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Temasek Holdings Opens New York Office

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New-York sovereign wealth fund

Singapore Prime Minister Lee Hsien Loong is wrapping up his U.S. trip, stopping by to assist in opening Temasek’s new New York Office. The New York office will complement the sovereign wealth fund’s offices in Mexico City and São Paulo. Temasek joins it counterpart GIC Private Limited in having a New York presence. The office celebration event was held at the Waldorf-Astoria hotel. With approximately 270 guests including JPMorgan Chase chief executive Jamie Dimon and CEO of Temasek Ho Ching, the event comprised of many corporate executives.

In his remarks, Singapore PM Lee mentioned that Temasek’s interests are in line with Singapore’s broad connections with the United States. He reiterated that Singapore is either an Asian or regional headquarters for over 2,000 U.S. companies.

Learn more about Temasek Holdings

Lim Boon Heng, chairman of Temasek Holdings said in a press release, “Our New York office will work closely with our offices in Mexico City and Sao Paolo in Brazil to cover the Americas, both north and south. They complement our London office which was established in March this year to cover Europe and Africa. We look to both of them to provide a lift for our portfolio beyond Asia for the longer term.”

Public Asset Owners Feel Pressure on PetSmart

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Paying big fees compared to traditional equity strategies, sovereign funds and pensions have allocated mounds of capital to private equity firms on buying out North American big-box retail businesses. Many of these private equity firms and advisory firms have also offered “co-investment” opportunities in these retail acquisitions as well. Private equity firms had loaded retailers such as Toys “R” Us and Sports Authority with excessive debt. Sports Authority shuttered in 2016.

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Mubadala Sells Stake in Local Ports Operator

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Abu Dhabi-based Mubadala Investment Company and its emerging markets infrastructure arm, Mubadala Infrastructure Partners, are parting ways with Abu Dhabi Terminals (ADT), selling their 50% combined stake in the hometown shipping operator to remaining shareholder Abu Dhabi Ports (ADP) for an undisclosed amount. Khaled Al Qubaisi – Chief Executive of aerospace, renewables, and information technology at Mubadala – expressed in a statement his confidence in ADT’s future success as a key player in the local economy.

Established by government decree in 2006 alongside its new owner as part of Abu Dhabi’s Vision 2030 plan for economic development, ADT primarily operates the semi-automated Khalifa Port Container Terminal under a 30-year concession it secured in 2012 from ADP, which is mandated to develop and manage all 11 commercial ports in the emirate and hosts some 25,000 vessels every hour.

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SWFI First Read, April 26, 2018

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Former Obama Cabinet Officials to Advise TPG Rise Fund

Former U.S. Secretary of State John Kerry was named a senior advisor for TPG’s Rise Fund. Kerry’s role will be to help find investments for the fund and advised in areas such as renewable energy. Another Obama administration veteran, former U.S. Secretary of Education Arne Duncan, is also an advisor to the Rise Fund.

Jobless Claims in U.S. Drop to the Lowest Level in 48 Years

According to the U.S. Department of Labor, the rate of layoffs in the country fell in late April to the lowest level since 1969.

ECB Holds Rates Steady

The European Central Bank (ECB) kept interest rates unchanged on April 26, 2018.

Singulato Motors Raises Series C Round

Singulato Motors raised US$ 474 million in a Series C round from a number of investors. Some current backers include TaoYun Beijing Investment Fund, GX Capital and Qihoo 360. Singulato Motors is a Chinese electric vehicle startup.

Thae Khwarg Nears CIO Role at Korea National Pension Service

Thae Khwarg appears to be the top contender for the Chief Investment Officer role at Korea’s National Pension Service. Khwarg is the former head of Baring Asset Management Korea, which is formerly known as SEI Asset Korea. Khwarg was selected by NPS’ chairman for the role and is awaiting approval from South Korea’s Minister of Health and Welfare.

Al Hilal Bank Uncovers Internal Fraud

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