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Public Investors Sell Bentall Kennedy to Sun Life Financial

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Sun Life Financial is buying real estate investment manager Bentall Kennedy Group for C$ 560 million. U.K.-based Sun Life, owned by AXA Group, is looking to grow its exposure to property investments and investors in real estate. Increasingly, institutional investors such as pensions and wealth funds are allocating higher percentages of capital toward real estate. The reason is pensions are trying to invest in higher-yielding assets. In addition, Sun Life was one of Bentall Kennedy’s largest clients.

The sellers are British Columbia Investment Management Corporation (bcIMC), the California Public Employees’ Retirement System (CalPERS) and Bentall management. Each party owns a one-third stake in the real estate manager. The deal is expected to close in the third quarter of 2015. The timeline for the whole deal was 2 to 3 months.

Hodes Weill & Associates was the financial advisor for Bentall Kennedy.

The deal will have Bentall Kennedy become a unit of Sun Life Investment Management, the investment management arm of Sun Life Financial. bcIMC and CalPERS will remain clients of Bentall Kennedy under the deal. Combined, the mortgage and property teams of Bentall Kennedy and Sun Life Investment Management will have C$ 47 billion in assets under management in Canada and the United States – serving more than 550 institutional investors and clients.

Follow the Money – Episode 48

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This long-form podcast was recorded on December 11, 2018. Michael Maduell dissects the latest geopolitical trends that can impact institutional investors such as pensions, sovereign wealth funds, and endowments. Maduell lends his opinion on the lawsuit of Neiman Marcus and bumps in the road for augmented reality.

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CONTENTS
1:15 Huawei, Canada, Brexit, and Macron Headache
6:30 Sovereign Wealth Fund Asset Allocation
9:58 India Gets a New Central Bank Governor
13:26 Pensions Go Bust on U.S. Retailers
17:04 Augmented Reality and Sovereign Funds
22:00 Former CalPERS CIO Goes to Morgan Stanley Investment Management
24:30 Oman Investment Fund Goes on Defense in Public Markets
25:00 Japanese Scandals and Opportunities

EPISODE 48

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The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

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Danica Pensions Sells Danica Pension Sweden

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Danica Pension sold Danske Pension Försikringsaktiebolag (publ) (also known as Danica Pension Sweden) to a group of investors for around 2.6 billion SEK. Danica Pension is part of Danske Bank A/S. Of the total amount, 2.3 billion SEK is being paid in cash, while the rest is in the form of a debt instrument from Danica Pension.

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Stephen Gilmore Named CIO of New Zealand Superannuation Fund

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The Guardians of New Zealand Superannuation appointed Stephen Gilmore as chief investment officer. Previously, Gilmore was Chief Investment Strategist at Australia’s Future Fund – holding a series of positions between 2009 and 2018. In a press release, NZSF CEO Matt Whineray said, “We are delighted to have been able to attract a global investment leader of Stephen’s calibre to the Guardians. The NZ Super Fund is expected to grow strongly over the next few years and Stephen’s experience at the Future Fund, one of the world’s leading sovereign wealth funds, will be invaluable.”

Gilmore’s appointment is effective late February 2019.

Gilmore also had roles at Morgan Stanley, Banque AIG, the International Monetary Fund (IMF), and Chase Manhattan Bank.

Image photo is provided courtesy of the New Zealand Superannuation Fund.

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