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SWFI First Read, April 6, 2017

Citigroup Hires Shawn Borisoff as MD on Global Asset Managers Team

Citigroup hired Shawn Borisoff to be a managing director on its global asset managers team which covers Europe, Middle East and Africa (EMEA) private equity deals. Borisoff will remain in London for the role and report to Anthony Diamandakis and Christian Anderson, executives at Citigroup. Previously, he worked at UBS as a managing director since 2007. Before that, Borisoff had a stint at HSBC.

Citadel Hires Macquarie Specialist as Head of Commodities

Citadel LLC named Sebastian Barrack as head of commodities. The commodity trading unit is involved in activities such as trading gasoline crack spreads. Barrack will start effective July 2017 and be based in Chicago. Before Citadel, Barrack was Co-Head of Metals, Mining and Agriculture at Macquarie Group – being with the firm since 1996.

The last official Head of Commodities, besides founder Ken Griffin running the unit in the interim, was Mark Stainton. Mark Stainton became Citadel’s head of global equities.

CDPQ Invests in Eddyfi Technologies

At the end of March, Caisse de dépôt et placement du Québec (CDPQ) invested C$ 36.5 million in Eddyfi, a Québec City-based developer of inspection equipment and software for the industrial sector, for a minority equity stake. Eddyfi is specialized in the development of equipment and software used to detect cracks, corrosion and other anomalies on different types of structures – utilizing advanced non-destructive testing (NDT) technologies.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Asian Sovereign Funds Not Slowing Down on Tech Investing

According to data from SWFI’s Sovereign Wealth Fund Transaction Database, Asian sovereign funds invested US$ 6.05 billion directly into companies and assets in the information technology sector from Jan 2017 to November 22, 2017. In a comparable time frame from Jan 2016 to November 22, 2016, this same group of Asian sovereign funds directly invested US$ 5.02 billion in the sector. These are direct investments, not fund commitments or manager allocations.

Asian sovereign funds such as GIC Private Limited, Temasek Holdings and the Korea Investment Corporation (KIC) have demonstrated bullish signals to the technology community over other sectors. GIC and Temasek have also been major investors in the private side of deals, funding a wide range of tech startups, while providing financial firepower in buyout transactions.

Some notable direct tech investments in 2017 by sovereign funds include Meituan-Dianping, SoundCloud, Nets A/S, Visma AS, Turn, Inc. and Vantiv.

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Future Fund Makes a Guardian Out of Former J.P. Morgan ANZ Chair

The Australian government has appointed Robert Priestley – current non-executive chair of J.P Morgan for Australia and New Zealand (ANZ) and a non-executive director of ASX – to serve on the Future Fund Board of Guardians for a five-year term from November 7, 2017. Priestley replaces former Morgan Stanley Australia chief executive Steven J. Harker.

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Associated British Ports Reboots Property Development Arm to Capitalize on Land Bank

Associated British Ports (ABP) – operator of 21 major ports throughout the United Kingdom – has announced a reboot of its ABP Property division, complete with a new team of specialists in commercial development and logistics led by Huw Turner, in order to identify and develop strategically significant locations in its 2,372 acre land bank.

ABP is owned in large part by a consortium of pensions and sovereign funds, including the Canada Pension Plan Investment Board (CPPIB) at 33.88% ownership, OMERS at 30%, Singapore’s GIC Ventures Pte Ltd at 20.00% ownership, and the Kuwait Investment Authority at 10.00% ownership. Large institutional investors such as sovereign funds, pensions, and endowments have slowly increased allocation towards infrastructure over the past six years as an alternative to equities and bonds, according to asset allocation data from SWFI.


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