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OUTFLOWS: Ashmore Group Struggles in Current Environment

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London-based Ashmore Group plc, an asset manager with a heavy focus on emerging markets, has reported a 10.7% loss in assets under management (AUM) from September 30, 2014 to December 31, 2014. The asset manager took a loss amongst all themes, with their alternatives strategy taking the largest hit at 41% loss in assets under management. However, the loss in alternatives was significantly influenced by the disposal of Ashmore’s interest in a Chinese real estate joint venture. In June 2010, Ashmore acquired a 39% stake in Everbright ALAM (renamed to Everbright Ashmore), a business focused on investing in Chinese real estate, from China Everbright Limited.

The sell-off in emerging market stocks has perpetuated outflows for the fund manager.Ashmore CEO Mark Coombs commented on the recent outflows, “Weaker commodity prices, US dollar strength and increased price volatility impacted upon Emerging Markets during the quarter, although the diverse range of return opportunities in the asset class continued to show through.”

Ultimately, uncertainty over Federal Reserve rate increases have added to present anxiety among investors; however Coombs believes, “Emerging Markets’ fundamentals remain sound and previous uncertainties, such as election cycles, have abated.”

Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

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

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Goldman Sachs Poised to Name David Solomon as New CEO

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Goldman Sachs is poised to name David M. Solomon, the firm’s president, as its new CEO, replacing Lloyd C. Blankfein. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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