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SWFI Completes First Annual Fixed Income Asset Manager Perception Study

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perceptionstudy_FI_2015SEATTLE, Wash. – 3 November 2015 – SWFI has released its first annual perception study on asset managers focusing on fixed income with regard to global asset owners. The study was conducted over a period of six months starting in May 2015. The results shed light on where asset owners’ fixed income managers are ranked among peers. SWFI staff interviewed asset owners globally through a variety of means to obtain the information. The sample includes the following types of investors globally: pensions, sovereign funds, central banks, endowments, superannuation funds and other non-commercial institutional investors.

DETAILS

SWFI research staff surveyed asset owners on a number of criteria: investment capabilities, performance, relationship management and education. Some questions surveyed include the manager’s ability to achieve strong performance and perception on relationship management skills.

KEY FINDINGS

BlackRock presented itself as a top destination in fixed income for many pensions and sovereign wealth funds. Goldman Sachs Asset Management, meanwhile, claimed the #2 spot in several categories. PIMCO was counted among the top #5 in many categories. Large custodial banks struggle to rank highly on fixed income asset management compared to pure play asset managers. JPMorgan and Goldman Sachs are exceptions.

Firms graded in the study:

Fixed Income Asset Managers Ranked
Aberdeen Asset Management
Amundi
AXA Investment Managers
BlackRock
BNP Paribas Asset Management
BNY Mellon Asset Management
Deutsche Bank Asset Management
Fidelity Investments
Goldman Sachs Asset Management
JP Morgan Asset Management
Legg Mason (includes Western and Brandywine)
Loomis Sayles
Northern Trust Asset Management
PIMCO
Principal
Schroders
Standard Life Investments
State Street Global Advisors
Voya Asset Management
Wellington Management Company

 

Below is a sample of one of the factors in the study

Investment Staff Capabilities RANK
BlackRock 1
Goldman Sachs Asset Management 2
JP Morgan Asset Management 3
Legg Mason (includes Western and Brandywine) 4
PIMCO 5

 

To see the full rankings, methodology and final report, please contact, Carl Linaburg @ clinaburg@swfinstitute.org.

About SWFI

SWFI is a global organization designed to study sovereign wealth funds, pensions, central banks and other long-term investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant topics. For more information about the SWFI, please go to www.swfi.com | www.swfinstitute.org.

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GIC Sells Arizona Biltmore to Blackstone

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Blackstone Real Estate Advisors, part of the Blackstone Group, acquired the 740-room Arizona Biltmore hotel, located in Phoenix, for US$ 403.4 million. The deal closed on April 20, 2018.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Acquires Stake in Growing Hedge Fund Phoenician Capital

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Mubadala Investment Company, through its unit Mubadala Capital, purchased a minority stake Phoenician Capital, LLC. Although terms and size of the deal were not disclosed, the agreement grants Mubadala Capital rights to invest in a fund managed by the New York-based firm, which generated respective returns of 40.8% and 33.0% in 2016 and 2017, against benchmarks of 12.0% and 21.8% for the S&P 500. The hedge fund runs the Phoenician Offshore Fund Ltd.

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

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Large Asset Managers Continue to Move Operations Out of California

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In the 2010s, Fisher Investments, an investment firm run by Ken Fisher, moved a large number of employees from the Woodside and San Mateo campuses to a town called Camas in Washington, near Portland. Vanguard has a large operational presence in Arizona, while Charles Schwab Corporation has expanded its technology operations and client services in places like Denver, Dallas, Austin and Phoenix. Dimensional Fund Advisors moved its headquarters in 2008 from Santa Monica, California to Austin.

While asset managers reap profits and try to lower employee head count costs, looking to fly-over country seems appealing.

The Pacific Investment Management Company (PIMCO), part of the Allianz family, selected Austin, Texas as its new office to hire more client services and technology talent. The PIMCO Austin office will open later in 2018. PIMCO is headquartered in Newport Beach, California, with an office in New York City.

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