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SWFI First Read, December 22, 2016

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U.S. President-Elect Donald J. Trump Names Carl Icahn as a Special Advisor

U.S. President-elect Donald J. Trump named Carl Icahn as a special advisor to the President on issues relating to regulatory reform.

“Carl was with me from the beginning and with his being one of the world’s great businessmen, that was something I truly appreciated,” said President-elect Trump in a press release. “He is not only a brilliant negotiator, but also someone who is innately able to predict the future especially having to do with finances and economies. His help on the strangling regulations that our country is faced with will be invaluable.”

Formation on White House National Trade Council
Trump also announced the creation of the White House National Trade Council (NTC). The council will be used to advise the U.S. president on strategies in trade negotiations, coordinate with other agencies to assess U.S. manufacturing capabilities and the defense industrial base, and help match unemployed American workers with new opportunities in the skilled manufacturing sector. Peter Navarro will be the Assistant to the President and Director of Trade and Industrial Policy.

CBRE Global Investors Names New President

CBRE Global Investors promoted Danny Queenan to the role of president. In 2015, he joined CBRE Global Investors taking on the role of global chief operating officer. Prior to joining CBRE Global Investors, Queenan served as the CEO of CBRE’s Asia Pacific region and CEO of Trammell Crow Company.

Pat Halter Named COO of Principal Global Investors

Principal Financial Group named Pat Halter as chief operating officer for Principal Global Investors. Halter is currently CEO and senior executive director of Principal Real Estate Investors. Jim McCaughan remains CEO of Principal Global Investors and president of global asset management for Principal. Halter will continue to lead Principal Real Estate Investors. Halter joined Principal in 1984 as a commercial real estate representative.

Reija Hyvärinen Named Chief Communications Officer at Keva

Reija Hyvärinen has been named Chief Communications Officer at Keva. This is a new role. Previously, she was Director of Communications for the Finnish Broadcasting Company Yle.

Coima Acquires Office Redevelopment in Milan’s Porta Nuova Area

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GIC Sells Arizona Biltmore to Blackstone

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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. ]

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Mubadala Acquires Stake in Growing Hedge Fund Phoenician Capital

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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.

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Large Asset Managers Continue to Move Operations Out of California

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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.

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