Connect with us

SWFI First Read, July 20, 2016

Published

on

Philadelphia Pension CIO Passed Away

Michael Donatucci, the newly-hired chief investment officer (CIO) at the Philadelphia Board of Pensions and Retirement, died on July 15, 2016. Donatucci was 30 years old. He joined the pension as CIO on June 1, 2016. He had been a client investment strategist at SEI Investments.

Temasek Makes Offer to Buyout SMRT

Singapore’s Temasek Holdings has offered 1.18 billion SGD (US$ 869 million) to acquire the remaining shares of SMRT Corporation, the country’s transport operator. The offer values SMRT at 2.565 billion SGD. The financial advisor for SMRT was Bank of America Merrill Lynch. The financial advisor for Temasek was Credit Suisse.

Kessler Topaz Meltzer & Check Files Lawsuit Against Inovalon

Bowie-based Inovalon Holdings, Inc. is a technology company that provides cloud-based data analytics and data-driven intervention platforms to the healthcare industry in the United States. Law firm Kessler Topaz Meltzer & Check, LLP has filed a shareholder class action lawsuit against Inovalon Holdings, Inc. on behalf of purchasers of the company’s common stock issued pursuant or traceable to the registration statement and prospectus filed in connection with Inovalon’s February 12, 2015 initial public offering (IPO) of common stock. The lawsuit alleges that the IPO offering materials were negligibly prepared, contained untrue statements of material facts, and omitted to state other necessary facts. Among other things, the complaint alleges that the IPO offering materials failed to disclose the substantial revenues Inovalon derived from sales in New York City and the State of New York.

Monica Lai Appointed Senior Investment Director at Alfred P. Sloan Foundation

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

Should Pension Giants Still Back Low-Vol Strategies?

Published

on

As occidental central banks cautiously signal a retreat from loose monetary policy, will there be greater bouts of volatility in the near future? The low-volatility trade has worked like magic – post the global financial crisis.

The early February sell-off rankled the feathers of U.S. pension trustees, sending plausible-sounding studies in low-vol strategies to the toilet. CBOE’s Volatility Index, or VIX, closed high during the period of market mayhem. For CIOs, should the selling of volatility continue, or should the trade be nixed?

Selling risk or volatility has been profitable for a cadre of U.S. pensions as they sought yield in a low interest rate world of quantitative easing. The falling of interest rates to near zero, zero and even negative in some countries, forced asset owners to rethink yield strategies to help pay for liabilities such as pensions, insurance claims or college expenditures. Public pension funds in the United States and even in Europe have augmented investment proportions in real estate, credit and private equity at the expense of lower-yielding bond instruments over the past 20 years. Investment giants like CPPIB and the Abu Dhabi Investment Council have participated in selling off risk via investments in the reinsurance industry, while smaller pensions have utilized option strategies.

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

Continue Reading

Temasek Invests in Shaver Company Harry’s

Published

on

Harry’s, the subscription shaving company that is taking on companies such as Gillette, which is owned by the multi-national corporation Procter & Gamble, has raised US$ 112 million in a new round of financing.

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

Continue Reading

New CEO at Dubai Holding

Published

on

In early February, Dubai Holding LLC, an entity that once oversaw an aggressive Dubai International L.L.C. buyout player, hired a new chief executive officer. Dubai Holding hired Amit Kaushal as CEO, who replaces Edris Alrafi.

[ 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.