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PRESS RELEASE: Sovereign Wealth Fund Institute Establishes the Institute Council of Investors

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Institute Council of Investors
Monday, April 23, 2012
Contact information: Carl Linaburg
Phone:(415) 717-6912
Email: support@swfinstitute.org

A delegation of global governmental executives involved in investing have come together to join the Institute Council of Investors. Types of council members include: sovereign wealth funds, public pension funds, central banks, government investment authorities and other governmental entities. Initial members include some of the most senior names in the public investor industry.

The Institute Council of Investors is a neutral body of members that represent participants in the global governmental investor community. The general purpose of the council is to serve its council members engaged in the global governmental investor community through the sponsorship of interactive forums designed for the purpose of education, research initiatives, and member interaction.

Sovereign Wealth Fund Institute President Michael Maduell stated that, “the Institute Council of Investors provides a unique channel for public investors to meet and discuss timely and relevant issues. Collaborating among public investors needs to be conducted on a global basis.”

The concept of the Institute Council of Investors is the brainchild of executives at the Sovereign Wealth Fund Institute and received input from leading figures in the worldwide public investor community. The Sovereign Wealth Fund Institute hosts exclusive summits and has attracted leaders from sovereign wealth funds, public pension funds, central banks, and other governmental investors. On October 24, 2011, in Montreux, Switzerland at the SWF Forum, the framework of the council was introduced to public investors that attended. The formal launch occurred on April 16, 2012 at the Institute Fund Summit 2012 in Dana Point, California. Brian Gibson, Senior Vice President of Equities from the Alberta Investment Management Corporation chaired the first session which included public investor executives from six continents.

“It is paramount to have a diverse range of public institutional investors who have different opinions, to prevent one-sided moves among investors,” added Mr. Maduell.

Institute Council of Investors Website: www.institutecouncil.org

About the Sovereign Wealth Fund Institute
The Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds and other long-term governmental investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade, and other relevant issues. We provide specialized services such as research and consulting to various corporations, funds, and governments. The Sovereign Wealth Fund Institute delivers information and insights on current issues and trends related to sovereign wealth. Our flagship publication, the sovereign wealth quarterly is the premier publication on sovereign wealth. In addition, the Sovereign Wealth Fund Institute facilitates sovereign fund events around the world. We have helped shape the sovereign wealth market and have defined concepts and terms like the Linaburg-Maduell Transparency Index and Sovereign Wealth Enterprise.

Cassa Depositi e Prestiti Guides Companies to Find Opportunities in Naples Region

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The Cassa Depositi e Prestiti Group (CDP) and its investee companies, which include Fincantieri, Italgas, Snam, and Terna, have reached an agreement with the Municipality of Naples and the Authority of the Central Tyrrhenian Sea Port System. The entities will cooperate to provide for the development of Naples and its surrounding area. There will be a focus on helping the institutions and the community at large through financial support, real estate, and infrastructure investment, and support for local businesses. Signatories can help to provide technical expertise and planning, loans, and oversee public projects. Further, assistance and consulting will be provided, particularly as they relate to interventions and renegotiation of contract terms for the purposes of freeing up capital. Sustainable mobility will be a priority, with natural gas and biomethane forming the core fuels of the future. The group will be developing the ports, which will include the construction of emission-reducing structures.

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PIVOT: Federal Reserve Signals Zero Rate Hikes in 2019

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The Federal Reserve made a decision to hold interest rates steady and indicated that no more hikes will be coming for 2019. Federal Reserve Chairman Jay Powell addressed the media saying that the Chinese and European economies have slowed ‘substantially’. Despite low U.S. employment, Powell explained to the media that the U.S. has the lowest labor force participation rate among developed nations.

There were four interest rate hikes in 2018.

The Federal Reserve committee intends to conclude the reduction of its aggregate securities holdings in the System Open Market Account (SOMA) at the end of September 2019. Essentially, the Federal Reserve is ending quantitative tightening in September 2019. Furthermore, the committee intends to slow the reduction of its holdings of Treasury securities by reducing the cap on monthly redemptions from the current level of US$ 30 billion to US$ 15 billion beginning in May 2019.

In a March 20, 2019 statement called “Balance Sheet Normalization Principles and Plans”, a portion of it reads, “The Committee intends to continue to allow its holdings of agency debt and agency mortgage-backed securities (MBS) to decline, consistent with the aim of holding primarily Treasury securities in the longer run.

Beginning in October 2019, principal payments received from agency debt and agency MBS will be reinvested in Treasury securities subject to a maximum amount of $20 billion per month; any principal payments in excess of that maximum will continue to be reinvested in agency MBS.

Principal payments from agency debt and agency MBS below the $20 billion maximum will initially be invested in Treasury securities across a range of maturities to roughly match the maturity composition of Treasury securities outstanding; the Committee will revisit this reinvestment plan in connection with its deliberations regarding the longer-run composition of the SOMA portfolio.

It continues to be the Committee’s view that limited sales of agency MBS might be warranted in the longer run to reduce or eliminate residual holdings. The timing and pace of any sales would be communicated to the public well in advance.”

source: Federal Reserve website

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Tencent Contemplates A.S. Watson Investment

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Tencent Holdings Limited is contemplating a bid to acquire Temasek Holdings’s ownership stake in A.S. Watson, an Asian beauty and health retailer. Temasek Holdings has been trying to offload its 10% stake in A.S. Watson. The price tag could be around US$ 3 billion.

Alibaba Group Holding Limited has also expressed interest in the A.S. Watson investment.

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