According to the press release, “Norwegian finance minister Sigbjørn Johnsen and Norges Bank’s governor Svein Gjedrem were in attendance on Wednesday when Norges Bank Investment Management (NBIM), manager of the Government Pension Fund Global, opened a new office in Singapore. The office will help NBIM’s existing office in Shanghai to cover the increasingly important Asia region.
Various representatives of the Singapore authorities and local business community, including trade and industry minister Lim Hng Kiang, were also at the opening ceremony.
“An office in Singapore will strengthen our operations in Asia,” commented Gjedrem. “Having a presence in a region with strong economic growth is important for achieving good management results.”
As one of Asia’s foremost financial centres, Singapore offers good investment opportunities and has a well-developed financial infrastructure. Asset management is a major industry in the country, making it possible for NBIM to recruit and retain skilled workers.
“The new office will be a good supplement to the Shanghai office opened in 2007,” commented NBIM’s CEO Yngve Slyngstad.
Sigmund Kyrdalen has been appointed general manager in Singapore. He is a senior portfolio manager at NBIM and managed NBIM’s London office for two years. The Government Pension Fund Global had a market value of almost 2 800 billion kroner at the end of June. Around 10 percent of the fund is invested in Asia, and around 15 percent of its equity investments are in Asian companies.
Besides Singapore, NBIM has offices in Oslo, London, New York and Shanghai.”
Press Release: NBIM
APG Asset Management, QIC (Queensland Investment Corporation), and Zurich-based Swiss Life Group, spent about €2 billion for Macquarie Infrastructure and Real Assets’ (MIRA) 36% stake in Brussels Airport. APG and QIC will each have a stake of 16.8% in the airport asset with Swiss Life having a 2.4% ownership stake. QIC will hold its airport stake in its Global Infrastructure Fund, which has third-party investors. Since 2011, the Ontario Teachers Pension Plan (OTPP) still holds a 39% stake in the airport, while the Belgian government retains a 25% ownership stake.
APG Asset Management manages assets for a number of investors including Stichting Pensioenfonds ABP.
The China Investment Corporation (CIC), which indirectly controls China’s largest banks, is seeking allies to form a cross-border investment vehicle to support One-Belt, One-Road projects – also known as the Belt and Road Initiative (BRI). The CIC is calling it the Belt and Road Cooperation Fund. The fund’s size and specific investment methods are in the preliminary phase. The BRI has been underway for the last five years.
The multi-lateral fund will be another way to funnel capital into specific belt and road projects. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
Jacksonville, Florida-based Fidelity National Information Services, Inc., better known by the abbreviation FIS, agreed to acquire payments processor Worldpay, Inc. for approximately US$ 35 billion (not including debt) in cash and stock, or US$ 112.12 per share. Around 19 months ago, Cincinnati-based credit card processor Vantiv, Inc. acquired Worldpay for just under US$ 10 billion, while FIS agreed to acquire First Data for US$ 22 billion in January 2019.
The combined company will keep the name FIS and be headquartered in Jacksonville, Florida. The transaction is subject to receipt of required regulatory and shareholder approvals and other customary closing conditions and is expected to close in the second half of 2019.
[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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