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No Rush to End Brazil’s Sovereign Fund

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Brazilian Finance Minister Henrique de Campos Meirelles told the public there is no rush to end the country’s sovereign wealth fund. The previous week Meirelles indicated the wealth fund’s termination was to be immediate. However, this week held a different tune, Meirelles emphasized there is no immediate rush to sell shares of the Banco do Brasil. Most of the wealth fund’s assets are shares in the bank.

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Banco do Brasil shares sold by the Sovereign Fund of Brazil would be small and planned to not impact the market, according to Brazil’s Finance Minister.

AIMCo Posts 10.4% Return in 2017

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The Alberta Investment Management Corporation (AIMCo) posted its performance for the 12-month period trailing December 31, 2017, which saw its overall assets grow by 8.4% – or C$ 8.0 billion (US$ 6.1 billion) – to C$ 103.7 billion (US$ 82.3 billion). This represents returns net-of-fees on its C$ 88.2 billion (US$ 70.3 billion) worth of balanced fund investments in 2017 of 10.4%, against a 9.1% custom benchmark. Established in 2008, AIMCo represents the financial well-being of 32 pension, endowment, government, and specialty funds in the Canadian province of Alberta. This includes the Albert Heritage Fund.

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Mubadala Real Estate Targets JV Developers, Eyeing Local REIT Launch

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Mubadala Investment Company’s property arm is preparing to launch a local real estate investment trust (REIT) by 2020, and is currently in talks with several developers for international joint ventures on a plot-by-plot basis that are expected to be finalized in 2018, according to Ali Eid Al Mheiri, executive director of Mubadala Real Estate and Infrastructure. Ali Eid Al Mheiri is also Vice Chairman of ALDAR Properties PJSC and Chairman of Abu Dhabi Finance Company PJSC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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SWFI First Read, April 20, 2018

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Knut Kjær Named to Supervisory Board of APG

APG Asset Management, which oversees Stichting Pensioenfonds ABP, named Knut Kjær as a member of its supervisory board. Kjær is currently Chairman and Partner at FSN Capital Partners, a Nordic private equity firm. He was founding chief executive of Norges Bank Investment Management, which oversees Norway Government Pension Fund Global.

Norway SWF to Vote for More Disclosures on Two Canadian Companies

In a unique move, Norges Bank Investment Management, the manager of Norway Government Pension Fund Global, plans to support a vote in favor on a proposals for climate change reporting for TransCanada Corporation and support a vote in favor of Canada’s Imperial Oil Limited to disclose water-related risks.

Jo Holden Promoted at Mercer to UK CIO

Jo Holden has been named U.K. Chief Investment Officer at investment consulting firm Mercer. She is based in Liverpool and replaces Steven Blackie who exited to be Head of Global Product Strategy for Aviva Investors. Holden has been at Mercer since 2002.

Hyundai Investments Aggregates Korean Capital for 3i European Operational Projects Fund

Hyundai Investments Co. Ltd. raised €180 million from South Korean institutional investors, mostly insurance companies, to commit to 3i European Operational Projects Fund, a PPP fund managed by 3i Group.

Cityhold Office Partnership Grows By Forming a New Property Partnership with EDGE Olympic

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