Connect with us

SWFI First Read, December 19, 2016

Published

on

Former Och-Ziff Executive Gets Fresh Start at AMG

Hugh Cutler was named the Global Head of Distribution for Affiliated Managers Group (AMG). He replaces Andrew Dyson who exited AMG to become Chief Executive Officer of Quantitative Management Associates. Cutler will officially join AMG in March 1, 2017 and be based in London. Cutler was a Managing Director at Och-Ziff Capital Management Group.

Swiss National Bank Augments Currency Reserve Positions

The Swiss National Bank (SNB) revealed that its Bank Council had approved moving 4.6 billion CHF (US$ 4.49 billion) to 2016 currency reserve provisions. The SNB in a statement said that, “the annual allocation will continue to be determined on the basis of double the average nominal economic growth rate over the previous five years. However, a minimum annual allocation of 8 percent of the provisions will now also apply.”

Qatar Banks Contemplate Possible Merger

More Gulf banks are looking to merge in order to save on costs and create synergies. Masraf Al Rayan, the International Bank of Qatar and Barwa Bank have initiated discussions regarding a potential merger. Masraf Al Rayan and Barwa Bank are Islamic finance institutions. Qatar Holding, a sovereign wealth enterprise (SWE) of the Qatar Investment Authority, is the largest shareholder in Masraf Al Rayan.

KWAP Acquires Menara AIA Cap Square

Kumpulan Wang Persaraan (KWAP) purchased the 41-storey Menara AIA Cap Square from Germany’s Union Investment Real Estate GmbH. Menara AIA Cap Square is located in Kuala Lumpur. JLL Malaysia, part of Jones Lang LaSalle (JLL), was the financial advisor for Union Investment Real Estate GmbH.

BVK and Universal-Investment Acquire Irish Retail Property

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

Cryptocurrencies Creep into the Middle East

Published

on

Banking behemoth J.P. Morgan Chase disclosed its own digital currency called JPM Coin. The digital token will be used to settle payments between clients. JPM Coin will be backed by physical U.S. dollars and be based off Quorum. Quorum is J.P. Morgan’s private Ethereum-based chain. JPM Coin plans to compete with Ripple, which created XRP, another digital currency that is used for settlements. Ripple’s main target market is cross-border payments and remittances.

The Central Bank of the United Arab Emirates and the Saudi Arabian Monetary Authority have unveiled their plans for Aber, an interbank digital currency. Both banks have indicated that Aber will be limited to financial settlements using distributed ledger technologies. It will be rolled out on a probational basis, and used by select banks within the two countries. A date for rollout has not yet been declared. A joint statement hinted at a broader application of the currency in the days ahead. If “no technical obstacles are encountered, economic and legal requirements for future uses will be considered.”‏ Blockchains and Distributed Ledgers technologies will be employed. The plan is for ‘Proof-of-Concept’ testing, which involves studying and fully comprehending the ways modern technologies can achieve practical applications. The digital currency has the potential to become a reserve system for central payments.

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

Continue Reading

CPPIB Inks Partnership Vehicle with La Française and its Shareholder CMNE

Published

on

La Française and Canada Pension Plan Investment Board (CPPIB) formed a strategic partnership for the launch of a real estate investment and development vehicle: Société Foncière et Immobilière du Grand Paris. The joint venture between CPPIB (80%) and Caisse Fédérale du Crédit Mutuel Nord Europe (CMNE) (20%), La Française’s shareholder, will invest in major real estate projects linked to the Grand Paris infrastructure in the Greater Paris area. The parties will initially allocate €387.5 million in equity to the venture. The partnership will target regeneration and infrastructure-led investments.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Norges Bank Governor Voices Opinion on Relaxing SWF Withdrawals over Specific Uses

Published

on

Øystein Olsen, the Governor of Norges Bank, which oversees the Norway Government Pension Fund Global (GPFG), voiced his opinion on the Norwegian government’s plans to alter the rules that regulates the country’s SWF withdrawal rules in certain circumstances. The coalition government led by Norwegian Prime Minister Erna Solberg wants to relax the limits on SWF withdrawals in specific cases. Norway’s government seeks to raid the fund to pay for the replacement of four major state buildings impacted by a terrorist attack and a crashed Royal Norwegian Navy frigate (KNM Helge Ingstad).

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.