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SWFI First Read, July 30, 2017

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Former CIC Executive to Joins Neuberger Berman

Bin Yu is bringing his team from CloudRidge Capital, a firm that he formed in 2014, to Neuberger Berman. Bin Yu was named a Portfolio Manager at Neuberger Berman. Bin Yu was formerly at the China Investment Corporation (CIC), running a US$ 10 billion plus global equity portfolio.

Dubai Investments Real Estate Company Scores Loan from First Abu Dhabi Bank and Abu Dhabi Commercial Bank

Dubai Investments Real Estate Company, a unit of Dubai Investments, inked a 1.1 billion AED loan to construct a residential development in the Mirdif neighborhood in Dubai called the Mirdiff Hill real estate development. Lenders for that loan were First Abu Dhabi Bank and Abu Dhabi Commercial Bank. The Investment Corporation of Dubai (ICD) owns a stake in Dubai Investments.

Mark Roemer Joins Acadian Asset Management

Mark Roemer left Allianz Global Investors. He is now a Portfolio Manager at Boston-based Acadian Asset Management LLC. Roemer will be based in London.

Central Bank of Qatar’s Net International Reserves Fell in June

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JPMorgan Sells Stake in Saudi Investment Bank

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JPMorgan Chase & Co. is one of the largest foreign banks in Saudi Arabia. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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What Will BlackRock Look Like in 2030?

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Will BlackRock, currently the world’s biggest asset manager, be around in 10 years, or be overtaken in the exchange-traded fund market by tech companies like Amazon or Alibaba? Amazon is already in the online lending game. Amazon CEO Jeff Bezos once said, “Your margin is my opportunity.” Will Laurence “Larry” Fink still be CEO or at least Chairman of BlackRock? A lot can happen. BlackRock’s Aladdin is rubbing the lamp, calling on a genie to make its third final wish.

Over the past decade, BlackRock and the élite asset management community benefitted handsomely from central bank measures such as quantitative easing, with the rapid creation of money flowing into listed equity markets. At the end of 2017, BlackRock topped US$ 6.29 trillion in assets under management, rivaling nearly the size of the whole sovereign wealth fund market. Can BlackRock get any bigger or at least reach US$ 10 trillion in assets by 2030? This open-ended question can be answered in many ways, but factors such as market access to China, India and Southeast Asia will be crucial for BlackRock. In fact, SWFI research sees the Asia-Pacific region growing faster than the global AUM rates. BlackRock could be missing out on China, as players like Ant Financial offers products such as Yu’e Bao (Chinese for leftover treasure), a money market fund that was pushed out in June 2013 permitting Alibaba customers to use money leftover in their Alipay accounts.

By 2030, the United Nations predicts planet Earth will have 8.5 billion residents (more potential investors) and by then many of these grandeur Middle Eastern vision plans will be complete. Sovereign funds could be commanding nearly US$ 20 trillion in assets. Next, corporate boards across the United States, Europe and Asia might have all-but-embraced some form of globally-recognized ESG standards by nudging from CalPERS, BlackRock and the Swedish buffer funds.

BlackRock Will be Bloomberg

As incumbent financial industry consultants analyze products, regulatory changes and asset flow patterns, many are missing out on BlackRock’s not-so-secret weapon. As certain financial products and services become cheaper, a key differentiating factor for these firms is technology which can reduce labor costs, improve services and reduce execution risks. In an uncompromising fashion, BlackRock continues to push its Aladding solution on new and current clients in a bid to make quitting harder, while deriving more data insights from its octopus-like client reach. Armed with eleven data centers and more than 30,000 Aladdin users, BlackRock desires to ingrain itself into the workflow of every asset owners – small or big – knowing full well that ETFs and fund mandates can be lost in a whim. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ascendas-Singbridge Acquires Three Hotels in Osaka

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Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

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