In another deal struck in the United Arab Emirates (UAE) financial sector, the $25 billion Khazanah Nasional Berhad of Malaysia has bought a 25 per cent stake in Dubai Islamic investment firm Fajr Capital for $150 million.
Harvard Management Company, with responsibility for managing the $26 billion Harvard endowment fund, has hired a number of senior investment staff and reorganised its internal
structure as it positions itself to bring more asset management in-house.
The Government of Singapore Investment Corporation (GIC) has recovered almost half of last financial year’s investment loss in recent months thanks to the revival in global stock markets, after recording a 20 per cent fall in assets in the year ending March 31, 2009.
A survey of more than 85 senior level financial executives at US-based companies reveals few are taking steps to cut costs and improve governance but are reacting to the economic crisis by decreasing equities and eliminating defined contribution investment options. The report by Watson Wyatt shows that two thirds of companies have made changes, or are planning to make changes to their defined benefit asset allocations, while more than half have already made changes, or plan to make changes, to the investment lineups of their defined contribution plans.
The £21.7 billion ($35 billion) Universities Superannuation Scheme (USS) is facing the prospect of having to initiate a recovery plan after a 25 per cent fall in its assets in the financial year ending March 2009 caused its funded status to drop by almost 30 per cent.
HOSTPLUS, the A$7 billion ($6 billion) Australian superannuation fund, is known in its home market for seeding promising emerging managers. Now, the fund aims to roll out its incubation program globally. CIO Sam Sicilia told Simon Mumme about the fund’s reasons for backing boutiques, and its hunt for co-investment opportunities in frontier markets.