac. The goal is that, in four years time, Aflac will become an affiliate of Japan Post. Japan Post hopes to accomplish this by becoming the largest voting shareholder of the company. The world’s 13th largest company, with 400,000 employees, Japan Post needs to expand to chase further growth, mainly because Japan Post expects the postal business to decline. Diversification is seen as the optimal route to long term stability for the holding company. Japan’s economy is worrying. Japan’s aging population means that many insurance companies are facing a shrinking customer base, Japan Post settled on a plan to expand overseas.

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RDIF and Development Agency of Serbia Agree to Explore Joint Investments

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The Russian Direct Investment Fund (RDIF) and the Development Agency of Serbia, also known as Razvojna agencija Srbije, reached an agreement to work together to identify attractive investment projects to strengthen bilateral economic ties and increase investment flows between Russia and Serbia. Russian capital and businesses are keen on investing in Serbia.

In addition, the two countries signed an agreement to cooperate on civil nuclear energy, according to state-owned Russian reactor builder Rosatom (Rosatom State Nuclear Energy Corporation). Rosatom continues to expand it business of nuclear cooperation deals in a wide number of countries.

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