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Singapore’s GIC Annual Report Released

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Singapore’s GIC released their latest annual report. As the investment manager for Singapore’s foreign reserves, the sovereign fund targets long-term investments. They believe in harvesting long-term risk premiums, sometimes even being a contrarian investor.

The annualized rolling 20 year real rate of return on March 31, 2012 was 3.9%. Singapore’s GIC reiterated their mandate was to “achieve a good, sustainable real rate of return over a 20-year time horizon.”

In January 2012, Singapore’s GIC created two new board committees to tackle investment strategies, risk and greater internal controls for compliance. The investment review committee is utilized to oversee large investments. With regards to asset allocation, exposure to public equities decreased, and cash holding increased.

At times, up to 20% of the portfolio was managed by external managers.

According to the annual report with regards to the GIC’s externally-managed assets, 58% of external managers are based out of the United States, followed by 22% in Europe. 54% of the total count of external managers fit into the marketable alternatives category.

Annualized Nominal Rates of Return in USD, Period Ending March 31, 2012

5-Year 10-Year 20-Year
Government Portfolio Performance 3.40% 7.60% 6.80%

Source: Annual Report – GIC

Calamos Investments to Acquire Timpani Capital Management

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Naperville, Illinois-based Calamos Investments signed a deal to acquire Milwaukee-based Timpani Capital Management LLC, which focuses on small and small-midcap growth investing. Founded in April 2008, Timpani Capital Management oversees around US$ 588 million in assets. The deal is expected to close in the second quarter of 2019.

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RDIF and Russia-Japan Investment Fund to Invest in Russian Subsidiary of SBI Holdings

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The Russian Direct Investment Fund (RDIF) and the Russia-Japan Investment Fund (launched by RDIF, the Japan Bank for International Cooperation and JBIC IG Partners) have reached an agreement with the Japanese corporation SBI Holdings to invest in SBI Bank LLC, SBI Holdings’ subsidiary in Russia. SBI Bank LLC will undergo a large-scale reorganization.

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Ocasio-Cortez and Maxine Waters to Oversee US Banking System via House

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The youngest woman ever to serve in U.S. Congress – starting at the age of 29 – already has an opponent in her sights. Freshman U.S. Representative Alexandria Ocasio-Cortez, often dubbed AOC on Twitter, was appointed to the House Financial Services Committee, where the democratic socialist will oversee Wall Street. This committee oversees the banks and financial institutions of the United States. With Republicans controlling the U.S. Senate and the White House, and the Democrats controlling the House, one can expect less game-changing bills being turned into laws in the banking sector.

While bartending and waiting tables at the Flats Fix taco bar in Union Square, Ocasio-Cortez upset the more centrist Representative Joe Crowley, Chairman of the House Democratic caucus. Encouraged by her success, other far left democrats are planning to challenge moderate democrats in the 2020 primaries. Ocasio-Cortez is also expected to further strengthen the influence of Chairwoman Maxine Waters of the House Financial Services Committee. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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