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SS&C Buys Advent Software

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Windsor-based SS&C Technologies Holdings is buying San Francisco-based Advent Software, Inc. for about US$ 2.3 billion in cash. The total transaction value is US$ 2.7 billion with debt included. Due to the global financial crisis, more financial data providers are merging to save money on costs. SS&C is paying US$ 44.25 per share, a 7% premium to Advent’s Monday closing price. Both SS&C and Advent’s Board of Directors have unanimously approved the deal.

SS&C has been on a buying spree acquiring DST Global Solutions in December 2014 and GlobeOp earlier. SS&C bought DST to have a larger presence in EMEA and the Asia-Pacific region. 90% of DST’s revenues come from those regions.

Bill Stone, Chairman and Chief Executive Officer of SS&C said in a press release, “The acquisition reinforces our focus on our clients. Advent Software, combined with SS&C’s complementary offerings in SaaS, middle office services, regulatory solutions, mobile applications and FIX, is unmatched. One Advent product, Geneva ®, already has 2,400 SS&C personnel using it everyday. Black Diamond® is a premier product in the registered investment advisor market and we look forward to continuing Black Diamond’s success. Advent Portfolio Exchange®, Axys®, Moxy®, and the entire product portfolio adds depth and breadth. We are excited to have Pete Hess and his team and the entire Advent community. We intend to continue our combined strengths in innovation, client focus and employee opportunity.”

SS&C was advised by Deutsche Bank and Morgan Stanley. The legal advisor for SS&C was Davis Polk & Wardwell LLP. Advent Software was advised by Qatalyst Partners and Wilson Sonsini Goodrich & Rosati.

Facebook Facing Growing Legal Exposures over Privacy Breaches

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In short order, Facebook stock has lost over a quarter of its value from its US$ 217.50 stock price high in July. Multiple scandals have plagued the stock in 2018. The most glaring occurrence involved a data breach that was heavily criticized in the media. That criticism is also being met with action. IMF Bentham Ltd., a global litigation funder, and a partner law firm, have lodged a complaint with the Office of the Australian Information Commissioner (OAIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Why BlackRock Angled the EU Toward a Massive Supranational Pension Fund

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BlackRock is the world’s largest asset management firm and the company wields tremendous political power whether operating in the United States, Mexico, and parts of Europe. Before the populist wave that led to Brexit, BlackRock bet large in Europe by increasing headcount and lobbying efforts. By 2015, BlackRock CEO Larry Fink proposed the formation of a cross-border personal pension fund for Europe. Fink was keenly aware of the Capital Markets Union project that was revealed in July 2014 by European Union Commission President Jean-Claude Juncker. For BlackRock, why compete in each eurozone country when you can possibly win a mandate for the whole pie of Europe. The European pension fund market is hyper-competitive for asset management firms. Other asset managers like Vanguard have lobbied Brussels over issues like the cross-border distribution of funds, but data shows that BlackRock is far more active than its U.S. peers.

EU’s Definition of PEPP

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Malaysia’s Federal Land Development Authority Seeks to Restructure

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Malaysia’s Federal Land Development Authority (FELDA), a government agency, is looking to restructure its investment holdings in a bid to reduce debt. The restructuring on the real estate side started in the middle of 2017. The government agency wants to lower its debts of 8.03 billion MYR (US$ 1.94 billion) down to 6.5 billion MYR. The restructuring could take over two years.

FELDA is seeking to dispose of assets which includes real estate in London. FELDA is an investor in student housing in London through its main unit called Felda Investment Corporation (UK properties owned by FIC UK Properties Sdn Bhd). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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