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SWFI First Read, February 17, 2017

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HNA Group Buys Small Stake in Deutsche Bank

China’s HNA Group, a well-known massive conglomerate, purchase a 3.04% stake in Deutsche Bank. The transaction is estimated at £750 million. HNA Group indicated they could increase buying shares in the German bank.

GIC Sold Some Shares in CGN Power Co., Ltd

Singapore’s GIC Private Limited lowered its stake in CGN Power Co., Ltd (China General Nuclear Power Group) from 5% to 4.8%. GIC sold 25,382,000 H shares in the company at the average price of HK$ 2.41 per share.

Mapletree Investments Buys Oakwood Worldwide

Singapore-based Mapletree Investments Pte, a real estate development, investment and capital management company, has acquired Los Angeles-based Oakwood Worldwide, a provider of corporate housing and serviced apartment solutions. The acquisition covers all of Oakwood’s global operations. Christopher Ahearn will take over as CEO of Oakwood Worldwide. Ahearn was Oakwood’s senior vice president of sales and marketing from 2005 to 2010, later serving as a Senior Advisor at TPG Capital.

At the moment, all of Mapletree’s nine corporate housing and serviced apartment assets in the United States and Australia are managed under the Oakwood brand as part of a collaboration signed in 2014. The collaboration also saw Mapletree acquire a 49% stake in Oakwood’s Asia Pacific operating arm, Oakwood Asia Pacific. Temasek Holdings controls Mapletree Investments.

Korean Insurance and Public Funds Acquire Stake in National Grid Gas Distribution Through Secondary Deal

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Biogen and Eisai Battered by Markets Over Alzheimer’s Trial Fail

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Cambridge, Massachusetts-based Biogen Inc. (BIIB) took a tumble of 28% in the morning of March 21st after it announced that it would cease its Phase 3 trials of Aducanumab. The therapy was intended to slow cognitive decline in patients with early onset Alzheimer’s. Biogen continued falling on March 22, 2019. Biogen and its Japanese development partner Eisai Co., Ltd. (ESALY) shared that the decision was based on results from an analysis conducted by an independent committee. The analysis determined that the trials were not going to demonstrate that Aducanumab could slow cognitive impairment. Eisai also fell 28% on the day, though it staged a relatively modest recovery on March 22nd. Some large institutional holders of Biogen include APG Asset Management (manager of Stichting Pensioenfonds ABP), Norges Bank Investment Management (manager of Norway Government Pension Fund Global), and Swiss National Bank.

The last time a treatment for Alzheimer’s made it to market was in 2003. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Italy’s CDP Inks Deals with Silk Road Fund and Bank of China

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China is building out its Belt Road Initiative (BRI) to continental Europe. On March 23, 2019, in Rome, Cassa depositi e prestiti Spa (CDP), Snam Spa (Snam) and Silk Road Fund Co., Ltd signed a Memorandum of Understanding (MoU) aiming at exploring and evaluating common business opportunities. Under the MoU, CDP and the Silk Road Fund will facilitate cooperation by focusing on the potential investment opportunities in the following sectors: financial services, agriculture, food, technology, manufacturing, infrastructure and transportation, energy and white economy (healthcare and personal care assistance).

Originally part of ENI, Snam S.p.A. is an Italian natural gas infrastructure company. The Silk Road Fund and Snam will analyze possible collaboration initiatives in the area of natural gas infrastructure (pipelines, storage facilities, LNG infrastructure and biomethane plants) in support of the growth of the natural gas and biomethane sectors in China from a decarbonisation perspective. In its capacity of a national promotion institutions, CDP will look at co-financing initiatives that are consistent with its mission also in the fields of energy and sustainability.

Bank of China

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Angolan Government Recovers Assets from Quantum Global Investment Management

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The State Prosecutor’s Office of Angola said that the country has control of all financial and non-financial assets. The Angolan government claims it recovered US$ 3.35 billion of assets that were under the management of Swiss-based Quantum Global Investment Management AG. Quantum Global Investment Management was essentially the sole manager of assets for the Fundo Soberano de Angola (FSDEA).[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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