The following briefs are curated from press releases and third-party media sources.
TOP NEWS OF THE WEEK
Teachers' Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers' Pension Plan, has invested $58 million (C$80 million) in Xpressbees, a Indian logistics platform.
The investment will support Xpressbees' growth and future ambitions, and marks Ontario Teachers' first investment in India through TVG.
The company has expanded its focus to various sectors and offers a shipping aggregation platform through its subsidiary NimbusPost.
Xpressbees aims to expand its services through strategic acquisitions, such as its recent acquisition of TrackOn.
Source: Ontario Teachers’ Pension Plan
The Bureau of Public Service Pension Fund (PSPF) hired Nomura Asset Management Taiwan as a dedicated advisory firm to help it design investment portfolios for its new defined contribution plan for new members.
Nomura was appointed under a five-year term from January 1, 2024, to December 31, 2028, PSPF announced on November 8.
PSPF said it will use the advisory to design different return and risk investment portfolios including conservative, stable, proactive and lifecycle types.
These portfolios are expected be placed on a new investment platform for civil servants and public education employees to choose from after January 1, 2025.
Japanese Sumitomo Life Insurance has invested S$180 million ($132.3 million) in Singlife, increasing its stake in the company to 27% from 23.2%.
Singlife has issued 23.7 million new shares, representing about 4.9% of its increased share capital, which stands at S$2.26 billion post transaction.
The capital injection will be used to support its business growth, Singlife said.
OTHER INVESTMENT NEWS
Ping An Insurance denied a Reuters report on November 8 that Chinese authorities have asked the company to take a controlling stake in embattled Chinese property developer Country Garden.
In a filing to the Hong Kong Stock Exchange on November 8, Ping An said: “The company has never received any relevant proposals or requests from any relevant governmental authorities or agencies, and the company has no transaction plan or discussion in connection therewith.”
“The report is completely untrue,” the Chinese insurance giant said, adding that as of November 8, the company does not hold any shares of Country Garden.
Reuters cited four people familiar with the matter on the reported takeover, noting that China’s State Council has instructed the local government of Guangdong province, where both companies are based, to help arrange a rescue of Country Garden by Ping An.
A Reuters spokesperson said: “We stand by our reporting.”
Source: Hong Kong Stock Exchange; Reuters
AustralianSuper, the largest pension fund in Australia, has rejected an unsolicited offer from a consortium led by Brookfield and EIG Partners.
The consortium had proposed that AustralianSuper maintain an interest in Origin Energy if their A$10.5 billion ($6.4 billion) bid for the company is approved.
AustralianSuper has reaffirmed its intention to vote against the deal at the upcoming shareholder meeting on November 23. Brookfield and EIG Partners had previously engaged in discussions with AustralianSuper about involving the fund in the deal.
The Australian Securities and Investments Commission (ASIC) has issued three infringement notices against HESTA, accusing the fund of publishing false or misleading performance figures for one of its investment options.
HESTA was fined A$48,600 ($31,000) for promoting its balanced growth investment option with a 10-year performance track record without disclosing the specific period.
ASIC raised concerns that HESTA's marketing could have deceived consumers by presenting outdated performance figures that were more favorable than the most recent data.
The Hong Kong government established the Hong Kong Academy for Wealth Legacy (HKAWL) as a talent development institute for the city’s family office industry, and named local business conglomerate New World Development’s chief executive officer Adrian Cheng Chi-kong as chairman of the board of directors.
The HKAWL will be a company limited with eight members of the board.
It will foster collaboration, networking, knowledge sharing and talent development across the sector.
Other board members include Hong Kong property developer Sino Group’s Deputy Chairman Daryl Ng Win-kong, UBS’s Chairman of global wealth management in Asia Amy Lo Choi-wan, and Hong Kong University of Science and Technology’s adjunct professor of finance Roger King.
Life Insurance Corp of India's second-quarter profit halved, hurt by a fall in income from insurance premiums and as it transferred a smaller amount to its shareholders' fund for the period.
India's largest insurer said profit after tax fell to 79.25 billion rupees ($951.4 million) in the second quarter, from 159.52 billion rupees a year ago.
Indonesia Investment Authority (INA) and Development Bank of Japan (DBJ) have announced a collaboration to catalyse investments.
INA and DBJ have signed an investment framework agreement to pursue joint investments guided by mutually-agreed eligibility criteria, which aim to provide risk-adjusted returns while simultaneously fostering cross-border collaboration between Japan and Indonesia.
The strategic partnership will cover capital solutions and growth financing within the region. INA and DBJ will explore investment opportunities together in the Indonesian hybrid capital solutions space, either directly or through its affiliates.
Korea’s two major institutional investors, the National Pension Service (NPS) and Korea Investment Corp (KIC), underscored the need for portfolio diversification to smooth out market ups and downs.
“The NPS will seize the opportunity presented by challenging market conditions to establish a real estate investment portfolio with the potential for mid-to-long-term growth,” said Kim Tae-hyun, chief executive of the NPS, during the Global Alternative Investment Insights 2023 forum.
Jin Seung-ho, chief executive of sovereign wealth fund KIC, highlighted the advantages of alternative investments at the forum.
“The KIC is focusing on energy transition and other infrastructure sectors with low sensitivity to macroeconomic conditions while considering direct lending to be a key point in the private equity portfolio,” Jin said.
Source: Maeil Business News Korea
Alternatives investment manager Blackstone plans to open an office near the headquarters of the National Pension Service (NPS).
During a recent meeting with Kim Tae-hyun, chairman of the NPS, Blackstone president Jonathan Gray revealed plans to open a liaison office early next year in Jeonju, North Jeolla Province where NPS headquarters are located.
The establishment would mark Blackstone’s second office in Korea, following the Korean headquarters in Seoul.
Established last April, Blackstone's Korean entity invests in a diverse portfolio that includes private equity, real estate, publicly traded bonds and stocks.
Source: The Korea Times
Malaysia’s Employees Provident Fund (EPF) has allocated 97 billion ringgit ($20.89 billion), or 83% of new capital alloted to investments, to domestic markets this year, the Finance Ministry said.
EPF, which manages the retirement savings of private sector employees and the self-employed, has allocated more than 80% of funds annually on domestic investments since 2019, the Ministry said.
According to the ministry, the pension fund has 1.08 trillion ringgit of assets under management currently, with 61.4% invested in Malaysia and 38.6% invested overseas.
Source: Asia Asset Management
Inflation is the biggest risk to the global economy, yet it is also providing opportunities for investors as policymakers grapple with their fight to rein in prices.
That's according to senior executives at banks and money managers speaking at the Bloomberg New Economy Forum in Singapore.
Yet while the key risk remains inflation, Lim Chow Kiat, CEO at GIC, sees that as a chance to buy.
Markets haven’t seen the current yield on 10-year Treasury inflation protected securities of around 2.5% for “a long time,” Lim said on a panel at the forum. “That’s very attractive I would say and that is actually great competition for other asset classes.”
State-backed Government Service Insurance System (GSIS) has invested P1.45 billion ($25.85 million) in Alternergy Holdings Corp, arenewable power player.
GSIS, as the foundational investor, aims to support Alternergy in advancing its wind, solar, and hydropower projects.
Wick Veloso, GSIS president, emphasised the commitment to building a robust infrastructure investment portfolio in renewable energy, aligning with the Philippines’ National Renewable Energy Program.
Source: Solar Quarter