News

ADIA buys stake in UK insurer in private equity move

Pension_protectionSovereign wealth fund the Abu Dhabi Investment Authority (ADIA) is set to acquire a 21.4% stake in UK insurer the Pension Insurance Corporation (PIC). The deal, which is still subject to regulatory approval, will see ADIA acquire the stake from investment firm JC Flowers for an undisclosed fee. US-based JC Flowers has owned a share in PIC for 12 years and has been looking for a buyer for most of 2018. ADIA aims to develop a private equity portfolio worth between 2% and 8% of its total holdings, according to its 2017 annual statement. Of particular interest to ADIA, said executive director Hamad Shahwan Aldhaherib, is PIC’s “proven ability to respond to the growing trend for UK companies to de-risk their defined benefit pension obligations”. ©2018 funds global mena

Executive Interviews

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Nov 23, 2017

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

Roundtables

MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.

SOUTH AFRICA ROUNDTABLE: Airline syndrome

Jun 13, 2018

Our panellists tell us that instead of launching competing national projects, African countries should work together for the sake of a bigger capital market. Chaired by George Mitton in Cape Town.