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More Public Asset Owners Open Offices in London

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On March 28, 2014, Singapore’s Temasek Holdings celebrated the official opening of its European office in London at the fancy Millennium Copthorne Mayfair Hotel. Guests included Prime Minister of Singapore Lee Hsien Loong and Temasek Chairman Lim Boon Heng.

Prime Minister Lee said to an audience during his London trip, “Singapore and London are two cities, perched off the shores of two continents, but connected by an intertwined history and many personal ties and friendships.”

Increasingly, public asset owners are choosing London as their European office destination. In another note, the $100 billion British Columbia Investment Management Corporation (bcIMC) announced intentions to open its first foreign office in London. bcIMC has around $12.4 billion invested in UK and European markets.

“We consider the UK and Europe to be an important market with long-term growth opportunities,” said Doug Pearce, Chief Investment Officer / Chief Executive Officer, bcIMC in a press release. “Having a bcIMC presence in London reflects our global focus. It will strengthen our existing relationships with investment partners and enhance our ability to commit patient capital within European markets and in so doing, grow the long-term financial value of our clients’ funds.”

In the beginning of the year, the Alberta Investment Management Corporation (AIMCo), that manages public wealth from Alberta, opened a London office. AIMCo had similar reasons of opening a London office compared to other large Canadian public investors.

Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Blackstone Defeated on Investa Office Fund Bid

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The Blackstone Group threw in the towel on a bid to take over the Investa Office Fund, a vehicle that owns prized Australian office properties. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek’s Bond Expected to Lure Retail Investors

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Singapore’s Temasek Holdings, through its subsidiary Temasek Financial (IV) Private Limited, is planning a 5-year bond that aims to yield 2.7% for retail investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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