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SWFI First Read, November 19, 2015

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Mumtalakat Forms JV with Synergies Castings Limited

Bahrain’s Mumtalakat Holding agreed to form a joint venture with India-based Synergies Castings Limited, a company that focuses on aluminium casters and manufacturers of alloy wheels, to build an aluminium casting and specialty alloy wheel manufacturing facility in Bahrain. The development will be at the new molten metal park, adjacent to Aluminium Bahrain (Alba), which is a combined initiative between Mumtalakat and the Bahrain Economic Development Board (EDB). Mumtalakat will hold a 49% stake in the joint venture.

Raising Cash: Kazakhstan Seeks to IPO 43 State-Owned Companies in 2016-2017

Samruk-Kazyna announced the Kazakhstan government plans to sell stakes of at least 25% ownership in 43 large state-owned companies in 2016 and 2017. The method of selling the stakes would most likely be initial public offerings (IPO). Samruk-Kazyna manages the government’s shares of state-owned businesses. Some state-owned businesses that would go public include: company KazMunaiGas, uranium company Kazatomprom, railway company Kazakhstan Temir Zholy and mining firm Tau-ken Samruk. Kazakhstan President Nursultan Nazarbayev told the public he would like Kazakh businessmen and companies to take part in the privatizations.

TutorGroup Raises Series C Round

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GIC Sells Arizona Biltmore to Blackstone

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Blackstone Real Estate Advisors, part of the Blackstone Group, acquired the 740-room Arizona Biltmore hotel, located in Phoenix, for US$ 403.4 million. The deal closed on April 20, 2018.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Acquires Stake in Growing Hedge Fund Phoenician Capital

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Mubadala Investment Company, through its unit Mubadala Capital, purchased a minority stake Phoenician Capital, LLC. Although terms and size of the deal were not disclosed, the agreement grants Mubadala Capital rights to invest in a fund managed by the New York-based firm, which generated respective returns of 40.8% and 33.0% in 2016 and 2017, against benchmarks of 12.0% and 21.8% for the S&P 500. The hedge fund runs the Phoenician Offshore Fund Ltd.

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Large Asset Managers Continue to Move Operations Out of California

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In the 2010s, Fisher Investments, an investment firm run by Ken Fisher, moved a large number of employees from the Woodside and San Mateo campuses to a town called Camas in Washington, near Portland. Vanguard has a large operational presence in Arizona, while Charles Schwab Corporation has expanded its technology operations and client services in places like Denver, Dallas, Austin and Phoenix. Dimensional Fund Advisors moved its headquarters in 2008 from Santa Monica, California to Austin.

While asset managers reap profits and try to lower employee head count costs, looking to fly-over country seems appealing.

The Pacific Investment Management Company (PIMCO), part of the Allianz family, selected Austin, Texas as its new office to hire more client services and technology talent. The PIMCO Austin office will open later in 2018. PIMCO is headquartered in Newport Beach, California, with an office in New York City.

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