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Temasek Invests in Strategic Development Deal in Penang

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Singapore’s Temasek Holdings is investing in a development for a technology park and business process outsourcing (BPO) hub in Penang, a populous state in Malaysia. The two projects are called Penang International Technology Park, located in Batu Kawan, and Business Processing Outsourcing Prime, located in Bayan Baru. Together the price tag is US$ 3.52 billion and will take 5 to 10 years to complete.

Penang wants to be a major BPO hub competing against the Philippines and India.

To fund the project, a joint venture is being created with the Malaysia Penang Development Corporation (PDC), a development agency of the Penang government, and Economic Development Innovations Singapore Pte Ltd , a city development management company, and Temasek Holdings. The memorandum of understanding was signed on May 23, 2014. The Penang Development Corporation will hold a 51% stake in the development. Temasek and other investors will hold the remaining stake.

GIC Sells Arizona Biltmore to Blackstone

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Blackstone Real Estate Advisors, part of the Blackstone Group, acquired the 740-room Arizona Biltmore hotel, located in Phoenix, for US$ 403.4 million. The deal closed on April 20, 2018.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Acquires Stake in Growing Hedge Fund Phoenician Capital

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Mubadala Investment Company, through its unit Mubadala Capital, purchased a minority stake Phoenician Capital, LLC. Although terms and size of the deal were not disclosed, the agreement grants Mubadala Capital rights to invest in a fund managed by the New York-based firm, which generated respective returns of 40.8% and 33.0% in 2016 and 2017, against benchmarks of 12.0% and 21.8% for the S&P 500. The hedge fund runs the Phoenician Offshore Fund Ltd.

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Large Asset Managers Continue to Move Operations Out of California

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In the 2010s, Fisher Investments, an investment firm run by Ken Fisher, moved a large number of employees from the Woodside and San Mateo campuses to a town called Camas in Washington, near Portland. Vanguard has a large operational presence in Arizona, while Charles Schwab Corporation has expanded its technology operations and client services in places like Denver, Dallas, Austin and Phoenix. Dimensional Fund Advisors moved its headquarters in 2008 from Santa Monica, California to Austin.

While asset managers reap profits and try to lower employee head count costs, looking to fly-over country seems appealing.

The Pacific Investment Management Company (PIMCO), part of the Allianz family, selected Austin, Texas as its new office to hire more client services and technology talent. The PIMCO Austin office will open later in 2018. PIMCO is headquartered in Newport Beach, California, with an office in New York City.

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