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SWFI First Read, October 9, 2016

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China’s Foreign Exchange Reserves Fall to US$ 3.17 Trillion in September 2016

China’s foreign exchange reserves fell to US$ 3.17 trillion in September 2016, according to the People’s Bank of China. There is speculation that China’s central bank has been selling U.S. dollar to support its currency.

Altus Power Raises Over US$ 200 Million in Capital

Greenwich, Connecticut-based Altus Power America Inc., a solar power developer, raised more than US$ 200 million from Global Atlantic Financial Group, Goldman Sachs (Alternative Energy Investing group) and FS Investments (an entity that is sub-advised by GSO Capital Partners). Global Atlantic Financial Group was founded in 2004 by Goldman Sachs, but separated as an independent company in 2013. FS Investments was founded in 2007 as Franklin Square Capital Partners.

In 2014, Altus Power America raised US$ 150 million from RGS Energy.

Noble Group Sells U.S. Energy Unit to Calpine Corporation

Commodity trader Noble Group Ltd. sold its U.S. energy unit, Noble Americas Energy Solutions, to Calpine Corporation for US$ 800 million plus working capital which is estimated at US$ 248 million. One of Noble Group’s key backers is the China Investment Corporation (CIC). The transaction is expected to close in December 2016.

Deutsche Bank Could List its Asset Management Arm

The Financial Times reported, citing unnamed sources, that Deutsche Bank in a bid to improve its capital structure may sell off its asset management division by listing it publicly.

CCLA Investment Management Sells Eastcheap Property to Private ME Investor

CCLA Investment Management, on behalf of The COIF Charities Property Fund, has sold the freehold interest in 10- 12 Eastcheap, EC3, to private Middle Eastern clients of Knight Frank. The London property was sold for £25.7 million. BNP Paribas Real Estate advised CCLA; Knight Frank advised the purchaser.

Texas ERS Targets $80 Million to Global Macro Fund

Texas Employees’ Retirement System, based in Austin, invested US$ 80 million in the Complus Asia Macro Fund, managed by Complus Asset Management.

ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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