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SWFI – Movers and Shakers – November 26, 2014

Pioneer Investments CEO to Leave Early 2015

Pioneer Investments CEO Sandro Pierri announced he would step down on January 31, 2015. He will be replaced by the firm’s deputy CEO Giordano Lombardo. Pioneer Investments is part of Italian bank UniCredit. Pierri has been with Pioneer Investments for 11 years, 2.5 years as CEO.

AMP Capital Shifts Infrastructure Executives

Boe Pahari was named global head of infrastructure equity at AMP Capital. In this new position, Pahari will target investment opportunities in the Northern Hemisphere. He was head of infrastructure Europe and the Americas at AMP Capital. In addition, Scott Davis, AMP Capital’s global head of infrastructure, will be stepping down before the end of 2014.

SWF Sales Executive Moves to Edmond de Rothschild Group

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SouthGobi’s CEO Arrested, CIC Struggles with Investment

The China Investment Corporation (CIC) has long struggled with its investments in coal assets, specifically in globally-listed coal miner SouthGobi Resources Ltd, which operates its flagship coal mine in Mongolia. In November 2009, CIC and SouthGobi Resources inked a convertible debenture deal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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