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SWFI – Movers and Shakers – April 11, 2017

INTERNAL: New Co-Heads of Global Capital Markets at BlackRock

Asset manager giant BlackRock moved Ed Cook and Ben Spielman to be co-heads of global capital markets. Ed Cook is based in London, while Spielman is based in the United States. Ed Cook is Managing Director, Head of EMEA Capital Markets at BlackRock. Spielman has experience working in equity capital markets.

Matthew Savino was Co-Head of Global Capital Markets at BlackRock, but moved on to work in the firm’s alternatives division.

PIMCO Hires Former Blackstone Executive for Private Strategies Role

In late March 2017, Pacific Investment Management Co. (PIMCO) hired Gregory Hall as managing director, head of private strategies. Hall will start his role effective May 1, 2017. Previously, Hall worked at the Blackstone Group LP, as a senior managing director within Blackstone Alternative Asset Management. At Blackstone, he was in charge of seeding hedge fund managers. He left Blackstone in 2016. Hall began his career as a Financial Analyst at Goldman Sachs and has 18 years of investment experience.

Tariq Ahmad Named CEO of Brandywine Global Investment Management (Asia)

Tariq Ahmad was promoted to Chief Executive Officer of Brandywine Global Investment Management (Asia), the Asian unit of the parent company, taking over the spot from John Tsao. Ahmad was Head of Business Development and Client Service for Brandywine Global Investment Management (Asia).

Russell Investments Hires a Chief Marketing Officer

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Asian Sovereign Funds Not Slowing Down on Tech Investing

According to data from SWFI’s Sovereign Wealth Fund Transaction Database, Asian sovereign funds invested US$ 6.05 billion directly into companies and assets in the information technology sector from Jan 2017 to November 22, 2017. In a comparable time frame from Jan 2016 to November 22, 2016, this same group of Asian sovereign funds directly invested US$ 5.02 billion in the sector. These are direct investments, not fund commitments or manager allocations.

Asian sovereign funds such as GIC Private Limited, Temasek Holdings and the Korea Investment Corporation (KIC) have demonstrated bullish signals to the technology community over other sectors. GIC and Temasek have also been major investors in the private side of deals, funding a wide range of tech startups, while providing financial firepower in buyout transactions.

Some notable direct tech investments in 2017 by sovereign funds include Meituan-Dianping, SoundCloud, Nets A/S, Visma AS, Turn, Inc. and Vantiv.

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Future Fund Makes a Guardian Out of Former J.P. Morgan ANZ Chair

The Australian government has appointed Robert Priestley – current non-executive chair of J.P Morgan for Australia and New Zealand (ANZ) and a non-executive director of ASX – to serve on the Future Fund Board of Guardians for a five-year term from November 7, 2017. Priestley replaces former Morgan Stanley Australia chief executive Steven J. Harker.

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Associated British Ports Reboots Property Development Arm to Capitalize on Land Bank

Associated British Ports (ABP) – operator of 21 major ports throughout the United Kingdom – has announced a reboot of its ABP Property division, complete with a new team of specialists in commercial development and logistics led by Huw Turner, in order to identify and develop strategically significant locations in its 2,372 acre land bank.

ABP is owned in large part by a consortium of pensions and sovereign funds, including the Canada Pension Plan Investment Board (CPPIB) at 33.88% ownership, OMERS at 30%, Singapore’s GIC Ventures Pte Ltd at 20.00% ownership, and the Kuwait Investment Authority at 10.00% ownership. Large institutional investors such as sovereign funds, pensions, and endowments have slowly increased allocation towards infrastructure over the past six years as an alternative to equities and bonds, according to asset allocation data from SWFI.

Plans

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