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SWFI First Read, February 7, 2018

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Sovereign Funds Continue to Commit to Carlyle Funds

In a fourth quarter 2017 conference call taken place on February 8, 2018, an executive at the Carlyle Group revealed that global sovereign wealth funds “just continue to take a larger share of overall commitments.” This is in context of Carlyle funds. The executive added seeing strength in fund commitments from its private client base as well.

HSBC Global Asset Management Appoints Head of Passive Fixed Income

Sebastien Faucher was appointed Head of Passive Fixed Income at HSBC Global Asset Management. This is a new position created due to client demand. Before this appointment, Faucher was Head of Index Fixed Income at at Legal & General Investment Management.

Saudi PIF Keeps Commitment to Russia

Saudi Arabia’s Public Investment Fund (PIF) allocated a US$ 10 billion commitment to invest in Russia. Already, US$ 1 billion of the allocated capital for Russia has been invested.

DOE Forecasts U.S. Exporting More Energy than Importing by 2022

According to the Energy Information Administration in its Annual Energy Outlook, which is under the U.S. Department of Energy (DOE), the United States is on track to export more energy products versus imports by 2022. If DOE’s forecast turns out to be true in 2022, it will be the first year U.S. energy exports beat imports since 1953.

Ilmarinen’s Unlisted Equities Posts Large Returns for 2017

Finnish institutional investor giant Ilmarinen posted a 7.2% return in its investment portfolio for 2017, while the asset class of unlisted equities generated a 26.8% return. The effects of Ilmarinen’s merger with Etera were realized at the start of 2018.

Japan’s GPIF Awards Nissay Asset Management with ESG Disclosure Mandate

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Increasingly asset owners across the Asia-Pacific region are studying the impacts of environmental, social, and governance factors on listed companies. As more Japanese pensions augment asset allocation to listed equities, the importance of corporate non-financial disclosures and practices becomes clear. These disclosures can have a material impression on company stock prices. In addition, Japanʼs Stewardship Code and Corporate Governance Code in 2014 and 2015 were launched, respectively. These codes helped the (environmental, social, and governance) ESG concept gain momentum in Japan.

Japan’s Government Pension Investment Fund (GPIF), the largest public pension fund in the world, awarded a research mandate to Nissay Asset Management Corporation. The mandate entails studying ESG disclosures. The study will conduct a comparable analysis on ESG standards and practices, while taking into account input from both investors and companies. With around US$ 110.5 billion in assets under management, Nissay Asset Management is owned by Japanese life insurance giant Nippon Life Insurance Company.

As GPIF boosted its allocation to domestic equities, the asset owner took a deeper look into the impact of ESG on equity investing. GPIF is keen on improving efficiencies in Japan’s capital markets. GPIF is a universal owner of stocks, similar in some aspects to what Norway’s Government Pension Fund Global (GPFG) does.

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Norges Bank Real Estate Management Buys Central Paris Property

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Norges Bank Real Estate Management, the real estate unit of Norges Bank Investment Management (oversees Norway Global Pension Fund Global), has signed an agreement to acquire a 100 percent interest in an office property located on 54-56 rue la Boétie in central Paris.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Schlumberger Gets Closer to Eurasia Drilling Company

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Russia’s sovereign wealth fund, the Russian Direct Investment Fund, and American oilfield services giant Schlumberger (SLB) have planned a deal to invest in Russia’s Eurasia Drilling Company Limited. RDIF CEO Kirill Dmitriev made the announcement. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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