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SWFI First Read, April 23, 2017

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Schroders to Buy Adveq

In a bid to diversify into the lucrative world of alternative investments, Schroders PLC, a FTSE 100 investment management company, made its move to buy Adveq Holding AG (Adveq), a specialist private equity business. Adveq was founded in Zurich in 1997. Bruno E. Raschle, Executive Chairman of the Board of Directors at Adveq, is the principal shareholder of Adveq Holding. At 2015, the majority of Adveq’s clients are mostly located in Europe, according to filing data.

In the press release, it state, “there will be no changes to the investment team, process or strategies that Adveq manage on behalf of clients.”

Law firm Debevoise & Plimpton LLP was the legal advisor for Adveq Holding and its shareholders regarding its acquisition by Schroders.

State Street Beefs up Asset Owner Business with New Hires

State Street Corporation hired Hemant Bhide to serve as the head of the U.S. Asset Owner business, and Bruce Shain to serve as a senior vice present and client service department manager. Bhide will report to Stephen Nazzaro, executive vice president at State Street and head of Asset Owners for the Americas. Bruce Shain will report to Bhide.

Previously, Bhide was a Partner at PricewaterhouseCoopers (PwC) in the financial services advisory practice.
Previously, Shain was at BNY Mellon, working as a managing director and segment head of U.S. Corporate, Government and Non-Profit businesses.

GIC Buys Two Blocks of Student Housing from Frasers Property Australia

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Japan’s GPIF Awards Nissay Asset Management with ESG Disclosure Mandate

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Increasingly asset owners across the Asia-Pacific region are studying the impacts of environmental, social, and governance factors on listed companies. As more Japanese pensions augment asset allocation to listed equities, the importance of corporate non-financial disclosures and practices becomes clear. These disclosures can have a material impression on company stock prices. In addition, Japanʼs Stewardship Code and Corporate Governance Code in 2014 and 2015 were launched, respectively. These codes helped the (environmental, social, and governance) ESG concept gain momentum in Japan.

Japan’s Government Pension Investment Fund (GPIF), the largest public pension fund in the world, awarded a research mandate to Nissay Asset Management Corporation. The mandate entails studying ESG disclosures. The study will conduct a comparable analysis on ESG standards and practices, while taking into account input from both investors and companies. With around US$ 110.5 billion in assets under management, Nissay Asset Management is owned by Japanese life insurance giant Nippon Life Insurance Company.

As GPIF boosted its allocation to domestic equities, the asset owner took a deeper look into the impact of ESG on equity investing. GPIF is keen on improving efficiencies in Japan’s capital markets. GPIF is a universal owner of stocks, similar in some aspects to what Norway’s Government Pension Fund Global (GPFG) does.

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Norges Bank Real Estate Management Buys Central Paris Property

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Norges Bank Real Estate Management, the real estate unit of Norges Bank Investment Management (oversees Norway Global Pension Fund Global), has signed an agreement to acquire a 100 percent interest in an office property located on 54-56 rue la Boétie in central Paris.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Schlumberger Gets Closer to Eurasia Drilling Company

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Russia’s sovereign wealth fund, the Russian Direct Investment Fund, and American oilfield services giant Schlumberger (SLB) have planned a deal to invest in Russia’s Eurasia Drilling Company Limited. RDIF CEO Kirill Dmitriev made the announcement. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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