Must. Persevere... One. More. Week. Till. Vacation. (Cue dramatic head dunk in ice-water bath.) ...Okay...
Good morning, everybody. Here now...the news:
- Woe is the Massachusetts Pension Reserve Investment Management Board. Despite being dramatically underpaid by industry (though perhaps not government) standards, PRIM staff are still made to feel bad about what they do make. And people wonder why they can’t keep anybody employed over there...
- Multi-asset mandates are apparently common among sovereign funds.
- As Facebook trades in the $18 range (!), there are many unhappy pension funds.
- The California Public Employees Retirement System is reportedly planning to boycott companies that use multi-tier share structures to give minority shareholders control (see above).
- New Jersey’s Division of Investments has negotiated a (seemingly) good deal with hedge fund Och Ziff; 75bps on invested capital that is paid if, and only if, 6% returns are achieved. And that's it!
- The Abu Dhabi Investment Council is the leading bidder to buy private equity assets from Swedish insurer Länsförsäkringar.
- The ongoing struggle between asset managers and investment consultants expands to include... research?
- The Qatar Investment Authority is set to buy a 20% stake of BAA for £900m. The Qatari SWF has spent €3.5 billion on eight deals in London alone in the last year.
- Some interesting details on a new website for Rwanda's new sovereign "wealth" fund, the Agaciro Development Fund.
- Here’s an article on Norway's Government Pension Fund-Global in the FT.