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Terminating Public Equity Asset Managers, Public Investor Perspectives

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Terminating public equity asset managers is a cumbersome act to do for sovereign wealth funds and public pensions. It sticks to the forefront of public investors’ conscience. It is less complicated than terminating private equity relationships, but still requires significant time resources. Fund manager retention and termination decisions involve high costs. Public investors need assurances that if they proceed to terminate a fund manager, they are not doing it prematurely. Some investment strategies require a cycle or two to see results. Timing is everything for a trader, not for a long-term oriented fund manager.

The step before termination involves a watch list step. The targeted fund manager is usually informed of the situation or current concerns held by the public investor. In reality, public pensions and sovereign wealth funds desire their external managers to succeed in managing their assets. Like picking trophy race horses at the track, senior public investment officers and investment consultants hope their picks to be successful. Several noteworthy factors in motion can affect termination of an external manager. The first obvious reason that comes to mind is under-performance. This is a common cause for termination.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Ping An Good Doctor Lures Big Public Asset Owners

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Ping An Good Doctor, formerly known as Ping An HealthCare and Technology Company, is a Chinese online healthcare platform that is part of Ping An Insurance (Group) Company. This unit is planning to be offered in a Hong Kong initial public offering that could raise as much as 8.8 billion HKD in shares at 50.80 or 54.80 HKD per share.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek and Schneider Electric Eye L&T Electrical Unit

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Singapore’s Temasek Holdings and France-based Schneider Electric are in talks to acquire Larsen & Tourbo’s electrical and automation business. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CalPERS Allocates $1 Billion Internally to a Global ESG Strategy

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In February 2018, the California Public Employees’ Retirement System (CalPERS) allocated US$ 1 billion to an internally-managed QSI Global ESG strategy. The internally-managed strategy was developed by New York-based QS Investors, LLC, a subsidiary of Legg Mason. CalPERS entered into a 5-year contract with QS Investors, with a possible spend of over US$ 1 million per annum.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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