Connect with us

SWFI First Read, January 3, 2017

Published

on

SOLVENCY ISSUES: Central States Teamsters Pension Fund Could Get Approval to Cut Benefits

The Central States Teamsters’ pension plan, based in Des Plaines, Illinois, hopes to get approval from the U.S. Treasury Department to lower benefits for participants by as much as 30% to help the plan remain solvent. The plan covers more than 407,000 participants. At the end of 2014, the plan had US$ 35 billion in pension liabilities versus US$ 18 billion in assets to cover. Without government funding, the pension fund will run out of money in 10 years or less. In May 2016, the U.S. Treasury Department had rejected a rescue strategy for the pension fund.

Massad to Exit as Chair of CFTC

Timothy Massad, chairman of the Commodity Futures Trading Commission (CFTC), is stepping down from his role on January 20, 2017. Massad is a Democrat. He spent nearly three years as CFTC’s chairman, succeeding Gary Gensler. J. Christopher Giancarlo, the CFTC’s sole Republican member, is expected to become interim Chairman of the CFTC.

ATP and PensionDanmark Acquire Copenhagen Marriott Hotel

ATP Real Estate, a unit of ATP, and PensionDanmark acquired in equal ownership interests the Copenhagen Marriott Hotel for a total of 1 billion DKK from Solstra Investments. The hotel is located on the waterfront at Kalvebod Brygge, in the Vesterbro district of Copenhagen. The hotel is fully leased to BC Hospitality Group, which is controlled by Solstra Investments. The hotel has 406 rooms.

Tech Firms to Join in on SoftBank’s Vision Fund

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

Angolan Government Cancels Port Concession, Reviews Others

Published

on

Atlantic Ventures SA, which has ties to Isabel dos Santos (daughter to former Angolan president,) lost its concession rights to construct a US$ 1.5 billion port – the Barra do Dande port – near Luanda. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Egyptian Parliament Passes Draft Law on Misr Fund

Published

on

Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Capital Constellation Backs Middle Market PE Platform

Published

on

Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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.