SWFI First Read, April 4, 2017

Cowen Makes Moves, Inks Deal to Buy Convergex Group

The Cowen Group agreed to a deal to purchase New York-based Convergex Group, an agency-focused global brokerage and trading related services provider, for US$ 116 million in cash and stock from a group of investors including BNY Mellon, private equity firm GTCR and other investors. In March 2016, Shanghai-based CEFC China Energy Company Limited acquired a 19.9% stake in Cowen with US$ 100 million in equity and US$ 175 million toward debt refinancing. CEFC China Energy is owned by Shanghai Energy Fund Investment Ltd, which is run by Ye Jianming.

For the Convergex deal, Morgan Stanley was the financial advisor for Cowen, while the legal advisor was Willkie Farr & Gallagher LLP. Convergex Group was advised by Kirkland & Ellis LLP.

Juan Alcaraz to Solely Focus on Allfunds, Leaves CEO Role at Santander Asset Management

Juan Alcaraz, the Chief Executive Officer of Santander Asset Management, has exited this role to focus his efforts on Allfunds. Alcaraz will focus his sole attention on Allfunds, while Juan Manuel San Román will become CEO of Santander Asset Management. Recently, Singapore’s GIC Private Limited and private equity firm Hellman & Friedman acquired Allfunds.

Hiromichi Mizuno Reappointed as GPIF CIO

Hiromichi Mizuno, the Chief Investment Officer of Japan’s Government Pension Investment Fund (GPIF), has been reappointed. This reappointment is for a 6-month term, versus a typical 2-year term. Mizuno has been with GPIF since November 2014.

State Street Global Advisors Hires Former Barings Executive

State Street Global Advisors (SSgA) named Andrew Benton as head of U.K. institutional business, reporting to Michael Karpik, the firm’s executive vice president and head of Europe, Middle East and Africa. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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