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LEAGUE TABLES: Morgan Stanley and JPMorgan Tie for First for 2015

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cy2015_leaguetable_coverThe Sovereign Wealth Fund Institute (SWFI), through its proprietary database, tracks transactions by sovereign wealth funds, pensions and other public funds. Combining all public investors, for calendar year 2015, transactions amounted to US$ 212.18 billion versus US$ 186.56 billion in 2014. On record, 2013 had the most direct transactions for public investors at US$ 220.69 billion. When it comes to sovereign wealth funds, the 2015 transaction figure amounted to US$ 113.94 billion versus US$ 122.93 billion in 2014. The pullback in direct transactions was noted in a decrease in open market transactions by sovereign funds and smaller investment amounts per deal.

The report details trends on direct deals, sectors and countries.

Top Financial Advisors for 2015

For 2015, the top three ranked financial advisors when it comes to public investor transactions were JPMorgan and Morgan Stanley, which tied at #1, Goldman Sachs at #2 and Bank of America Merrill Lynch at #3. Other notable mentions for the year are Eastdil Secured, Deutsche Bank, HSBC, UBS, RBC and Moelis. 2015 was a year of signature deals.

Legal Advisors

For calendar year 2015, the top legal advisor for public fund transactions was Clifford Chance tied with Torys LLP. In second place was Allen & Overy. Third place was Fried, Frank, Harris, Shriver & Jacobson LLP. Other notable mentions are Sidley Austin LLP, Weil Gotshal & Manges, White & Case and Baker & McKenzie.

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Source: SWFI – Sovereign Wealth Fund Transaction Database – www.swftransaction.com, January 25, 2016

Biogen and Eisai Battered by Markets Over Alzheimer’s Trial Fail

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Cambridge, Massachusetts-based Biogen Inc. (BIIB) took a tumble of 28% in the morning of March 21st after it announced that it would cease its Phase 3 trials of Aducanumab. The therapy was intended to slow cognitive decline in patients with early onset Alzheimer’s. Biogen continued falling on March 22, 2019. Biogen and its Japanese development partner Eisai Co., Ltd. (ESALY) shared that the decision was based on results from an analysis conducted by an independent committee. The analysis determined that the trials were not going to demonstrate that Aducanumab could slow cognitive impairment. Eisai also fell 28% on the day, though it staged a relatively modest recovery on March 22nd. Some large institutional holders of Biogen include APG Asset Management (manager of Stichting Pensioenfonds ABP), Norges Bank Investment Management (manager of Norway Government Pension Fund Global), and Swiss National Bank.

The last time a treatment for Alzheimer’s made it to market was in 2003. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Italy’s CDP Inks Deals with Silk Road Fund and Bank of China

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China is building out its Belt Road Initiative (BRI) to continental Europe. On March 23, 2019, in Rome, Cassa depositi e prestiti Spa (CDP), Snam Spa (Snam) and Silk Road Fund Co., Ltd signed a Memorandum of Understanding (MoU) aiming at exploring and evaluating common business opportunities. Under the MoU, CDP and the Silk Road Fund will facilitate cooperation by focusing on the potential investment opportunities in the following sectors: financial services, agriculture, food, technology, manufacturing, infrastructure and transportation, energy and white economy (healthcare and personal care assistance).

Originally part of ENI, Snam S.p.A. is an Italian natural gas infrastructure company. The Silk Road Fund and Snam will analyze possible collaboration initiatives in the area of natural gas infrastructure (pipelines, storage facilities, LNG infrastructure and biomethane plants) in support of the growth of the natural gas and biomethane sectors in China from a decarbonisation perspective. In its capacity of a national promotion institutions, CDP will look at co-financing initiatives that are consistent with its mission also in the fields of energy and sustainability.

Bank of China

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Angolan Government Recovers Assets from Quantum Global Investment Management

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The State Prosecutor’s Office of Angola said that the country has control of all financial and non-financial assets. The Angolan government claims it recovered US$ 3.35 billion of assets that were under the management of Swiss-based Quantum Global Investment Management AG. Quantum Global Investment Management was essentially the sole manager of assets for the Fundo Soberano de Angola (FSDEA).[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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