Friday 29th May 2015
NEWS TICKER: THURSDAY, MAY 28TH: A deal struck by MEPs and Council of Ministers negotiators in the small hours of Thursday morning means the architecture of the Juncker plan to unlock €315bn public and private investments in the real economy in 2015-2017 can now be put to a European Parliament vote on June 24th and the investment programme can kick off in the summer. Parliament’s negotiators scaled back cuts in the EU’s “Horizon2020” research and innovation programme and Connecting Europe Facility (CEF – to link up Europe’s energy, transport and digital networks). They also ensured that the plan creates a stable financing mechanism to bridge the investment gap in Europe, by clarifying the investment guarantee fund’s governance structure and making it more accountable to representatives of EU citizens – Jamyra Gallmon, accused of stabbing DLA Piper associate David Messerschmitt to death in a robbery gone wrong, pleaded guilty to murder today in Washington, DC court, after reaching a plea deal with prosecutors - – European banking and financial market associations have been rushing to comment on Tuesday night’s vote in the European Parliament’s Economic and Monetary Affairs Committee (ECON), which was rejected by 30 votes to 29, claiming they remain deeply concerned over the EU Banking Structural Reform proposal (BSR) that seeks to break up the largest European banks. The outcome of the ECON vote shows that there is no consensus on what is right for big universal banks in Europe. Policy makers suggest that the BSR proposal could lead to a loss in European investment capacity equal to 5%, representing a decline of almost €100bn in capital expenditure on the long term; however there does not seem to be any consolidated document that might form the basis of consistent debate as a European Parliament spokesperson confirms that the original proposal has had so many amendments that it scarcely reflects the original thinking behind the document. Given that the vote is defeated, the EP will not consider re-opening the debate until June 11th this year, when the Parliament will decide on the requirements for either further amendments or complete redrafting, or even abandonment of the proposal - )-- Murex, the leading provider of integrated trading, risk management and processing solutions, says UniCredit, which has the largest presence of banks in Central and Eastern Europe, has gone live on Murex' MX.3 for UniCredit Bank Austria and eight other Central Eastern Europe banks - The interim financial report of Gefinor S.A. (ISIN LU 0010016714) for the period ended March 31st is available on the company website at www.gefinor.com from May 28th (today) - The Securities and Exchange Commission today announced that the next meeting of its Advisory Committee on Small and Emerging Companies will focus on public company disclosure effectiveness, intrastate crowdfunding, venture exchanges, and treatment of finders.“The agenda reflects the important scope of the advisory committee’s mandate,” says SEC Chair Mary Jo White. “Topics I am particularly interested in are the advisory committee’s views on disclosure effectiveness and initiatives that will inform our capital formation efforts.” At its upcoming meeting on June 3rd, the advisory committee also is expected to vote on a recommendation to the Commission regarding the “Section 4(a)(1½) exemption” sometimes used by shareholders to resell privately issued securities. This topic was initially discussed at the committee’s March 4 meeting.The meeting will be held at the SEC’s headquarters at 100 F Street, NE, Washington, DC, and is open to the public. It also will be webcast live on the SEC’s website, www.sec.gov, and will be archived on the website for later viewing.

Sovereign wealth funds move to real estate investments

Monday, 11 March 2013
Sovereign wealth funds move to real estate investments Sovereign wealth funds around the world are moving to diversify their portfolios, according to TheCityUK’s Sovereign Wealth Funds 2013 report, with deal transaction sizes getting smaller and emerging markets accounting for a growing share of investments.  http://www.ftseglobalmarkets.com/

Sovereign wealth funds around the world are moving to diversify their portfolios, according to TheCityUK’s Sovereign Wealth Funds 2013 report, with deal transaction sizes getting smaller and emerging markets accounting for a growing share of investments. 

The trend towards diversification has resulted in a 30% increase in investment into real estate globally by SWFs over the past twelve months, with information technology and consumer goods also seeing rises in allocation. The allocation increase is largely down to low bond yields in some developed countries and the volatility in equity markets.

The UK, particularly London, has benefited from SWFs’ increased allocation to real estate. Recent transactions include China Investment Corporation’s £245m purchase of Winchester House, the London headquarters of Deutsche Bank.  Gingko Tree Investment, part of China’s State Administration of Foreign Exchange, has also invested more than $1.6bn in at least four deals including water utility, student housing, and office buildings in London and Manchester.



Other funds which have made real-estate investments in London during 2012 include The Korea Investment Corporation, the State Oil Fund of the Republic of Azerbaijan and Norway’s Government Pension Fund Global.

TheCityUK’s report also found that overall direct investments by SWFs dropped to a six-year low of $57bn globally in 2012. This was down more than a third on 2011 and 46% below the peak level of activity three years earlier, as SWFs focused more on their domestic markets. However, investments picked up in the fourth quarter of the year.

Chris Cummings, chief executive of TheCityUK, says the increased investment in property by SWFs is a blessing for London, which is a prime real estate location and seen as a safe haven market for investors.

“The UK is a leading destination for SWF investments, accounting for one sixth of global investments since 2005, second only to the US, and attracting more capital than France, Germany and Spain combined,” explains Cummings. “These investments bring numerous benefits to the UK economy, including new jobs and capital for vital infrastructure projects.

“But the UK is also an important centre for the SWF industry as a clearing house for transactions and a location from where funds are managed. Our strong position stems from the structural strengths associated with the cluster of financial and related professional services firms, broad skills base, open market and pivotal international position of English law.”

TheCityUK’s report revealed that global SWF assets under management increased for the fourth year running in 2012, hitting a record $5.2tn, due to growth in existing assets as well as the launch of a number of new funds during the year. TheCityUK’s projections are for total global SWF assets to grow to $5.6tn by the end of 2013.

There was an additional $7.7tn held in other sovereign investment vehicles, such as pension reserve funds, development funds and state-owned corporations' funds, and $8.4tn in other official foreign exchange reserves.

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