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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.

Senior Personnel Shuffle at Khazanah Nasional

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Malaysia’s Khazanah Nasional Berhad has elevated a number of investment officers in its Senior Leadership Team as part of its regular renewal of its upper management. The changes – which went into effect on April 1, 2018 – are in line with its ongoing leadership succession initiative, and supplement Khazanah’s ongoing institutionalization efforts, according to a press release.

Amran Hafiz Affifudin, who has served as the sovereign wealth fund’s Director of Investments since 2013, has been promoted to Executive Director of Investments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BC Partners and OTPP Agree to Recap GFL Environmental

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Private equity firm BC Partners and the Ontario Teachers’ Pension Plan (OTPP) are leading an investor group to recapitalize Toronto-based GFL Environmental Inc. The transaction implies a total GFL enterprise value of approximately US$ 5.125 billion. GFL operates in the world of North American waste – or perhaps known as environmental solutions. GFL runs a network of more than 140 facilities across Canada and in Michigan. GFL was contemplating an initial public offering early in January, having hoped to raise US$ 800 million.

The deal is expected to close by June 30, 2018.

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

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FSDEA Attempts to Get Control of Mauritius Frozen Assets

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With new leadership at the helm of the Fundo Soberano de Angola (FSDEA), new plans are being discussed on asset allocation. Mauritius government officials had froze assets of FSDEA’s main manager Quantum Global Group. A unit of Quantum Global Group managed seven investments funds on behalf of FSDEA.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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