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Once Scorned, Sovereign Investors Take Another Look at U.S. Banks

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Remember when sovereign funds bailed out many of the large global banks during the 2007-2008 financial crisis.

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For several wealth funds, such as the Korea Investment Corporation (KIC), the massive bank bailouts have been a drag on annual portfolio performance. The Abu Dhabi Investment Authority (ADIA) even pursued litigation over Citigroup regarding its US$ 7.5 billion investment to support the bank in tough times. ADIA’s investment in Citigroup was massively diluted when the U.S. government came to the bank’s rescue.

Continued Abuse and Hope

U.S. bank stocks have taken a beating since 2008; many have never recovered facing issues of deleveraging, monstrous lawsuits over mortgage-backed securities and rate fixing, and the Dodd-Frank Act. Years after 2008, sovereign funds have opted to invest in Asian banks whether in China or in India, versus Western banks. However in recent months, U.S. banks have shown a level of resiliency and could benefit if the United States moves into an inflationary environment. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BlackRock and Microsoft Eye Opportunities in Retirement Space

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By getting closer to the consumer via mobile apps, New York-based BlackRock Inc. is keen on gaining market share in the U.S. retail retirement market space. BlackRock had acquired FutureAdvisor, a technology platform, while making a large investment in Envestnet. BlackRock is now partnering with Microsoft Corporation to explore creating a retirement platform.

This partnership could be developing a new platform to analyze savings and investing habits – then offering app services as lead-generation services. According to a corporate news release, BlackRock plans to offer on the platform its “investment products that it will design and manage.”

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Ireland Strategic Investment Fund Involved in Urbeo Platform

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Dublin-based Urbeo Residential was founded in 20217 by Bill Nowlan, the founder of Hibernia REIT. Starwood Capital Group is an investment firm headquartered in Greenwich, Connecticut. Starwood Capital formed a €1 billion Irish build-to-rent (BTR) platform with Urbeo Residential and the Ireland Strategic Investment Fund (ISIF). Starwood Capital is investing capital, through Starwood Global Opportunity Fund XI, into Urbeo – the name of the BTR platform. This platform will acquire rental units in Dublin and other major Irish cities.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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