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SURVEY: More Listed Companies Are Engaging with Sovereign Funds

BNY Mellon Manhattan According to BNY Mellon’s global investor relations survey, Global Trends in Investor Relations, listed companies are continuing to increase their outreach with sovereign wealth funds. 65% of the survey’s respondents have engaged with sovereign wealth funds over the past year, up from 57% in 2013. Sovereign wealth funds are perceived to be long-term, intergenerational institutional investors. More importantly, wealth funds can be viewed as strategic sources of patient capital. According to the survey, Norges Bank Investment Management (42%), Singapore’s GIC Private Limited (38%), and Abu Dhabi Investment Authority (30%) remain the top three sovereign funds engaged with by global companies.

To view the survey: Global Trends in Investor Relations 2015

“Global firms continue to expand and enhance their engagement with current shareholders, but we’ve seen an interesting shift,” said Christopher M. Kearns, CEO of BNY Mellon’s Depositary Receipts business in a press release. “Responses indicate that after a post-crisis period focused almost solely on investors amid intense competition for capital, companies now are devoting more time to other IR activities, such as board member involvement, enhancing senior managers’ visibility, and improving relationships with analysts.”

Concerns Raised at Potential BlackRock Takeover of CalPERS’ Private Equity

The California Public Employees’ Retirement System (CalPERS) has been analyzing options on what to do with its massive US$ 26 billion private equity program. The pension system has embraced the mantra of reducing cost, reducing complexity and reducing risk, the hallmark of its program called “INVO 2020”. CalPERS also wants less, but more strategic relationships with external money managers. At one point, CalPERS was contemplating increasing its direct investment staff to model Canadian pension funds such as Canada Pension Plan Investment Board (CPPIB), OMERS and the Ontario Teachers’ Pension plan. The pendulum has begun to swing the other way as reported earlier by SWFI research staff.

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CDP Signs €1.7 Billion Infrastructure Loan Agreement with Atlantia Group

Cassa depositi e prestiti S.p.A. (CDP) and Atlantia Group’s Autostrade per l’Italia (ASPI) have signed a €1.7 billion loan contract dedicated to upgrading motorways in Italy under concession to ASPI. €1.1 billion will come in the form of a term loan with a 10-year tenure, with the remaining €600 million wrapped up in a five-year revolving loan.

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Sovereign Funds Commit to Integrating Climate-Related Risks at One Planet Summit

Representatives from a number of sovereign wealth funds who collectively govern over US$ 2 trillion in assets came together at the One Planet Summit at the Élysée Palace in Paris in order to discuss what public asset owners can do to incorporate climate change-related risks and opportunities into investment considerations.

The newly formed committee – called the One Planet Sovereign Wealth Fund Working Group – includes as its founding members the Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority (KIA), Qatar Investment Authority (QIA), Norges Bank Investment Management (manager of Norway’s Government Pension Fund Global), Saudi Arabia’s Public Investment Fund (PIF), and the New Zealand Superannuation Fund.

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