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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.

CPPIB Tries Out CLO Equity Tranche Investing with Sound Point Capital

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Canada Pension Plan Investment Board (CPPIB) through its wholly-owned subsidiary, CPPIB Credit Investments Inc. (CPPIB Credit), is broadening its portfolio through new investments in equity tranches of collateralized loan obligations (CLOs) alongside experienced CLO asset managers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CalPERS Names Yu Ben Meng as Chief Investment Officer

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The California Public Employees’ Retirement System (CalPERS) announced that Yu Ben Meng has been selected as the pension fund’s new chief investment officer (CIO). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ontario Nonprofit Network Awards Mandate to OPTrust

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The Ontario Nonprofit Network (ONN), a nonprofit network for the 58,000 nonprofits in Ontario, selected OPTrust to manage defined benefit assets. ONN selected OPTrust Select, the new defined benefit solution from OPTrust. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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