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SWFI First Read, July 5, 2017

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General Atlantic Hires Former HKMA Direct Investments CIO

Private equity firm General Atlantic has hired Yong Hak Huh as a special advisor. He is the former Chief Investment Officer of Private Markets and Direct Investment at the Hong Kong Monetary Authority (HKMA).

“We are excited to welcome Yong Hak to the firm as we expand our relationships with entrepreneurial companies and leading investors across Asia. As we deepen our presence and build upon two decades of growth investing in the region, we know that Yong Hak will only reinforce our capabilities and experience and deepen our connectivity with family and institutional investors seeking to partner with General Atlantic,” said Graves Tompkins, Managing Director and Global Head of Capital Partnering at General Atlantic, in a press release.

Vanguard Snags Merz to Lead European Distribution Efforts

Index giant Vanguard Group hired Thomas Merz to be head of European distribution (ex-U.K.). Merz will report to Vanguard’s Sean Hagerty, head of Europe. Merz is joining Vanguard from UBS Asset Management. He last served as Head of ETFs Europe at UBS.

BlackRock Opens First Israel Office

BlackRock opened its first official office in Israel, selecting Tel Aviv’s Rothschild boulevard as the location. BlackRock is banking on Israel’s deep pool of technological expertise to help them in future needs.

Cloud Management Company Spotinst Raises Series A

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Norway GPFG Would Prioritize Value in Tesla Stake

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Sovereign wealth fund giant Norway Government Pension Fund Global (GPFG) is an investor in Tesla, holding a 0.48% stake at the end of 2017. GPFG owns roughly 1.4% of all globally listed company shares, minus stocks from its exclusion pool. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Anbang Insurance Set to Sell its US Luxury Portfolio

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Distressed Beijing-based holding company Anbang Insurance Group is set to sell its U.S. luxury hotel properties, which were purchased for US$ 5.5 billion from the Blackstone Group in 2016. This is a move to raise quick cash, following the firm’s seizure at the hands of the Chinese government six months ago. Bids had already been ongoing for selected properties, including the famed Essex House Hotel, overlooking Manhattan’s Central Park. The portfolio of hotels is strategically placed in geographically diverse regions, including Miami and Chicago. Anbang is looking to cash in on the properties quickly, as its properties in China are already being liquidated. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway GPFG Returns 1.8% for Second Quarter of 2018

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Norway’s Government Pension Fund Global (GPFG) returned 1.8% for the second quarter of 2018. Listed equity investments generated a 2.7% return for the period, while fixed income returned 0%. Unlisted real estate investments posted a 1.9% return for the second quarter. In addition, the Norwegian krone depreciated against the U.S. dollar during the quarter. Furthermore, 2 billion NOK was withdrawn from the fund.

“North American and European stocks had a positive development in the quarter despite the prospect of increased trade barriers. This made a positive contribution to the fund’s return,” says Trond Grande, Deputy CEO of Norges Bank Investment Management, according to the press release.

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