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Monetary Authority of Singapore Opens Beijing Office

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singapore_skylineThe Monetary Authority of Singapore (MAS) opened their first Asian representative office in Beijing, China. Singaporean public leaders recognize China’s cultural and economic clout in the Southeast Asia region. Singapore’s sovereign funds maintain large investments in Chinese companies and assets, especially companies that are tied to middle-class mobility. Private consumption in China has driven recent economic growth. In late May 2013, Temasek Holdings increased its position in Industrial & Commercial Bank of China Ltd. According to a statement from the Hong Kong stock exchange, Temasek Holdings purchased 280 million shares of ICBC with an average price of 5.50 HKD per share. Goldman Sachs Group Inc. exited the 7-year old investment, raising US$ 1.1 billion by selling 1.58 billion shares of ICBC.

On a different front, Singapore was the third largest source of foreign direct investment in China after Hong Kong and China. With regard to Singapore’s service sector, China is their fifth largest export destination in that area.

SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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