Pension Pulse

Pia Sing, Hakyung Kim and others from CNBC report S&P 500 and Nasdaq rally Friday to cap best week in 2024: Stocks rose on Friday, with the S&P 500 and the Nasdaq Composite posting their strongest week of 2024 ahead of the upcoming Federal Reserve meeting. The S&P 500 climbed 0.54% and closed at 5,626.02, less than 1% from its July all-time high. The tech-heavy Nasdaq Composite added 0.65% to end at 17,683.98. Both indexes posted their fifth consecutive winning day. The Dow Jones Industrial Average jumped 297.01 points, or 0.72%, closing at 41,393.78. Utilities, communications services and industrials led the market higher on Friday, with each sector adding roughly 1%. Investors also continued to rake up shares of megacap tech and semiconductor names, which helped drive this week’s rebound rally after tech’s recent underperformance. Powerhouse chipmakers Super Micro Computer and Arm Holdings added 3.4% and 5.9%, respectively. Alphabet advanced 1.8% and Uber jumped

MoneyControl reports Brookfield-led consortium completes Rs 18,200 crore acquisition of ATC; becomes India's top towerco: Data Infrastructure Trust (DIT), an Infrastructure Investment Trust backed by Brookfield Asset Management and investor affiliates such as British Columbia Investment Management Corporation (BCI) and GIC, announced on September 12, the successful acquisition of 100% of American Tower’s operations in India (ATC India). The deal, it said, approved by the Competition Commission of India (CCI), involves the purchase of approximately 76,000 communication sites for an enterprise value of Rs 182 billion (Rs 18,200 crore). With this acquisition, it stated the Brookfield-led consortium now boasts a portfolio of 257,000 telecom sites across India. DIT, which already includes Summit Digitel and Crest Digitel, will now combine these assets with ATC India under a newly launched brand, Altius. With this, Altius has become India's largest tower infrastructure c

Earlier today, PSP Investments released its 2024 Sustainability Report highlighting progress in advancing its sustainability capabilities and climate strategy:  Highlights $64.9 billion invested in green assets, compared to $48.9 billion in fiscal 2023*. Reported Scope 1 and Scope 2 GHG emissions data for assets in-scope showed a significant increase, reaching 62%, compared to 54% in fiscal 2023. Expanded knowledge and research capabilities foster sustainability expertise and drive innovation. Montr é al, Canada, September 11, 2024 – The Public Sector Pension Investment Board (PSP Investments) today published its annual Sustainability Report , which outlines how the organization is building its sustainability capabilities to deliver the long-term returns to support its mandate. Accompanying reporting includes PSP Investments’ 2024 Climat

Razak Musah Baba of IPE Real Assets reports OMERS to buy Allianz’s stake in Indian road infrastructure trust: Canadian pension fund OMERS is buying Allianz Capital Partners’ 13.5% stake in Interise Trust , increasing its ownership in the Indian road sector infrastructure trust to 34.8%. The infrastructure arm of OMERS is investing an undisclosed amount to increase its stake in Interise from the 21.3% currently held to just over a third of the shares in the company, making it the second-largest shareholder behind Canada Pension Plan Investment Board (CPP Investments). The remaining shares of Interise are owned by domestic investors. OMERS has been a shareholder in Interise Trust since 2019. Interise Trust, India’s first privately listed infrastructure investment trust, was previously known as IndInfravit Trust. Interise has a portfolio of 17 road concessions in India, spread across eight states. Of these, 14 are toll roads and three are annuity roads, with a total length of around 7

Florence Chang of IPE Real Assets reports Asian sovereign fund backs Gateway Capital’s Australian industrial partnership: An unnamed Asian sovereign wealth fund has committed to Gateway Capital’s Australian industrial real estate investment partnership.  The open-ended, value-add Gateway Capital Urban Logistics Partnership (GULP), backed by the Ontario Teachers’ Pension Plan, was launched in April last year.  Stuart Dawes, Gateway Capital CEO and co-founder, said: “The broader capital base increases our dry powder, allowing us to continue to seek additional assets for the GULP portfolio, with a focus on inner urban core plus and value add opportunities on the east coast markets of Australia.”  Dawes told IPE Real Assets with the additional investor the vehicle would now exceed its original target of A$1bn (€606m) in assets under management.   GULP is acquiring an infill Sydney logistics asset in Chullora in Sydney’s northwest from a Sydney asset manager, Fife Capital.  The sale pric

Samantha Subin of CNBC reports S&P 500 tumbles Friday to post worst week since 2023, Nasdaq drops 2% for worst weekly performance since 2022: The S&P 500 dropped Friday, notching its worst week since March 2023, as investors assessed the fallout from a weak August jobs report and ditched leading technology stocks. The broad index slid 1.73% to settle at 5,408.42, while the Nasdaq Composite shed 2.55% to close at 16,690.83. The tech-heavy index ended the session more than 10% off its record close. The Dow Jones Industrial Average fell 410.34 points, or 1.01%, to end at 40,345.41. “It’s a sentiment-driven move that’s largely driven by growth concerns,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management. “The market’s oscillating between this idea of is bad news bad news, or is bad news good news, and the sense that it may revive hopes that the Fed moves more aggressively than markets anticipate.” Megacap tech stocks tumbled as investo