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SWFI First Read, September 1, 2017

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Australia’s Future Fund Reaches Over $100 Billion in Assets

Australia’s Future Fund posted an 8.7% annual return for its latest fiscal year ended June 30, 2017.

David Neal, Future Fund’s CEO commented in a release, “Looking at the investment environment, markets have been buoyant over the last year on the back of an improvement in economic conditions across many of the major economies. Key to this has been the continued accommodative monetary policy settings. Central bankers are still grappling with the timing of moves to adjust rates upwards. This is a big uncertainty in the climate looking forward as are risks such as international political tensions. In this environment the Board is maintaining its patient long-term approach to investment.”

Aberdeen Standard Investments Names Amy Wang as Head of Onshore China

Aberdeen Standard Investments named Amy Wang as head of its onshore China business. Wang was formerly Head of Institutional Business for Greater China at Amundi Pioneer Asset Management. She will report to Alexis Ng and Ian Macdonald at Aberdeen Standard Investments.

Goldman Sachs Sells Down Stake in DONG Energy

Goldman Sachs, through its Luxembourg-based unit called New Energy Investment, had unloaded another 1.78% shareholding in DONG Energy, lowering its total position to 2.7%. In 2013, Goldman Sachs took an approximate 20% stake in DONG Energy.

CIC and GIC Vie for LendLease Retirement Portfolio

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White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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