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SWFI – Movers and Shakers – January 22, 2015

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Paul Smith Named President and CEO of CFA Institute

Paul Smith has been named President and CEO of the CFA Institute. Smith was managing director, APAC and global head of institutional partnerships at the CFA Institute. The global body of financial professionals decided to hire someone internally for the role. Smith succeeds Dwight D. Churchill, the interim CFA president. CEO John Rogers held the role before Churchill.

Before joining the CFA Institute in October 2012, Smith was chairman and CEO of Asia Alternative Asset Partners. Before that, he worked at HSBC as global head of securities services and global head of alternative funds administration.

Kenneth Caplan Promoted to Global Real Estate CIO at Blackstone Group

Kenneth Caplan has been appointed global chief investment officer for real estate at The Blackstone Group. This is a new position and Caplan will report to Jonathan Gray, global head of real estate. Previously, Caplan was senior managing director and head of real estate, Europe for Blackstone. Harvard-educated Caplan has been with Blackstone since 1997 and has been involved in notable deals such as Equity Office Properties, Hilton Hotels, Trizec Properties and La Quinta.

Economou to be CIO of Lombard Odier’s Multi-Asset Business

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GIC Buys Large Stake in Nordic Aviation Capital

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Singapore’s GIC Private Limited, a yield-hungry sovereign investor, invested in Denmark-based Nordic Aviation Capital A/S, becoming a significant minority shareholder. Other shareholders in Nordic Aviation Capital include EQT VI Limited fund, KIRKBI Invest (wealth origins tied to Legos), and Martin Møller, the founder of Nordic Aviation Capital. EQT VI will remain the largest shareholder of Nordic Aviation Capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Trump Wants Pharma Companies to Disclose Drug Prices in Advertisements

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U.S. President Trump is progressing on plans to mandate pharmaceutical companies to reveal their prices in drug advertisements. “The drug industry remains resistant to providing real transparency around their prices, including the sky-high list prices that many patients pay,” Health and Human Services Secretary Alex Azar said in a statement. “So while the pharmaceutical industry’s action today is a small step in the right direction, we will go further.”

The U.S. Health and Human Services Department would require pharmaceutical companies to include drugs’ sticker prices in their video advertisements. This would be similar to how drug companies disclose the laundry list of side effects.

Increasingly, sovereign funds like Temasek Holdings have backed mid-stage pharmaceutical companies and other therapies, while market investors like Norway’s GPFG have large holdings in listed pharmaceutical companies.

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Kazatomprom Treads Closer to IPO

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Kazatomprom is the world’s biggest uranium producer, accounting for around 20% of production market share. The company is moving forward on floating up to a 25% company stake for its planned initial public offering in London and Astana, Kazakhstan. Kazatomprom’s IPO plans are subject to market conditions. The global market price of uranium generated significant price gains year-to-date through almost three quarters. So far, during 2018, the uranium spot price has moved from US$ 20 per pound to US$ 27 per pound.

Kazatomprom’s sole shareholder is Samruk-Kazyna. Samruk-Kazyna would retain at least a 75% stake in the company.

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Credit Suisse and JPMorgan are joint global coordinators and joint bookrunners for the share offering. China International Capital Corporation, Halyk Finance, and Mizuho International plc were joint bookrunners.

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