Insto Roundup: FWD files for ADR list in New York; Nippon Wealth Life fully acquired by parent company | Asset owners

AUSTRALIA

Brendan O’Farrell, managing director of industrial super fund Intrust, said he would leave the fund after its merger with Hostplus ends.

The AU $ 2.6 billion (AU $ 1.89 billion) fund confirmed in June that it was in talks with Hostplus for a merger, which would form a fund of AU $ 69 billion.

O’Farrell had said in a statement that the funds were aimed at combining their competitive advantages for the benefit of members.

He has been CEO of Intrust since 2005, and previously led Citysuper between 2003 and 2005.

Source: Confidence

Aware Super has acquired a site for its first affordable housing development for essential workers in Melbourne, the fund said in a statement.

The fund purchased a 7,000 square meter site called Bayview on the Park in partnership with Altis Property Partners and plans to build 300 units, most of which would be rented out as affordable housing to essential workers, including teachers, nurses, emergency services, staff, and senior care and child care workers.

“The Bayview on the park’s site ticks all the boxes for us. It is in a desirable location close to hospitals, schools, transportation and other amenities, allows us to develop affordable housing assets on a large scale and, more importantly, will provide strong returns to our members not only in Victoria but nationwide, ”Damian, Chief Investment Officer. Graham said in a statement.

The acquisition brings Aware’s commitment to affordable care housing to 1,400 units and AU $ 900 million.

Source: Super Conscious

CHINA

Chinese government agencies, including the country’s securities regulator and the People’s Bank of China (PBOC), said in a Sept. 24 statement that all cryptocurrency-related business activities are illegal and have occurred. committed to cracking down on illicit activities involving digital currencies.

The agencies said overseas crypto exchanges would be prevented from providing services to Chinese residents through the internet.

Source: People’s Bank of China

HONG KONG

FWD Group has filed a registration statement with the United States Securities and Exchange Commission regarding a proposed initial public offering of US Depository Shares (ADR), representing Class A common shares of FWD Group.

FWD first announced plans to go public in June. However, the number of ADS to be offered and the price range of the proposed offering have not yet been determined.

The Asian life insurer may be looking to raise around $ 2 billion to $ 3 billion on the New York Stock Exchange, according to a September 24 Bloomberg report, which cites people with knowledge of the case who have asked not to be identified because it it was a private file.

Source: Bloomberg

JAPAN

Nippon Life Insurance will acquire all 14.9% of Nippon Wealth Life shares held by US insurer MassMutual International LLC to make Nippon Wealth Life Insurance a wholly-owned subsidiary.

The move is aimed at improving the bancassurance base of Nippon Life’s financial institutions, the life insurer said in a statement on Sept. 22. Procurement procedures are expected to be completed by November of this year.

Source: Nippon Life Insurance

Nippon Life has entered into a 3.5 billion yen ($ 31.5 million) loan agreement with Tokyo Century Corporation as co-arranger, to finance the Japanese leasing provider to meet its goals of reduction of carbon emissions.

The loan is Nippon Life’s first sustainable development loan. The interest rate on the loan is subject to change depending on whether companies meet sustainability performance targets, the life insurer said in an announcement on September 24.

Source: Nippon Life Insurance

KOREA

The National Pension Service (NPS) and Hines have jointly entered into a $ 2.5 billion agreement to acquire and redevelop the Pacific Gas & Electric Company (PG&E) headquarters complex in San Francisco, Hines announced on September 21.

NPS and the US real estate investment company will redevelop the property into two 1.6 million square foot Class A office buildings and a multi-family apartment complex of more than 600 units.

As part of the joint venture formed last year by NPS and Hines, this project aims to meet changing demands by modernizing spaces across the real estate industry, Hines said.

Source: Hines

NPS is recruiting five investment managers under two-year contracts with the aim of strengthening investment diversification.

Candidates will be recruited after written tests and two rounds of interviews from October to December. The results will be announced in mid-December and they will join the NPS in March of next year, the pension fund said in an announcement on September 17.

Source: NPS

Korea Post is seeking two asset managers for a $ 100 million global private equity mandate, structured as a blended fund. It will focus primarily on developed markets in North America and Western Europe, the government postal agency said in a brief call for tenders on September 16.

The investment period is five years, with the possibility of extension subject to performance. Applicants should have experience in private equity co-investment strategies.

Source: Asia Asset Management

MALAYSIA

Malaysia’s Securities Commission has announced that it will review the country’s framework for Special Purpose Acquisition Companies (Spac).

“Faced with the increasing demand for such vehicles for high growth companies, the current PSPC framework is being revised for greater efficiency,” he said at the launch of his five-year master plan for the automotive market. capital.

This follows the launch of Singapore’s Spac framework and the Hong Kong Spacs consultation paper earlier this month.

Source: Reuters

Malaysia’s largest pension fund, the Employee Provident Fund (EPF), recorded RM 34.05 billion ($ 8.14 billion) in total investment income for the first half of the year. This represents an increase of 25% compared to the corresponding period in 2020.

However, the gross investment income for the second quarter of 2021 was 14.77 billion ringgit, lower than the 15.12 billion ringgit recorded in the same quarter of 2020.

Equities continued to be the main contributor to fund income, accounting for 53% of total gross investment income in the second quarter. Fixed income securities accounted for 36% of gross investment income in the second quarter of 2021. At the end of June, EPF’s investment assets stood at RM989.14 billion, of which 37% was invested overseas. .

Source: EPF press release

Government-linked private equity firm Ekuinas will allocate a fund of RM 10 million ($ 2.4 million) to help 4,000 micro and small bumiputera (indigenous ailments) affected by the pandemic.

Its managing director, Syed Yasir Arafat Syed Abd Kadir, said that RM1.5 million has so far been paid to zakat management entities in Selangor, Kedah and Pulau Pinang states.

Source: Peripheral markets

Bank Negara Malaysia has launched the Malaysia Overnight Rate (MYOR) as a new alternative benchmark rate for Malaysia.

MYOR will operate alongside the existing Kuala Lumpur Interbank Offered Rate (KLibor) with periodic reviews to ensure financial benchmarks remain representative of the underlying market..

Alternative benchmarks are being introduced globally as part of benchmark rate reforms following the global financial crisis.

Source: BNM press release

MIDDLE EAST

Saudi Arabia’s Public Investment Fund (PIF) plans to announce its first green debt deal soon, its governor said.

Yasir Al-Rumayyan told the audience during a virtual event on Tuesday, September 21: “We will be the first sovereign wealth fund in the world to announce this green issue.

Governor Al-Rumayyan said PIF is working with BlackRock on its ESG framework.

Source: Reuters

SINGAPORE

The Monetary Authority of Singapore (MAS) plans to raise S $ 2.6 billion in an inaugural bond sale to fund infrastructure projects.

Institutional and individual investors will be able to participate in the September 28 auction of the new SGS (Infrastructure) bonds, which have a maturity of 30 years. Their yield will be announced by the central bank one hour after the auction and the bonds will be issued for trading on the secondary market on October 1.

Singapore is one of the nine best-rated countries in the world by Moody’s, S&P and Fitch.

Source: Detroit

THAILAND

The Thai Government Pension Fund (GPF) has launched an initiative to encourage institutional investors and banks to integrate the United Nations Sustainable Development Goals and the Paris Agreement on climate change into their operations. “Sustainable Thailand 2021” was launched alongside the Ministry of Finance, United Nations, Bank of Thailand, Securities and Exchange Commission, Stock Exchange of Thailand and Kasikornbank.

As part of the initiative, 43 institutional investors, banks and associations with assets of 40.18 trillion THB ($ 1,200 billion), signed a declaration of commitment to a new framework to integrate the sustainability in their business practices during a roundtable on Monday, September 27).

Source: GPF virtual round table

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