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SWFI First Read, November 16, 2016

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Calamos Loses Major Mandate from Nomura

Calamos Investments is losing money from a major account, which could bring its assets under management down by 5%. Approximately, US$ 1.1 billion in assets is being pulled from Calamos by Nomura Holdings. Nomura is moving the money to American Century Investments. In December 2015, Nomura acquired a 41% ownership stake in American Century Investments.

CIC May Open London Office

The China Investment Corporation (CIC) may be opening up a London office. In addition, China Life, a massive Chinese insurer, is also considering having a London office. The Shanghai Clearing House China Foreign Exchange Trade System plans to open a representative office in London.

BTG Pactual Finalizes Sale in Ariel Re

Brazil-based BTG Pactual finalized its disposition of reinsurer Ariel Re. BTG Pactual sold its 50% stake in Ariel Re for US$ 235 million to Bermuda-based Argo Group International Holdings. The Abu Dhabi Investment Council (ADIC) retained its 50% ownership stake in Ariel Re.

National Highways Authority of India Looks to Sweeten Offer for Foreign Institutional Investors on Roads

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Italian ANAS and RDIF Invest and Build the Fourth Section of Moscow’s Central Ring Road

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The Russian Direct Investment Fund (RDIF) inked a deal with ANAS S.p.A. (formerly known as Azienda Nazionale Autonoma delle Strade), the Italian state highway management company, to implement a concession agreement to build and operate the fourth section of the massive Moscow Central Ring Road. The transaction expects to be finalized in the first quarter of 2019. This is the final section of Central Ring Road, which is 96.5 kilometers long. According to the RDIF, “Under the terms of the concession agreement, the cost of construction is 85.4 billion rubles, of which the concessionaire will provide 49.7 billion rubles and private investors will provide 35.7 billion rubles.”

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Follow the Money – Episode 48

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This long-form podcast was recorded on December 11, 2018. Michael Maduell dissects the latest geopolitical trends that can impact institutional investors such as pensions, sovereign wealth funds, and endowments. Maduell lends his opinion on the lawsuit of Neiman Marcus and bumps in the road for augmented reality.

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CONTENTS
1:15 Huawei, Canada, Brexit, and Macron Headache
6:30 Sovereign Wealth Fund Asset Allocation
9:58 India Gets a New Central Bank Governor
13:26 Pensions Go Bust on U.S. Retailers
17:04 Augmented Reality and Sovereign Funds
22:00 Former CalPERS CIO Goes to Morgan Stanley Investment Management
24:30 Oman Investment Fund Goes on Defense in Public Markets
25:00 Japanese Scandals and Opportunities

EPISODE 48

Stream off Follow the Money

The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

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Danica Pensions Sells Danica Pension Sweden

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Danica Pension sold Danske Pension Försikringsaktiebolag (publ) (also known as Danica Pension Sweden) to a group of investors for around 2.6 billion SEK. Danica Pension is part of Danske Bank A/S. Of the total amount, 2.3 billion SEK is being paid in cash, while the rest is in the form of a debt instrument from Danica Pension.

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