U.S. Treasury Reveals Big Quarterly Amount
The U.S. Treasury announced it plans to borrow US$ 441 billion in the current January-March quarter. This is the largest amount in eight years. From the period of October-December quarter 2017 the actual figure of borrowing was US$ 282 billion. The previous large amount of borrowing was US$ 483 billion in the January-March quarter of 2010.
Correction: ADIA Indian Office
We received information that disputes that Egon Zehnder was hired to find an executive for a Head of India for ADIA. With this information, we have removed it from the First Read briefing.
Aberdeen Standard Investments Hired David Mitchell for Asia Marketing
Aberdeen Standard Investments hired David Mitchell to oversee its marketing operations in Asia. He is based in Singapore. Previously, Mitchell was Head of Marketing in Southeast Asia and the Middle East for Fidelity International.
Mubadala Eyes Aerospace Opportunities in the U.S.
Mubadala Investment Company is eyeing the possibility of investing in aerospace manufacturing in the United Space and possibly Morocco – given its short distance to Europe. Strata is a subsidiary of Mubadala, which seeks to grow its composite aerostructures business.
Kuwait MinFin Reveals 2019 Fiscal Budget
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Atlas Merchant Capital LLC and Singapore’s GIC Private Limited acquired just under a 25% equity stake in Dresher, Pennsylvania-based Ascensus, the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. San Francisco Genstar Capital LLC and New York-based Aquiline Capital Partners LLC were the sellers of the shares in Ascensus and will maintain control over the company.
Atlas Merchant Capital LLC was founded by Bob Diamond and David Schamis. Diamond is the former group chief executive of Barclays plc.
GIC is an investor in Alight Solutions, a provider of human capital solutions.
Barclays acted as the lead financial advisor and J.P. Morgan acted as financial advisor to Ascensus in connection with this transaction. Willkie Farr & Gallagher LLP acted as legal counsel to Ascensus.
Debevoise & Plimpton LLP acted as legal counsel to Atlas Merchant Capital and Sidley Austin LLP acted as legal counsel to GIC.
In 2015, JC Flowers sold Ascensus to Genstar Capital and Aquiline Capital Partners.
The Value of Research: Skill, Capacity, and Opportunity
This article is sponsored by S&P Dow Jones Indices.
How much should a portfolio manager be willing to pay for research? The question is of importance to any manager, but has become particularly pertinent since newly imposed European rules require that the costs of investment research—previously offered by many investment banks as an in-kind consideration in return for brokerage business—be unbundled from trading.
Unfortunately, attempts to determine a fair value for research in the most general circumstances are doomed to fail. Even if we only consider direct recommendations to buy or sell certain securities, the value of such recommendations to a portfolio manager will vary according to the absolute size of positions taken in response. Instead, we provide a framework for estimating relative research values across markets and constituents, under certain stylized (but reasonable) assumptions.
REPORT: The Value of Research: Skill, Capacity, and Opportunity
Malaysia’s Khazanah Nasional Berhad is prepping to declare more than 1 billion MYR in a dividend payout to the Malaysian government for 2019. Khazanah Nasional is undergoing a significant strategy shift to focus more on domestic assets, while selling off venture tech investments, overseas real estate, fund investments, and other non-strategic assets. The wealth fund also plans to scale back its overseas presence in markets such as San Francisco and London.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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