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Norway’s sovereign fund posted a negative return on investment of 6.1 percent in 2018, while AP4 posted its second negative result since 2008 last year and warned it faced significant challenges in delivering returns at levels achieved in the past decade. A Swedish parliamentary committee that worked on the pension rule changes found that where listed equities generated returns of an average 6.9 percent, alternative investments have delivered a combined 12.3 percent. Denmark’s PFA, which runs 75 billion euros ($85 billion) in assets, is already active, growing its alternatives investments from 1 billion euros in late 2015 to 5 billion euros now.
“We have an ambition to grow that significantly over the coming years,” Peter Tind Larsen, head of alternative investments at PFA, said, Despite concerns that demand is fuelling a valuation bubble, Selling said Alecta believes there are still opportunities to grow its private equity portfolio, with just 0.5 percent of its 860 billion Swedish crowns ($93 billion) in assets funny cufflinks in unlisted equities, “A good company with a good model and good growth prospects can be deemed interesting even if it is priced at a higher multiple on the earnings,” Selling said..
On the flipside, private equity firms are seeking partnerships with pension funds to bump up the valuation of assets without having to seek a market listing, bankers say. Independent Vetcare (IVC), Europe’s largest veterinary services firm, was valued at 3 billion euros when Alecta and AP6 - a specialist in unlisted investments - bought 20 percent in February versus the roughly 500 million euros EQT paid to buy it in 2016, sources told Reuters. So far in 2019, five Nordic-based funds have raised a combined 4.2 billion euros in assets, 22 percent of the total for Europe as a whole, Preqin data showed. That compares with 16 percent last year and 6 percent in 2017.
For an interactive version of the graphics, click here tmsnrt.rs/2VMu8jZ and here tmsnrt.rs/2Xeeaja, EQT is the local sector leader and has seven of the ten biggest funds raised in the region, including EQT VIII, which last year raised 10.8 billion euros, Others include Nordic Capital, Altor, IK Investment Partners, Creandum and Northzone, Much of their focus is on the region’s vibrant digital start-up scene, The European Digital City Index ranks Stockholm second to London in terms of support for digital entrepreneurs, Helsinki and Copenhagen also make the funny cufflinks top ten..
“Being a programmer is the most common job in Stockholm, so it’s everywhere,” Ted Persson, operating partner at EQT Ventures, said. Swedish payments company Klarna is seen by bankers as one of the hottest local firms to invest in ahead of a likely IPO, and pension funds seem primed to take a slice in its external fundraising this year. Valued by bankers with knowledge of its recent internal fundraising at around 32 billion Swedish crowns, the firm counts private equity firms Sequoia and Permira, as well as rapper Snoop Dogg, as investors.
(Reuters) - Citigroup Inc reported higher-than-expected earnings on Monday despite declining revenue as the New York-based lender cut costs, grew its investment-banking business and expanded net-interest margin, Still, Citi improved its results in ways, including expense cutting, funny cufflinks that may be tough to replicate in future quarters, A lower tax rate also played a big role in Citi’s improvement from a year ago, The bank’s income from continuing operations declined slightly, On a call with reporters, Chief Financial Officer Mark Mason said the decline was due in part to a divestiture last year, But net income rose because the bank’s effective tax rate declined to 21 percent from 24 percent a year earlier..
Citi has been investing in digital capability to try to win deposits domestically despite its light U.S. branch network. Chief Executive Mike Corbat said in a statement its efforts are showing positive early results. But the bank is still growing deposits faster abroad than in the United States: International consumer deposits rose 3 percent during the quarter, while retail North American deposits edged up 1 percent. JPMorgan Chase & Co on Friday reported that its U.S. consumer deposits were up 3 percent from a year earlier.
Corbat also pointed to the bank’s improved 11.9-percent return on average tangible common shareholder’s equity and the $5.1 billion it returned in capital to shareholders during the quarter, “Both our consumer and institutional businesses performed well and we saw good momentum in those areas where we have been investing,” he said, funny cufflinks Investment banking revenue rose 20 percent to $1.4 billion, as strong growth in advisory and investment-grade debt underwriting more than offset a drop in equity underwriting..