Connect with us

SWFI First Read, December 20, 2017

Published

on

The U.S. Senate and U.S. House of Representatives have approved a massive tax reform bill – the Tax Cuts and Jobs Act. The bill passed in the U.S. Senate with a 51-to-48 vote. The corporate tax rate is being lowered from 35% to 21%. It is the first major reform in the U.S. tax code in 31 years. U.S. President Trump tweeted, “I would like to congratulate @SenateMajLdr on having done a fantastic job both strategically & politically on the passing in the Senate of the MASSIVE TAX CUT & Reform Bill. I could have not asked for a better or more talented partner. Our team will go onto many more VICTORIES!”

On the personal income front, the law reforms a number of measures. For example, the bill roughly doubles the standard deduction to US$ 24,000 for married couples who file jointly. For singles, the deduction goes to US$ 12,000.

Ontario Teachers’ Acquires Avocado Farms in Western Australia

Ontario Teachers’ Pension Plan acquired Busselton, Australia-based Jasper Farms, an owner of avocado farms.

Temasek Participates in Series B in Orchard Therapeutics

London-based Orchard Therapeutics, a biotechnology company involved in gene therapies, raised US$ 110 million in a Series B round. The investment round was led by Baillie Gifford and ORI Capital. New investors in the company include Temasek Holdings and Cowen Healthcare Investments. Other investors in smaller allocations in the Series B round include Juda Capital, Pavilion Capital, RTW Investments, Agent Capital, 4BIO Capital and existing investors F-Prime Capital and UCL Technology Fund.

Investment Corporation of Dubai Refinances The Residences at the Mandarin Oriental

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

GIC Sells Arizona Biltmore to Blackstone

Published

on

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. ]

Continue Reading

Mubadala Acquires Stake in Growing Hedge Fund Phoenician Capital

Published

on

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. ]

Continue Reading

Large Asset Managers Continue to Move Operations Out of California

Published

on

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.

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.