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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.

ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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