Pension Pulse

Swetha Gopinath of Bloomberg reports Ontario Teachers' Pension Plan to co-own financial advisor Max Matthiessen: Ontario Teachers’ Pension Plan (OTPP) agreed to acquire a co-control stake in Stockholm-based financial advisor Max Matthiessen from private equity firm Nordic Capital Ltd. The Canadian pension fund and Nordic Capital will co-own the business, according to a statement seen by Bloomberg News on Wednesday. Nordic Capital acquired Max Matthiessen in 2020 and will re-invest via Nordic Capital XI, following the exit of its initial investment through an earlier fund. Financial terms were not disclosed. The deal values Max Matthiessen at about €1 billion (US$1.1 billion) including debt, people familiar with the matter said, asking not to be identified as the information is private. “We have seen the company grow tremendously over the past four years and some assets are just too good to let go off, so we took the opportunity to re-invest and stay in control along w

Matt Toledo of Chief Investment Officer reports Eduard van Gelderen Appointed Head of Research at FCLTGlobal: FCLTGlobal, a non-profit that aims to help institutional investors drive long-term value creation named Eduard van Gelderen, former CIO of Canada’s Public Sector Pension Investments, as head of research. Van Gelderen had joined PSP in 2018 and department in October. A number of global institutional investors are members of FCLTGlobal, including APG, BlackRock, the California State Teachers’ Retirement System, PSP Investments, Future Fund, and many of the largest asset owners in the world. “We are delighted to welcome Eduard as our new Head of Research. His extensive leadership experience, deep understanding of long-term investment strategy, and proven track record in shaping sustainable investment practices will be instrumental in advancing our research agenda,” said Sarah Keohane Williamson, CEO of FCLTGlobal in a statement.  As an organization, FCLTGlobal seeks

Chris Witkowsky of Buyouts reports  Canadian giant PSP Investments shops $1 billion-plus portfolio: PSP investments is shopping a large portfolio of fund stakes that could total up to around $1.5 billion, according to sources and confirmed by the pension system in a statement to Buyouts . PSP is among several Canadian pensions in the market with a large LP secondaries. Ontario Teachers’ Pension Plan is also out with a potential $1 billion-plus portfolio sale, sources said, confirming an earlier report by Bloomberg . The processes are part of a wave of LP sales that have driven the market this year to what are expected to be near-record, or better, activity levels. LP sales accounted for about $40 billion, or 59 percent of activity in the first half, according to Jefferies’ half-year volume report. “LPs tapped the secondary market both to increase liquidity and to reallocate their private asset portfolios; we expect LP supply to further increase in H2 2024 as pricing conti

Karen Friar and Hamza Shabanof Yahoo report the Dow, S&P 500, Nasdaq tumble as traders trim rate-cut bets: US stocks fell on Friday, on track for weekly losses as investors absorbed Chair Jerome Powell's signal that the Federal Reserve won't hurry to make interest-rate cuts. The S&P 500 ( ^GSPC ) dropped 1.2%, while the Dow Jones Industrial Average ( ^DJI ) slid roughly 0.7%. The tech-heavy Nasdaq Composite ( ^IXIC ) led declines, falling nearly 2%. Powell's hawkish comments are casting a pall on markets as the initial optimism for President-elect Donald Trump's policies starts to wear off. The S&P has already reversed one-third of its post-election rally, and the Nasdaq is poised for a weekly loss of around 1%. Retail sales data released on Friday morning reflected continued resilience in the American consumer, a sign of the economic strength Powell suggested would allow the Fed to take its time. October sales rose 0.4% month on month, versus 0.