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Winning Traits for Sovereign Wealth Investors

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Sovereign wealth funds and other long-term public investors can better the odds of generating high returns by analyzing successful peers and their traits. Many times, sovereign investors can be pulled into bad or lackluster investments by various forces. This is common for U.S. public pension funds as many board members are political appointees. One major trend that many public investors are embracing is the growth of real assets to an investment portfolio. Increasingly, more sovereign wealth funds have grown allocation to real assets such as properties, inflation-protected bonds, timberland, and infrastructure. Real estate is the oldest asset class on Earth. It is tangible, real, and property markets offer a level of protection against inflationary pressures. With Occidental nations printing money offering low yields to investors, many governmental investors are looking for stable cash flowing real estate properties in prime markets. Patient capital is happy to invest in property markets for the medium to long-term. By the end of 2011, the Hong Kong Monetary Authority’s (HKMA) Exchange Fund had HK$ 4.4 invested in institutional real estate. The HKMA engaged with real estate investment managers to seek core real estate assets in major international cities. The HKMA has purchased several key properties overseas with an average rent yield of 5 to 6%.

Even reserve managers are serious about real estate investing; these managers come from central banks which are typically very conservative in their investment selections.

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White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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