Welcome to the weekend. Here’s some of the latest stories for your reading enjoyment:
- The Fee Machine: The New York Times reports: “Wall Street Fees Wipe Out $2.5 Billion in New York City Pension Gains.” The article is being slammed by asset managers for miscalculating or obfuscating the true size of the fees, which is hilarious. This is, after all, exactly what asset managers do to pad their own pockets. Punchline: When it comes to fees, what this industry needs is a nice dose of hyperbole. So even if the article isn’t perfect ... it’s still welcome.
- Seeding: CalSTRS and APG will contribute $250 million each to seed a new infrastructure manager to do brownfield energy assets.
- Where Are They Now? Norway’s NBIM has reportedly tapped Leo de Bever for advice on its infrastructure plans. Given that Leo was practically the founder of the asset class at OTPP in the 90s, he’ll be good.
- One Man Band: After six years at the China Investment Corporation, Ludwig He is leaving. For those of you who don’t know Ludwig, he ran six (!) different departments during his six year tenure, including fixed income, absolute return, public markets, private equity, asset allocation and strategic research. “We’re very sad to see him go. But after six years we simply ran out of new departments for him to run,” said somebody I bet. Good luck, Ludwig!
- Bad Idea Jeans: Korea’s SWF is eyeing an investment in ... The Dodgers. With the highest payroll in the MLB — higher even than the Yankees — it’s understandable why the Dodgers would be looking for a big capital injection. The real question is why Korea would consider an investment in a team that can’t (and won’t) beat the Giants!
- Energized: There are quite a few Giants circling the Australian power assets coming up for auction in the coming months. Plans are to raise A$20 billion by leasing electricity networks.
- Overseas: With John Powers out at Stanford Management Company, the endowment is putting its plans for a new Asian office on hold.
- In-Sourcing: AusSuper began its in-sourcing journal in around 2010 ... here’s a status update on how it’s going.
- SDFs: Ireland’s Strategic Investment Fund is targeting peer to peer loan platforms for investment.
- Selfie I: Here’s a new UNEP paper on how to finance energy access for all.
- Selfie II: Direct investing with a twist: platforms! The re-intermediation of private markets continues.
Have a great weekend!
