Welcome to the weekend, everybody. Ive got some news and two papers for your reading enjoyment.
First, here are the big stories from the past week.
Bad Governance: The Economistrightly describes what's wrong with New York's (and most of America's) pension funds.
The Fee Machine I: Dutch pension funds paid $6.1 billion in fees last year.
The Fee Machine II: South Carolina treasurer Loftis continues to rail against South Carolina pension system and the fees its paying to Wall Street.
White Knights: Will Ireland's SWF manage to get its money back or even make some money on its banking bailouts? Its still a long shot, but it actually just might...
Infrastructure: SWFs from Qatar, China and Singapore won't be happy about U.K. regulator's decision to cut the tariffs for Heathrow.
SWF Community: The next IFSWF meeting will be in Qatar on November 19 20, 2014.
Blatant Self-Promotion: Read my post on why using cockpit-style checklists in finance is potentially dangerous ... and why you should do it anyway.
Asset Allocation: Will Norway's SWF finally diversify into more asset classes? Maybe.
Musical Chairs I: The Korea Investment Corp.'s CIO just quit. With a brand new CEO at the helm, something is clearly off at the KIC.
Divesting: PGGM has decided to sell out from all Israeli banks with ties to West Bank settlements.
New SDFs II: Ireland's Strategic Investment Fund has deployed 1.3 billion into the local economy thus far.
Collaboration: London's 33 local pensions have dumped "merger" plans but are looking at a pooled investment vehicle à la SIB model.
Deal Flow I: Abu Dhabis Advanced Tech Investment Co., which is controlled by Mubadala, will invest $10 billion (!) in a New York semiconductor fab.
Deal Flow II: A few different SWFs and pensions are competing for Shell's Australian service stations.
Deal Flow III: The CIC is selling down 1.2 billion shares of GCL Poly Energy.
Concentration: Fiona Mackenzie, the NZSF's head of investments, explains her SWF's focus on fewer and deeper manager relationships.
New SWFs I: Ghana's relatively new SWFs are already being recalled for a little regulatory touch up. Watch this space.
New SWFs II: Malta is still talking about launching a new SWF. From what pool of money? From the money it earns by selling EU passports...
Debtors: Retail investors may soon get a chance to buy Temasek's bonds.
Second, here are two interesting new papers.
White Knights: Daniel Haberly has just published a new paper entitled, White Knights from the Gulf: Sovereign Wealth Fund Investment and the Evolution of German Industrial Finance. It's very interesting.
The Korea Investment Corp.: I havent yet read this new paper by Youngwon Cho, but it looks interesting, and I will do so over the weekend: The Paradox of A Sovereign Wealth Fund In A Post-Developmental State: The Case of the Korea Investment Corporation.
And thats all for now. Be back next week. Enjoy your weekend!