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Welsh Pensions Award £15 Billion Pooled Mandate to Russell Investments and Link Asset Services

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The Wales Pension Partnership (WPP), comprised of eight public sector fund councils, has hired Link Asset Services and Seattle-based Russell Investments to help run a collective investment vehicle to pool the pensions’ some £ 15 billion (US$ 20.3 billion) in total assets, with a mandate that includes portfolio construction, cost reduction, currency hedging, transition management, and other services.

Link Asset Services has been chosen to operate the collective investment vehicle, while Russell Investments will provide investment advisory services on its establishment and assist in manager selection for the collective assets. WPP’s passively managed equity and bond holdings, however, will remain under the purview of BlackRock, Inc. BlackRock was awarded the £ 3 billion (US$ 4.22 billion) passive mandate in April of 2016, replacing State Street Global Advisors and Legal & General Investment Management.

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FIRRMA Bill is a Big Deal for Foreign Asset Owners

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The United States Treasury is analyzing options on further restricting investments into “sensitive” sectors, such as technology and defense, in the United States from Chinese state-owned capital. The U.S. Commerce Department, under the export control regime, banned U.S. companies from selling parts to ZTE Corporation, a Chinese telecommunications manufacturer, for seven years. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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AIMCo Posts 10.4% Return in 2017

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The Alberta Investment Management Corporation (AIMCo) posted its performance for the 12-month period trailing December 31, 2017, which saw its overall assets grow by 8.4% – or C$ 8.0 billion (US$ 6.1 billion) – to C$ 103.7 billion (US$ 82.3 billion). This represents returns net-of-fees on its C$ 88.2 billion (US$ 70.3 billion) worth of balanced fund investments in 2017 of 10.4%, against a 9.1% custom benchmark. Established in 2008, AIMCo represents the financial well-being of 32 pension, endowment, government, and specialty funds in the Canadian province of Alberta. This includes the Albert Heritage Fund.

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Mubadala Real Estate Targets JV Developers, Eyeing Local REIT Launch

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Mubadala Investment Company’s property arm is preparing to launch a local real estate investment trust (REIT) by 2020, and is currently in talks with several developers for international joint ventures on a plot-by-plot basis that are expected to be finalized in 2018, according to Ali Eid Al Mheiri, executive director of Mubadala Real Estate and Infrastructure. Ali Eid Al Mheiri is also Vice Chairman of ALDAR Properties PJSC and Chairman of Abu Dhabi Finance Company PJSC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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