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TIAA-CREF’s OCIO Manager Wins Sizeable Mandate

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TIAA-CREF’s OCIO unit Houston-based Covariance Capital Management won a big mandate. Covariance Capital, a group that focuses on endowments, is led by Kevin Nee, the former President of Wilshire Private Markets, a unit of Santa Monica-based Wilshire Associates. The firm won a contract to manage a US$ 770 million church portfolio for Boston-based Christian Science Church. The deal adds around 33% worth of assets to Covariance Capital’s total asset under management which stood at US$ 2.3 billion on June 30, 2015.

OCIO stands for outsourced chief investment officer. The OCIO search lasted for almost a year. The search was led by investment consultant NEPC.

The OCIO market is highly competitive as it has a low barrier to entry compared to other asset management services. However, endowments who choose to go the OCIO route are expecting more customization and bespoke services at a lower cost when selecting OCIO managers. For Covariance Capital, the association with TIAA-CREF, brings significant advantages.

Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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