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SWFI First Read, March 12, 2018

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Funding Circle Preps for IPO

Online lender Funding Circle Ltd., which is partly backed by sovereign wealth such as Temasek Holdings and venture capital firms such as Union Square Ventures, seeks to have an initial public offering (IPO). Funding Circle hired Goldman Sachs, Morgan Stanley, Bank of America Merrill Lynch and Numis Corporation to manage the IPO.

China’s National People’s Congress Will Vote on New Central Bank Governor

The People’s Bank of China (PBOC) will have a new central bank governor as Zhou Xiaochuan will be exiting. The National People’s Congress will vote on March 19, 2018 to appoint a new central bank governor.

PBOC Governor Notes Physical Cash Could be Obsolete

People’s Bank of China Governor Zhou Xiaochuan on March 9, 2018 at a press conference in Beijing made it known that the central bank is looking into digital currencies and that physical cash one day could be obsolete in China.

BIS Believes China, Canada and Hong Kong are Most at Risk for Next Banking Crisis

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Senate Shoots Down $94 Trillion Green New Deal, 57 to 0

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The U.S. Senate voted down U.S. Representative Alexandria Ocasio-Cortez’s Green New Deal. The tally was 57 (No) to 0 (Yes). 0 Democrats voted for the deal. 43 senators voted present.

Democratic Senators Joe Manchin of West Virginia; Kyrsten Sinema of Arizona; and Doug Jones of Alabama all voted no as did Independent Senator Angus King.

Even Senator Ed Markey of Massachusetts, a co-sponsor of the original resolution, did not vote “Yes” on the bill.

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OppenheimerFunds to Lose 850 Jobs in Mile High City

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Invesco Management Company, upcoming owner of OppenheimerFunds, is reducing Oppenheimer’s Denver office by a jaw-dropping 850 employees. The employees losing their jobs represents 85% of the staff in the area. The Oppenheimer office, which resides in Centennial, employs 1,000 workers. Invesco’s US$ 5.4 billion purchase of the company closes in May 2019. As is typically the case in corporate acquisitions, redundancies in staff are being targeted to improve the overall economic performance of the new, combined organization. Invesco suspects that US$ 475 million in synergies can be reached through layoffs and other measures.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Keppel Land China and Alpha Investment Partners Acquire Majority Stake in Yi Fang Tower

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Alpha Asia Macro Trends Fund III, Keppel Land China Limited (part of the Keppel Corporation), and a number of investors purchased the Yi Fang Tower mixed-use complex for 4.6 billion RMB. The tower is located in Shanghai in the historic Bund area. Alpha Asia Macro Trends Fund III is taking 42.1% stake, while Keppel Land is taking a 29.8% stake in the asset. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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