OPSEU Pension Trust, more commonly known as OPTrust, opened up a Sydney office. The Toronto-based pension institutional investor has C$ 14.7 billion in assets under management.
Their private markets program was launched in 2006, and OPTrust has 30% of assets marked to be allocated toward private equity and infrastructure. In 2012, OPTrust’s infrastructure investments returned 23.7%, smashing their infrastructure benchmark return of 5.7%. OPTrust is keen on honing in on infrastructure and private equity investments in Asia and Australia. OPTrust already has investment exposure in Australia. They have invested in Renex Group, a Victorian-based soil treatment facility – alongside Macquarie Bank and Cleantech Ventures.
Investment Allocation – Private Markets
- 40% North America
- 40% Europe
- 20% Developed Asia and Emerging Markets
Source: OPTrust Website – Dated: October 6, 2013
In 2012, OPTrust’s infrastructure investments returned 23.7%, smashing their infrastructure benchmark return of 5.7%.
Boots on the Ground
Increasingly, both asset managers and Canadian public investors are opening up operations in Australia – to engage in more complex investments in Australia, New Zealand and Asia. In fact, Borealis Infrastructure, OMERS’ infrastructure subsidiary, opened up an office in Sydney in August 2013. Asset managers like Blackrock, Morgan Stanley and Goldman Sachs have also invested immense company resources in Australia.
Two London employees from OPTrust, Managing Director Stan Kolenc and Portfolio Manager Morgan McCormick, will be relocating to Sydney.
Atlas Merchant Capital LLC and Singapore’s GIC Private Limited acquired just under a 25% equity stake in Dresher, Pennsylvania-based Ascensus, the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. San Francisco Genstar Capital LLC and New York-based Aquiline Capital Partners LLC were the sellers of the shares in Ascensus and will maintain control over the company.
Atlas Merchant Capital LLC was founded by Bob Diamond and David Schamis. Diamond is the former group chief executive of Barclays plc.
GIC is an investor in Alight Solutions, a provider of human capital solutions.
Barclays acted as the lead financial advisor and J.P. Morgan acted as financial advisor to Ascensus in connection with this transaction. Willkie Farr & Gallagher LLP acted as legal counsel to Ascensus.
Debevoise & Plimpton LLP acted as legal counsel to Atlas Merchant Capital and Sidley Austin LLP acted as legal counsel to GIC.
In 2015, JC Flowers sold Ascensus to Genstar Capital and Aquiline Capital Partners.
The Value of Research: Skill, Capacity, and Opportunity
This article is sponsored by S&P Dow Jones Indices.
How much should a portfolio manager be willing to pay for research? The question is of importance to any manager, but has become particularly pertinent since newly imposed European rules require that the costs of investment research—previously offered by many investment banks as an in-kind consideration in return for brokerage business—be unbundled from trading.
Unfortunately, attempts to determine a fair value for research in the most general circumstances are doomed to fail. Even if we only consider direct recommendations to buy or sell certain securities, the value of such recommendations to a portfolio manager will vary according to the absolute size of positions taken in response. Instead, we provide a framework for estimating relative research values across markets and constituents, under certain stylized (but reasonable) assumptions.
REPORT: The Value of Research: Skill, Capacity, and Opportunity
Malaysia’s Khazanah Nasional Berhad is prepping to declare more than 1 billion MYR in a dividend payout to the Malaysian government for 2019. Khazanah Nasional is undergoing a significant strategy shift to focus more on domestic assets, while selling off venture tech investments, overseas real estate, fund investments, and other non-strategic assets. The wealth fund also plans to scale back its overseas presence in markets such as San Francisco and London.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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