Nigeria to fast track sovereign wealth fund
According to Reuters, “Nigeria plans to fast track the creation of a sovereign wealth fund after powerful state governors, who initially opposed the idea, softened their stance, Central Bank Governor Lamido Sanusi said on Tuesday.
A committee of three ministers and six governors had been set up to work out the legal framework for a “quick take-off” of the fund, Sanusi told reporters after a meeting of the National Economic Council in Abuja.
“We are now moving to the implementation stage,” Sanusi said, adding the committee would work out how much of the fund would be earmarked for savings, infrastructure finance and a stabilisation fund, as well as where the money would come from.
Finance Minister Olusegun Aganga, an ex-Goldman Sachs executive appointed in March, has said he wants the fund to replace the current system whereby Nigeria saves oil revenue above a benchmark price into an excess crude account (ECA).”
Read more: Reuters
Blackstone Real Estate Advisors, part of the Blackstone Group, acquired the 740-room Arizona Biltmore hotel, located in Phoenix, for US$ 403.4 million. The deal closed on April 20, 2018.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
Mubadala Investment Company, through its unit Mubadala Capital, purchased a minority stake Phoenician Capital, LLC. Although terms and size of the deal were not disclosed, the agreement grants Mubadala Capital rights to invest in a fund managed by the New York-based firm, which generated respective returns of 40.8% and 33.0% in 2016 and 2017, against benchmarks of 12.0% and 21.8% for the S&P 500. The hedge fund runs the Phoenician Offshore Fund Ltd.
[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
In the 2010s, Fisher Investments, an investment firm run by Ken Fisher, moved a large number of employees from the Woodside and San Mateo campuses to a town called Camas in Washington, near Portland. Vanguard has a large operational presence in Arizona, while Charles Schwab Corporation has expanded its technology operations and client services in places like Denver, Dallas, Austin and Phoenix. Dimensional Fund Advisors moved its headquarters in 2008 from Santa Monica, California to Austin.
While asset managers reap profits and try to lower employee head count costs, looking to fly-over country seems appealing.
The Pacific Investment Management Company (PIMCO), part of the Allianz family, selected Austin, Texas as its new office to hire more client services and technology talent. The PIMCO Austin office will open later in 2018. PIMCO is headquartered in Newport Beach, California, with an office in New York City.
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