Connect with us

SWFI First Read, January 3, 2017

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. ]

Concerns Raised at Potential BlackRock Takeover of CalPERS’ Private Equity

The California Public Employees’ Retirement System (CalPERS) has been analyzing options on what to do with its massive US$ 26 billion private equity program. The pension system has embraced the mantra of reducing cost, reducing complexity and reducing risk, the hallmark of its program called “INVO 2020”. CalPERS also wants less, but more strategic relationships with external money managers. At one point, CalPERS was contemplating increasing its direct investment staff to model Canadian pension funds such as Canada Pension Plan Investment Board (CPPIB), OMERS and the Ontario Teachers’ Pension plan. The pendulum has begun to swing the other way as reported earlier by SWFI research staff.

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

Continue Reading

CDP Signs €1.7 Billion Infrastructure Loan Agreement with Atlantia Group

Cassa depositi e prestiti S.p.A. (CDP) and Atlantia Group’s Autostrade per l’Italia (ASPI) have signed a €1.7 billion loan contract dedicated to upgrading motorways in Italy under concession to ASPI. €1.1 billion will come in the form of a term loan with a 10-year tenure, with the remaining €600 million wrapped up in a five-year revolving loan.

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

Continue Reading

Sovereign Funds Commit to Integrating Climate-Related Risks at One Planet Summit

Representatives from a number of sovereign wealth funds who collectively govern over US$ 2 trillion in assets came together at the One Planet Summit at the Élysée Palace in Paris in order to discuss what public asset owners can do to incorporate climate change-related risks and opportunities into investment considerations.

The newly formed committee – called the One Planet Sovereign Wealth Fund Working Group – includes as its founding members the Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority (KIA), Qatar Investment Authority (QIA), Norges Bank Investment Management (manager of Norway’s Government Pension Fund Global), Saudi Arabia’s Public Investment Fund (PIF), and the New Zealand Superannuation Fund.

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

Continue Reading

Popular

© 2008-2017 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.