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Nigeria’s Sovereign Wealth Authority to Deploy Assets

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lagos_dtAfter some delay, the Nigerian Sovereign Investment Authority (NSIA) has begun to allocate the US$ 1 billion in seed capital to each of the sovereign funds. The Future Generation Fund and Nigeria Infrastructure Fund would each receive US$ 325 million or 32.5% of the total amount. The Stabilization Fund would receive US$ 200 million, with the remaining balance of US$ 150 million allocated to future investments.

The investment portfolio of the Stabilization Fund and Future Generation Fund would embark in early June 2013. The Stabilization Fund’s assets would be managed internally, while the Future Generation Fund would be open to external managers.

With regard to the Nigeria Infrastructure Fund which is to be managed in-house, different sectors are being discussed such as transportation, healthcare, power, water resources and housing. Infrastructure investments would be undertaken on a commercially viable basis.

GIC Sells Arizona Biltmore to Blackstone

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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. ]

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Mubadala Acquires Stake in Growing Hedge Fund Phoenician Capital

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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.

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Large Asset Managers Continue to Move Operations Out of California

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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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