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Sovereign Wealth Fund Direct Transactions Highest YTD Since 2008

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Direct Sovereign Wealth Fund Transactions – Billions USD

sovereign-wealth-fund-deals-halfs-aug2014
Source: Sovereign Wealth Fund Transaction Database – Extracted August 5, 2014

Direct deals and transactions by global sovereign wealth funds touched US$ 50.02 billion in the first half of 2014. This is a 23.1% increase in transactions comparing it to the first half of 2013 (US$ 40.64 billion). The highest first half on record of direct sovereign wealth fund transactions was the first half of 2008 (US$ 51.05 billion), a significant portion of that amount was attributable to the bank bailouts.

Singapore is the lead acquiring nation for sovereign wealth fund direct transactions with US$ 21.21 billion for the first half of 2014. This is followed by the United Arab Emirates and China. In 2014, Temasek Holdings opened a New York office.

Big Deal: Temasek-AS Watson Transaction

Singapore’s Temasek Holdings US$ 5.7 billion purchase of a 25% stake in AS Watson Holdings is the biggest sovereign wealth fund deal in the first half of 2014. Another notable deal is Rotterdam-based Vitol SA and the Abu Dhabi Investment Council move to acquire Shell’s Geelong oil refinery and local service station network in Australia.

Hot Sector, Financials Wins

Financials is the most targeted sector for direct sovereign wealth fund transactions with US$ 12.9 billion recorded in the first half of 2014. This compares to US$ 9.03 billion from the first half of 2013. Consumer discretionary and consumer staples follow with US$ 9.64 billion and US$ 7.37 billion, respectively.

Some lead financial advisors in terms of transaction amounts for the first half of 2014 for all public investor transactions (sovereign wealth funds and public funds) include: Goldman Sachs, Credit Suisse, DBS, HSBC, Bank of America Merrill Lynch and Morgan Stanley.

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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