SWFI First Read, February 13, 2018
Bank of America Analyzes Canadian Mortgage Packing Play
Bank of America Corporation is analyzing the possibility of putting riskier Canadian mortgages into bonds, creating stimulus in the country’s residential mortgage-backed security market. These mortgages would not necessarily be backed with Canadian government guarantees. Canadian regulators made it more difficult for consumers to qualify for government mortgage insurance.
Korean Opportunities: BNY Mellon Opens FX Room in Seoul
BNY Mellon opened its foreign exchange (FX) trading room in Seoul. Such instruments permitted include foreign exchange forwards and non-deliverable forwards. The move provides more access to Korean institutional investors, while providing these investors exposure to global currencies.
BNY Mellon Hires Rebecca Bridgeman – Collateral Management
BNY Mellon named Rebecca Bridgeman as vice president and relationship manager of collateral management. Bridgeman will be based in London. Before this role, she was at RBC as an associate director of global client coverage. She also worked at BNP Paribas in business development.
Grant & Eisenhofer Forms Intellectual Property Litigation Practice
In late January 2018, law firm Grant & Eisenhofer P.A. established a broad-based intellectual property practice. Leading the new practice is Dr. Eric Evain, a chemist and intellectual property trial lawyer. Evain joined Grant & Eisenhofer as a director. Previously, Evain was a Partner at Reed Smith. Evain holds a Ph.D. in organic chemistry.
AXA Investment Managers Combines LDI Unit in Europe
AXA Investment Managers consolidated its liability-driven investment teams under one group covering the United Kingdom, France and the Netherlands. The consolidate group is led by Mathilde Sauve.
Sovereign wealth fund giant Norway Government Pension Fund Global (GPFG) is an investor in Tesla, holding a 0.48% stake at the end of 2017. GPFG owns roughly 1.4% of all globally listed company shares, minus stocks from its exclusion pool. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
Distressed Beijing-based holding company Anbang Insurance Group is set to sell its U.S. luxury hotel properties, which were purchased for US$ 5.5 billion from the Blackstone Group in 2016. This is a move to raise quick cash, following the firm’s seizure at the hands of the Chinese government six months ago. Bids had already been ongoing for selected properties, including the famed Essex House Hotel, overlooking Manhattan’s Central Park. The portfolio of hotels is strategically placed in geographically diverse regions, including Miami and Chicago. Anbang is looking to cash in on the properties quickly, as its properties in China are already being liquidated. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
Norway’s Government Pension Fund Global (GPFG) returned 1.8% for the second quarter of 2018. Listed equity investments generated a 2.7% return for the period, while fixed income returned 0%. Unlisted real estate investments posted a 1.9% return for the second quarter. In addition, the Norwegian krone depreciated against the U.S. dollar during the quarter. Furthermore, 2 billion NOK was withdrawn from the fund.
“North American and European stocks had a positive development in the quarter despite the prospect of increased trade barriers. This made a positive contribution to the fund’s return,” says Trond Grande, Deputy CEO of Norges Bank Investment Management, according to the press release.
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