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Principal Global Investors Names Pat Halter as CEO

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Patrick (Pat) G. Halter took the CEO’s mantle at Principal Global Investors, which is part of Des Moines-based Principal Financial Group Inc. Halter is replacing James (Jim) McCaughan who stepped down as CEO of Principal Global Investors. McCaughan has been with the firm for almost 17 years. In addition, Timothy M. Dunbar was promoted to President of Principal Global Investors.

Previously, Halter was Chief Operating Officer at Principal Global Investors and CEO of Principal Real Estate Investors. Halter had led the real estate business since 2003 and joined Principal back in 1984.

Dunbar was previously Executive Vice President and Chief Investment Officer of the organization.

Flows have been choppy with Principal Global Investors over the past years. Principal Financial Group has around US$ 666.6 billion in assets under management. Principal Financial Group’s Principal Global Investors segment generated US$ 115.4 million in pre-tax operating earnings for the second quarter of 2017, while the second quarter of 2018 generated US$ 127 million.

Big Mandate Redeemed

On August 3, 2018, Principal Global Investors revealed a large single client with a US$ 9 billion real estate mandate redeemed. The client decided to take the portfolio in-house as the manager contract was up. Principal Global Investors had an arrangement that went on for about 20 years with the client.

Assets Under Management by Division and Select Units – USD Billions

Period Principal Global Investors AUM Principal Global Fixed Income Principal Real Estate – Private Real Estate Columbus Circle Investors Finisterre Capital
Jun 2018 429.8 102.1 58.8 5.0 2.2
Mar 2018 423.8 102.2 53.9 5.1 2.2
Dec 2017 430.9 96.4 52.9 5.6 2.7
Sep 2017 423.3 96.8 52.0 5.9 2.7
Jun 2017 410.4 95.0 52.8 6.5 3.0

Carlyle Group Completes Deal on 19.9 Percent Stake in Fortitude Re

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More private equity firms are scooping up reinsurance assets. The Carlyle Group finalized its acquisition of a 19.9% stake in Fortitude Group Holdings, LLC, whose group companies operate as Fortitude Re (formerly DSA Re) from American International Group, Inc. (AIG) The transaction was first announced on August 1, 2018. Part of this deal included Fortitude Re inking an investment management agreement (IMA) whereby US$ 6 billion of assets will be committed into a variety of Carlyle investment strategies.

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RDIF, Indorama Corporation, and Yadran Oil Ink Joint Investment in Tartarstan

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The Russian Direct Investment Fund (RDIF), and Singapore-based Indorama Corporation Pte Ltd, a chemical corporation in Asia, and JSC Yadran-Oil, the company authorized by the Government of the Republic of Tatarstan, have agreed to jointly implement investment projects in Russia. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DENIED: Bank of England Refuses to Release Venezuelan Gold

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“Whoever has the gold makes the rules,” the King famously said in 1964’s comic strip, The Wizard of Id. England is proving the old truism to be accurate. Keynes’ “barbarous relic” is showing tremendous staying power in a world awash in cryptocurrencies and virtual wealth.

Austria, Germany, and the Netherlands have all repatriated gold reserves in recent years, and they can now count Venezuela among the countries attempting to do the same. Venezuela’s government made the decision to repatriate 14 tons of gold bars on the heels of U.S. sanctions. The custodian, the Bank of England, has refused to release the gold, worth a total sum of US$ 550 million, to Caracas. The British are citing anti-money laundering regulations. The specific concern is that Nicolas Maduro may personally seize the gold and use it for personal gain. Washington’s new rules for Venezuela target the country’s gold exports, based on reports of Maduro spending the country’s current precious metals illegally. Venezuela’s economy collapsed when oil revenue plunged. Supplies of food, medicine, and consumer staples were affected. Shortages and hyperinflation have resulted.

National Security Advisor to the United States, John Bolton, labeled Venezuela a member of a “troika of tyranny,” along with Cuba and Nicaragua. Bolton railed against the “triangle of terror stretching from Havana to Caracas to Managua.” He called it “the cause of immense human suffering, the impetus of enormous regional instability, and the genesis of a sordid cradle of communism in the Western Hemisphere,” Cuba has been accused of assisting the Maduro government. “The Cuban military and intelligence agencies must not disproportionately profit from the United States, its people, its travelers, or its businesses,” Bolton declared. For its part, Nicaragua is in hot water due to a violent crisis that sprung up when President Daniel Ortega announced that there would be changes coming to Nicaragua’s social security system. The U.S. is pushing for free elections.

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

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