Asia Fresh News

Asia Fresh Stories

Archive for June 25th, 2013

Wego.com Closes US$17 Million Round to Accelerate Travel Search Growth Across Asia-Pacific & Middle East

leave a comment »

Private Equity firms Crescent Point and Victoria Capital Join Existing Investors Tiger Global in Latest Round

SINGAPORE, June 24, 2013 /PRNewswire/ — Wego.com, the leading travel search engine in the Asia-Pacific and Middle East, has secured US$17 million in growth capital through the completion of a Series C Preferred Share Offering. The investment round was led by Crescent Point with contributions from Victoria Capital and existing shareholder Tiger Global.  This brings Wego’s total capital raised to US$36 million.

Wego Co-Founders Craig Hewett and Ross Veitch
Wego Co-Founders Craig Hewett and Ross Veitch

Wego pioneered the travel metasearch space across the Asia-Pacific region from its base in Singapore and is now active in 52 markets and 30 languages globally with a particularly large user base in the fast developing markets of Indonesia, India, Southeast Asia and the Middle East. Wego generates more than US$10 million per day of potential bookings for their travel partners and has experienced rapid growth in recent years.

“We’re delighted to welcome Crescent Point and Victoria Capital as new investors. We also wish to thank Tiger Global for being great partners and for their renewed support,” said Ross Veitch and Craig Hewett, Wego Co-Founders.

“The Crescent Point team have a great track record, notably with AirAsia, assisting companies to build and scale fantastic brands across our priority markets. We are also delighted to have Victoria Capital on-board, especially given Paul Bassat’s experience co-founding and growing SEEK into the world’s largest online employment business.”

Wego expects to use the additional capital to step up investment in product and innovation, grow the team with top talent at all levels, scale marketing to grow Wego into a leading online travel brand and an ever more valuable source of customers for Wego’s hundreds of travel industry partners.

“We are pleased to be working with Ross and the rest of the Wego team to assist their expansion across Asia and the Middle East,” said Sami Sindi, Partner at Crescent Point Group. “Wego has developed a truly sector-leading company across its target geographies.”

“We are thrilled to have had the opportunity to invest in Wego,” said Paul Bassat, Co-Founder of Victoria Capital. “Ross and the team have done an exceptional job in building the business and it is poised for many years of rapid growth.”

Simultaneous to the closing of this round, Paul Bassat from Victoria Capital and a representative of Crescent Point have joined Wego’s board of directors.

About Wego

Wego.com is the leading travel search engine across the Asia-Pacific and Middle East and is used by millions of travellers each month to save time, pay less and travel more. The company provides powerful yet simple to use tools that help travellers research trips, compare prices for flights and hotels across multiple websites and to book travel online. Wego shows users an unbiased and channel neutral view of travel prices, providing a choice of booking direct with a hotel or airline, or via an online travel agent or aggregator.

For more information, visit http://www.wego.com/about

About Crescent Point

Crescent Point is an emerging markets investment firm focused on the Asia-Pacific and Middle East regions. Crescent Point focuses on building long-term, mutually beneficial relationships with its investee companies. By leveraging its relationship network, track record, execution expertise and a disciplined investment process, Crescent is able to capitalize on highly attractive public and private market investment opportunities.

For more information, visit http://www.cgcm.com

About Victoria Capital

Victoria Capital, (VicCap), invests in growth stage businesses focused on the technology, media, online and related industries.  We invest our own capital alongside investment partners on a deal by deal basis, to create a model that combines the best elements of principal investment with the best elements of private equity. Leveraging our combined experience, we aim to support our investments to achieve significant growth in the short to medium term. Our goal is to become capital of choice for Australian, New Zealand & international businesses in our target sectors.

For more information, visit http://www.viccap.com

Source: Wego.com

Written by asiafreshnews

June 25, 2013 at 2:54 pm

Ana Tzarev Announces the Launch of a USD 1 Million Grant to Pratham for Girls’ Education

leave a comment »

NEW YORK, June 24, 2013 /PRNewswire/ — Ana Tzarev today announced the establishment of Ana’s Children — a global initiative that funds education for underprivileged girls in the developing world. Ana Tzarev also announced the initiative’s first grant will be USD 1 million to Pratham, a non-governmental organization working to provide quality education to the underprivileged children of India.

Ana’s Children is a program established by the artist Ana Tzarev which places a special focus on empowering girls and young women, who, because of economic pressures and social discrimination, struggle to attend and stay in school. Ana’s Children works to help young girls overcome the obstacles that Ana Tzarev experienced for much of her early life.

Over the next three years, together with Pratham, Ana’s Children will support 10,000 girls to remain in school. Access to quality education yields measurable and significant improvements in the lives of children. This is especially true for young girls, for whom one extra year of secondary schooling can increase average future earnings by almost 20%.

Although India is reaching gender parity in primary school enrolment, girls trail behind at secondary levels. Through the Ana’s Children grant, Pratham will reach girls who are either at risk of dropping out of secondary school, or have dropped out recently. The Pratham Open School model is designed to enable children to complete their secondary schooling, making it possible to pursue higher education as well as specialized vocational training.

Announcing the establishment of Ana’s Children and its first grant, Ana Tzarev commented: “Women, and young girls especially, have so much light to share with our world today. We need to keep pushing back the boundaries that stifle their brilliance and hide their light. Much of my early life was defined and limited by my gender; I know what it means to have to struggle to get an education, to get the same opportunities in life. I created Ana’s Children so that these young girls are able to paint their greatest work of art — their own life — with all the opportunities which the world offers.”

Dr. Madhav Chavan, CEO and co-Founder of Pratham, commented: “Ana Tzarev has provided a great opportunity and an inspiration to change not just the educational status, but the lives of thousands of girls. Her art will undoubtedly lend a new dimension to our program, which aims to open doors of opportunity for girls. It is because of the contributions and support from people such as Ana Tzarev that our programs were able to reach more than 3 million children in 2011, and continue to reach millions today.”

About Ana Tzarev

Ana Tzarev was born in Croatia in 1937, surrounded by the inspiring presence of Renaissance art and the heritage of centuries of deeply rooted culture, but also with the hardships imposed on the region during the Second World War. Her work reveals her formal, classical education and a natural empathy for the dispossessed, but her early struggles have been subjugated to her passion for life, her strength of character and the joy of painting. Tzarev’s work is widely recognized for its unique vibrancy of color and abundant use of texture. She has taken a new approach to painting, bringing a freshness and vitality to her canvasses seldom seen in the art world today. Her unique new style builds lush sculptural surfaces that give the total experience of the artist being in the moment, fused with the subject.

In 2012, Ana Tzarev premiered her ongoing global sculptural campaign, entitled Love & Peace, which has garnered worldwide attention and acclaim. Conceived as a conduit for conversation among all people, the massive floral sculptures of Love & Peace have been installed in London, Shenzhen, Rome, Prague, Venice, and New York, with plans to place more of these flowers in cities across the world. Tzarev wishes to foster feelings of unity and the bond of one community through art, in all the diverse ethnic groups that comprise the Earth.

The appeal of Ana Tzarev’s vibrant and expressive work is apparent in the breadth of exhibitions that have showcased her art worldwide. Her paintings have been featured in galleries, museums, and public spaces across Europe and Asia, including the State Russian Museum in St. Petersburg, the Gildo Pastor Centre in Monaco, the Santralistanbul Museum of Contemporary Art in Istanbul, Cité Internationale des Arts in Paris, the Saatchi Gallery in London, the Vietnam Fine Arts Museum, the National Museum Palazzo di Venezia in Rome, and the Museo Diocesano di Venezia Sant’ Apollonia in Venice where she will be featured in a special solo exhibition during the 55th Venice Biennale, beginning May 2013.

For more information please visit www.anatzarev.com

About Pratham

Pratham is the largest non-governmental organization working to provide quality education to the underprivileged children and youth of India. Established in 1994 to help children in the slums of Mumbai, the initiative has now grown to 17 states of India covering over 150 rural districts and 30 cities.

From 2012 to 2013, Pratham served about 1 million children directly in its Learning Camps and volunteer classes through its Read India program with the goal that every child should be able to read, write and do basic math. Although primary education is the main focus area, Pratham is also growing in the areas of secondary education and vocational skilling.

Pratham has been recognized nationally and internationally for its on-scale work and innovativeness in the field of education. It has been awarded the Kravis Prize for Leadership, the Skoll Award for Social Entrepreneurship, and most recently the WISE Prize 2012 — known as the Nobel Prize for Education — was conferred upon its founder-CEO.

For more information visit www.pratham.org

For enquiries please contact

Melanie Hui
Email: mh@anatzarev.com 
Phone: +65-8318-1906

Source: Ana Tzarev

Written by asiafreshnews

June 25, 2013 at 2:35 pm

China Xiniya Fashion Limited Presentation from the Deutsche Bank Depositary Receipts Virtual Investor Conference — the First Webcast of its Kind with Asia-Based Companies — Now Available for On-demand Viewing

leave a comment »

Company invites individual and institutional investors to log-on to view presentation

NEW YORK, June 24, 2013 /PRNewswire/ — China Xiniya Fashion Limited (NYSE: XNY) today announced that their presentation from the June 19 Deutsche Bank Depositary Receipts Virtual Investor Conference is now available for on-demand viewing. US investors will continue to have the opportunity to hear why they should consider investing in China Xiniya Fashion Limited.

Mr. Chee Jiong Ng, China Xiniya Fashion Limited, said, “We are pleased to have had the opportunity to participate in this unique virtual event targeted exclusively at introducing Asia-based companies to US investors in the depositary receipt industry. We look forward to growing our investor base in the US by educating investors about our offering.”

LINK: www.adr.db.com
Direct Link to Registration page: https://vts.inxpo.com/Launch/QReg.htm?ShowKey=10481

China Xiniya Fashion Limited’s presentation will be available 24 hours, 7 days a week for 90 days via the above link in “Presentations.” Investors may also download shareholder materials from the virtual trade booth in “Exhibits”.

About China Xiniya Fashion Limited

Xiniya is a leading provider of men’s business casual apparel in China. The Company designs and manufactures men’s business casual and business formal apparel and accessories, which are marketed under the Xiniya brand, and sells through its distribution network that includes 29 distributors. Its products are sold to consumers at over 1,600 authorized retail outlets owned and managed by third parties located in 21 provinces, four autonomous regions, and four municipalities in China. This retail network focuses on second and lower-tier cities, where increasing affluence has led to an improvement in living standards and where most international men’s apparel brands do not have a significant presence. The Company’s target consumers are male working professionals in China between the ages of 25 and 45 who seek fashionable clothing to suit their working and lifestyle needs. For more information, please visit the Company’s website at http://www.xiniya.com.

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “going forward,” “outlook” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

Source: China Xiniya Fashion Limited

Related stocks: NYSE:XNY

Written by asiafreshnews

June 25, 2013 at 2:16 pm

China Distance Education’s Presentation from the Deutsche Bank Depositary Receipts Virtual Investor Conference Is Now Available for On-demand Viewing

leave a comment »

Company invites individual and institutional investors to log-on to view presentation

BEIJING, June 24, 2013 /PRNewswire/ — China Distance Education Holdings Limited (NYSE: DL) (“CDEL”, or the “Company”), a leading provider of online education in China focusing on professional education, today announced that their presentation from the June 19 Deutsche Bank Depositary Receipts Virtual Investor Conference is now available for on-demand viewing.

Ms. Ping Wei, Chief Financial Officer of CDEL, said, “We are pleased to have had the opportunity to participate in this unique virtual event targeted exclusively at introducing Asia-based companies to US investors in the depositary receipt industry. We look forward to growing our investor base in the US by educating investors about our offering.”

LINK: www.adr.db.com
Direct Link to Registration page: https://vts.inxpo.com/Launch/QReg.htm?ShowKey=10481

CDEL’s presentation will be available 24 hours, 7 days a week for 90 days via the above link in “Presentations.” Investors may also download shareholder materials from the virtual trade booth in “Exhibits”.

About China Distance Education Holdings Limited
China Distance Education Holdings Limited is a leading provider of online education in China focusing on professional education. The online courses offered by the Company are designed to help professionals and other course participants obtain and maintain the skills, licenses and certifications necessary to pursue careers in China in the areas of accounting, law, healthcare, construction engineering, and other industries. The Company also offers online test preparation courses to self-taught learners pursuing higher education diplomas or degrees and to secondary school and college students preparing for various academic and entrance exams. In addition, the Company offers online foreign language courses and offline business start-up training courses. For further information please visithttp://ir.cdeledu.com.

Source: China Distance Education Holdings Limited

Related stocks: NYSE:DL

Written by asiafreshnews

June 25, 2013 at 2:00 pm

Robert Kennedy Criticizes Privatization of Water at World Environment Forum

leave a comment »

SAO PAULO, June 24, 2013 /PRNewswire/ — Privatization is currently the most troubling issue we face in relation to water. That is the opinion of Robert F. Kennedy Jr., an activist and attorney specializing in environmental law who took part in the World Environmental Forum organized by LIDE — Grupo de Lideres Empresariais [Group of Business Leaders], in Foz do Iguacu.

“Water ought to be a right for all human beings,” asserts Kennedy. He believes that free market capitalism is the best solution, but it must be managed with a social interest, otherwise future generations will have to pay for our mistakes and excesses. And he insists: “We should encourage a more rational use of water, but we cannot restrict the use of water by the poorest people through pricing.”

Kennedy cited the example of Cochabamba, Bolivia, a country where water was privatized in such a way that people were dying from lack of access to it.  The revolt was so great that the French and American companies managing the city’s water supply were forced to leave the country.  Another example occurred during the Pinochet regime in Chile, when the dictator “sold” all of the rivers to the company Endesa. The company was sold to Spanish investors, and now, according to Kennedy, foreign speculators own all of the country’s water.  The same thing happened with the forests.  He believes that there is no real democracy in Chile because it has no autonomous control over its natural resources.

He explains that coal is one of the worst polluters of the environment in the United States, and that it is necessary to replace this source of energy as fast as possible, but there are three obstacles: the existing subsidies for the oil industry, the lack of a system for new energy networks, and of effective mechanisms for penalizing those who waste resources.

Kennedy has been called one of the “Heroes of the Planet” by Time magazine for his contributions in the fight to rescue the Hudson River in New York, and for taking part in demonstrations against an oil pipeline with a group of environmentalists in front of the White House. He is the son of the late U.S. Senator Robert F. Kennedy and nephew of the late President, John F. Kennedy, and the late Senator Ted Kennedy.

More information for the press:
CDN – Comunicacao Corporativa: 
www.cdn.com.br
Erica Valerio — 
erica.valerio@cdn.com.br (11 3643.2710)

Source: Forum Mundial de Meio Ambiente

Written by asiafreshnews

June 25, 2013 at 12:32 pm

Synopsys Collaborates with A*STAR IME to Optimize TSI Technology

leave a comment »

Synopsys Brings its Expertise in 3D-IC Solutions to Singapore’s A*STAR IME-Led 2.5D Through-Silicon Interposer Consortium

MOUNTAIN VIEW, Calif. and SINGAPORE, June 24, 2013 /PRNewswire/ —

  • Collaboration will provide the framework for heterogeneous 2.5D/3D-IC systems
  • Will optimize silicon interposer technology for lower cost and higher performance

Synopsys, Inc. (Nasdaq: SNPS), a global leader providing software, IP and services used to accelerate innovation in chips and electronic systems, today announced that it will join Singapore’s A*STAR Institute of Microelectronics (IME)-led 2.5D TSI Consortium to provide the framework for heterogeneous 3D-IC systems using through-silicon interposer (TSI) technology. Synopsys will contribute its market expertise to the consortium to optimize TSI technology for cost-effective and performance-driven applications. The consortium’s research and development efforts will lead to the demonstration of a heterogeneous 2.5D-IC design and manufacturing flow.

The electronic systems market is continually driving the demand for higher performance and functionality at lower cost. While traditional semiconductor technologies utilized in system-on-chip (SoC) devices continue to advance, the limitations in multi-chip systems, including interconnect density and inter-device bandwidth, are constraining system performance improvements. In addition, when multiple semiconductor technologies (such as MEMS, RF, analog and DRAM) are packaged independently from the system processor and related logic functions, it further impacts performance and cost. 3D-IC integration is an emerging solution for heterogeneous, multi-die and package systems. 2.5D-IC, a form of 3D-IC integration, combines silicon interposer, microbump and through-silicon via (TSV) technologies to enable the integration of heterogeneous, multi-die systems in a single package. In comparison to systems that contain the die packaged separately, 2.5D-IC offers many potential benefits, including higher system bandwidth, smaller form factor and faster time to product.

“Collaborating with industry leaders is essential to our 2.5D/3D-IC research and development roadmap,” said Professor Dim-Lee Kwong, executive director of IME. “Through the consortium, a valuable resource sharing platform is formed where different fields of expertise and knowledge are readily available to optimize the research efforts and advance the market adoption of 2.5D integration for a wide range of applications.”

Synopsys is a market leader in 3D-IC solutions. Examples of the 3D-IC solutions offered by Synopsys include Synopsys’ Galaxy Implementation Platform and TCAD Sentaurus simulation software.

Synopsys’ Galaxy platform features support the implementation and analysis of 2.5/3D-IC designs, including:

Physical Implementation

  • IC Compiler multi-die physical implementation with support for placement, assignment and routing of microbumps and TSVs; inter-die alignment checks; redistribution layer (RDL) and signal routing, and power mesh creation on silicon interposer interconnection layers

Analysis and Signoff

  • IC Validator design rule checking (DRC) and layout vs. schematic (LVS) connectivity checking between stacked die and silicon interposer
  • StarRC Ultra parasitic extraction support for TSV, microbump, RDL and signal routing metal for TSI interconnection
  • PrimeTime® static timing analysis of multi-die systems

Test

  • DFTMAX compression for die-level design-for-test and multi-die test access infrastructure
  • TetraMAX® ATPG for testing each die and test interconnection between dice on the silicon interposer

Synopsys’ TCAD Sentaurus Interconnect supports the integration and optimization of 3D-IC fabrication and packaging by simulating TSV and microbump mechanical stress with its impact on the electrical performance of neighboring transistors and the reliability of the 3D-IC stack.

“2.5D- and 3D-IC integration technologies are extending the lifespan of established semiconductor processes,” said John Chilton, senior vice president of marketing and strategic development at Synopsys. “They offer many potential benefits, including higher performance and lower power in a cost-effective system-level solution. IME’s commitment to drive the realization of 3D-IC benefits and their deep research and development capabilities make them a great partner for Synopsys. We expect our joint collaboration as part of the TSI Consortium will enable designers to quickly create innovative heterogeneous multi-die systems using TSI technology.”

For more information on the Synopsys 3D-IC solution, please visit: www.synopsys.com/3D-IC.

About A*STAR Institute of Microelectronics
The Institute of Microelectronics (IME) is a research institute of the Science and Engineering Research Council of the Agency for Science, Technology and Research (A*STAR). Positioned to bridge the R&D activities between academia and industry, IME’s mission is to add value to Singapore’s semiconductor industry by developing strategic competencies, innovative technologies and intellectual property; enabling enterprises to be technologically competitive; and cultivating a technology talent pool to inject new knowledge into the industry. Its key research areas are in integrated circuit design, advanced packaging, bioelectronics and medical devices, MEMS, nanoelectronics, and photonics. For more information about IME, please visit http://www.ime.a-star.edu.sg.

About the Agency for Science, Technology and Research (A*STAR)
The Agency for Science, Technology and Research (A*STAR) is the lead agency for fostering world-class scientific research and talent for a vibrant knowledge-based and innovation-driven Singapore. A*STAR oversees 14 biomedical sciences, physical sciences and engineering research institutes, and seven consortia and centres, which are located in Singapore’s Biopolis and Fusionopolis biomedical and engineering research hubs, as well as their immediate vicinity. A*STAR supports Singapore’s key economic clusters by providing intellectual, human and industrial capital to its partners in industry. It also supports extramural research in universities, hospitals, research centres, and with other local and international partners. For more information about A*STAR, please visit http://www.a-star.edu.sg.

About Synopsys
Synopsys, Inc. (Nasdaq: SNPS) accelerates innovation in the global electronics market. As a leader in electronic design automation (EDA) and semiconductor IP, its software, IP and services help engineers address their design, verification, system and manufacturing challenges. Since 1986, engineers around the world have been using Synopsys technology to design and create billions of chips and systems. Learn more at http://www.synopsys.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the expected outcome and benefits of the joint collaboration between Synopsys and IME and the TSI Consortium. These statements are based on current expectations and beliefs. Actual results could differ materially from those described by these statements due to risks and uncertainties including, but not limited to, technical or other difficulties in developing solutions, unforeseen production or delivery delays, failure to perform as expected, product errors or defects and other risks as identified in Synopsys’ filings with the Securities and Exchange Commission, including those described in the “Risk Factors” section of Synopsys’ latest Annual Report on Form 10-K.

Editorial Contacts:
Monica Marmie
Synopsys, Inc.
+1-650-584-2890
monical@synopsys.com

Lisa Gillette-Martin
MCA, Inc.
+1-650-968-8900 ext. 115
lgmartin@mcapr.com

Source: Synopsys, Inc.

Written by asiafreshnews

June 25, 2013 at 12:22 pm

National Catastrophe Insurance Fund — A Major Driving Factor for Thai Economic Expansion

leave a comment »

BANGKOK, June 24, 2013 /PRNewswire/ — Mr. Payungsak Chartsutipol, Chairman of the board, National Catastrophe Insurance Fund, announced that over the past year of the fund’s operation, it has had a significant role in resuming Thai insurance industry to normal situation at a faster pace than previous expectation. The fund also functioned as a major driving factor providing risk management through insurance and reinsurance, which helped restore Thais’ and foreign investors’ confidence in pursuing business in Thailand, further resulting in Thai economic expansion.

Moreover, the fund’s existence also provided national catastrophe risk management to household, Small and Medium Enterprises(SMEs), including industrial sectors, by facilitating them to access catastrophe insurance policies which offer coverage against damages from the 3 catastrophes; flood, earthquake and windstorm at appropriate insurance premium rates set between 0.5-1.25 percent of the sum insured.

From 28 March 2012 to 24 May 2013, a total of 1,017,419 catastrophe insurance policies were sold. Of those, 992,192 policies are insured, currently representing 53,682 million baht in proportional reinsurance coverage and 465 million baht in proportional reinsurance premiums.

These figures indicate that the private sector increased awareness of and acknowledged the importance of holding catastrophe insurance policies, including trusting National Catastrophe Insurance Fund’s role in protecting their assets and facilitating business continuity when future catastrophes occur. This helped strengthen the industrial sector to pursue business continuously, making Thailand remain a manufacturing hub for Thais and foreign businesses eventually.

Meanwhile, the fund’s existence also helps non-life insurance companies to increase their coverage capacities. In the year 2012, the proportion of risk increased to 7.6 percentage point on average and this figure is expected to reach 10 percentage point this year, owing to better market mechanism that results in premium interest rate adjustment at major insurance companies offered with a plus of National Catastrophe Insurance Fund allowing insurance company selling catastrophe insurance policy with a premium rate lower than the fund by 20 percent. The chairman of the board saw this as a positive signal that the insurance sector is in a stable stage and is stronger than ever.

The fund will pursue building awareness amongst household and business sectors of the importance of holding catastrophe insurance policies as a self-catastrophe risk management to protect their asset and facilitate business continuity when severe catastrophes occur in the future.

For more information, please visit www.ncif.or.th

Source: National Catastrophe Insurance Fund of Thailand

Written by asiafreshnews

June 25, 2013 at 11:56 am

Posted in All releases

TIAA-CREF and Henderson Global Investors Create New Global Real Estate Investment Management Company

leave a comment »

 

Companies combine European and Asian real estate businesses to form leading real estate venture

Provides clients with new investment opportunities and expanded global reach

NEW YORK and LONDON, June 25, 2013 /PRNewswire/ — TIAA-CREF, a leading financial services provider, and Henderson Global Investors (“Henderson”), one of Europe’s largest investment managers, today agreed to launch a new global real estate investment management company, TIAA Henderson Global Real Estate. The new company will offer clients expanded investment opportunities in the global real estate market while helping to accelerate the growth of each firm’s real estate business.

KEY POINTS:

  • TIAA Henderson Global Real Estate will consist of TIAA-CREF’s European real estate business, Henderson’s European and Asia Pacific-based real estate businesses, and a new global distribution and client service organization.
  • The new company will provide access to global capabilities in the office, retail, logistics, multi-family and commercial real estate debt sectors.
  • In a related transaction, TIAA-CREF is acquiring 100 percent of Henderson’s U.S. real estate business.
  • TIAA-CREF will continue to manage its own North American real estate business, and also provide investment management services for the new venture.
  • The combined total of real estate assets under management for TIAA-CREF and the new venture is $63 billion (GBP41.5 billion). (Note 1)
  • TIAA Henderson Global Real Estate will create a platform with significant scale, enhancing access to investment opportunities and debt markets, and increasing capacity to develop and offer new products.
  • A joint board of directors will oversee an experienced management team, combining the expertise from both TIAA-CREF and Henderson.
  • TIAA-CREF will hold a 60 percent interest and Henderson a 40 percent interest in the new venture.
  • Interests will be aligned with clients through co-investment and seeded investment opportunities.
  • TIAA-CREF and Henderson have agreed to explore other strategic opportunities beyond the real estate sector. Select Henderson mutual funds are currently available through TIAA-CREF’s institutional retirement and retail brokerage platforms. The companies will also explore ways to further capitalize on other product and service capabilities that each party may offer.
  • Pending regulatory approvals and customary conditions, the transaction is expected to close in the first quarter of 2014.

TIAA Henderson Global Real Estate will have exclusive rights to offer direct property and property debt investments outside of North America for both firms. TIAA-CREF will retain its North American real estate business, which supports its retirement plans, and will also provide real estate investment management services for the new venture. Under the agreement, TIAA Henderson Global Real Estate will launch a new business initiative in commercial real estate debt, including co-investment from TIAA-CREF.

The new venture will pursue core and value-add investment opportunities in all major sectors of international commercial real estate. It will also be responsible for distribution and client servicing of real estate products managed by TIAA-CREF for its institutional investors.

Upon closing, Tom Garbutt, head of TIAA-CREF global real estate, will become chairman of the new company, and James Darkins, managing director, property at Henderson will become the chief executive officer. The company will be headquartered in London with offices in Europe, Asia Pacific and North America.

“We believe there are compelling growth opportunities in global real estate,” said Tom Garbutt, head of TIAA-CREF global real estate and chairman of the new company. “This new venture will leverage TIAA-CREF’s financial strength and long-standing real estate investment capabilities together with Henderson’s expertise and wide array of real estate investments in Europe and Asia Pacific.”

“The combination of TIAA-CREF’s and Henderson’s European and Asian real estate interests create a new powerhouse in global real estate,” said James Darkins, chief executive officer of the new company. “Between us, we have the scale and capital resources to serve the real estate investing needs of our existing clients, as well as create exciting new opportunities to co-invest alongside them around the globe.”

“This partnership enables TIAA-CREF to further diversify our investments into new markets as we continue to expand our asset management business globally,” said Roger W. Ferguson Jr., president and chief executive officer of TIAA-CREF. “Real estate has been a key part of our investment platform since 1934. We are pleased to partner with Henderson as we launch this venture, and together seek new opportunities on behalf of our clients.”

“Henderson has long recognized that its property business would benefit from greater scale and access to capital to accelerate its future growth,” said Andrew Formica, chief executive, Henderson Group plc. “We are delighted to have a financially strong and stable partner in TIAA-CREF which shares our strong commitment to serving clients’ needs. With their added expertise and resources, I am confident that our clients and shareholders will benefit from this relationship.”

NOTE TO EDITORS

About TIAA-CREF:

TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $520 bn (c. GBP342.5 bn) in assets under management (at 31 March 2013) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

The company’s global real estate team invests on behalf of leading institutional investors, and individual investors, through retirement plans in the U.S. nonprofit sector and its own general account. The company has invested in public and private equity and debt real estate investments for more than 70 years, dating back to its first commercial mortgage investment in 1934. TIAA-CREF’s real estate management team has an average of 25 years of investment experience. The company has $44 bn (c. GBP29 bn) in private real estate and commercial mortgage investments (at 31 March 2013) and is among the largest real estate managers of U.S. institutional tax-exempt real estate assets.

TIAA-CREF has received several recent industry accolades for its investment performance. Lipper named TIAA-CREF as the 2013 Best Overall Large Fund Company based on three-year risk-adjusted performance. The company was one of 36 large investment firms eligible for the award. (Note 2) In addition, 97 percent of the company’s mutual funds and annuities have an overall Morningstar rating of three or more stars across all asset classes based on risk-adjusted performance (43 percent three stars, 45 percent four stars and 9 percent five stars, at 31 March 2013). (Note 3) In addition, TIAA-CREF was ranked 10th out of 62 mutual fund families in the 2012 Barron’s/Lipper fund family ranking, based on asset-weighted performance. (Note 4)

About Henderson:

Henderson Group plc (“Henderson Group” or “Group”) is the holding company of the investment management group Henderson Global Investors (“Henderson”). Henderson Group’s principal place of business is in London and since December 2003 it has been dual-listed on the London Stock Exchange and Australian Securities Exchange (“ASX”). Henderson Group is a constituent of the FTSE 250 and S&P/ASX 100 indices. The Group is incorporated in Jersey and as of late last year tax-resident in the UK.

Established in 1934, Henderson is a leading independent global asset management firm. The company provides its institutional, retail and high net-worth clients with access to skilled investment professionals representing a broad range of asset classes, including equities, fixed income, property and private equity. Henderson is one of Europe’s largest investment managers, with $104.6 bn (GBP68.9 bn) assets under management and employed approximately 1,000 people worldwide (at 31 March 2013).

Henderson has developed a significant property investment capability over the past 30 years. Its property business has more than 500 underlying investors and approximately c. $19.2 bn (GBP12.7 bn) in assets under management (Note 1) and it currently employs over 200 staff across Europe, Asia Pacific and North America. Its property business manages pooled and segregated accounts targeting core and value-added returns across all commercial sectors, Henderson also manages property funds with regional themes.

Past performance does not guarantee future results.

Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visitwww.tiaa-cref.org for details.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.

You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call +1 877-518-9161 or log on to www.tiaa-cref.org for product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing.

Notes:

1. at 31 March 2013

2. In calculating the awards, Lipper considered funds registered for sale in the United State with at least 36 months of performance as of the end of the calendar year of the respective evaluation year. Fund groups with at least five equity, five bond, or three mixed-asset portfolios were eligible for an overall group award. The award is given to the group with the lowest average decile ranking of three years’ Consistent Return measure of the eligible funds over the three-year period ended 30 Nov. 2012. TIAA-CREF was ranked among 36 fund companies.

3. As of March 31, 2013, 43 percent of TIAA-CREF funds have three stars, 45 percent four stars and 9 percent five stars. The Morningstar ratings include Retail, Retirement, Premier and Institutional fund share classes; CREF Accounts and the Life Funds. 54 percent of our funds / accounts have an overall rating of four and five stars and 97 percent are rated three or more stars. Morningstar is an independent service that rates mutual funds and variable annuities. The top 10 percent of accounts in an investment category receive five stars, the next 22.5 percent receive four stars, and the next 35 percent receive three stars. Morningstar proprietary ratings reflect historical risk-adjusted performance and can change every month. They are calculated from the account’s three-, five- and 10-year average annual returns in excess of 90-day Treasury bill returns with appropriate fee adjustments, and a risk factor that reflects mutual fund/subaccount performance below 90-day T-bill returns. The overall star ratings are Morningstar’s published ratings, which are weighted averages of its three-, five- and 10-year ratings for periods ended 31 March 2013. Past performance cannot guarantee future results. For current performance and rankings, please visithttps://www.tiaa-cref.org/public/tcfpi/InvestResearch.

4. The rankings are quantitative, and are based on performance according to Lipper data. Each fund family is given an asset-weighted score within the five asset classes: U.S. Equity, World Equity, Mixed Asset, Taxable Bond and Tax-Exempt Bond, and the asset class score is then weighted by its size within the Lipper universe. In the five-year overall ranking, TIAA-CREF is ranked 29th out of 53 mutual fund families. TIAA-CREF does not qualify for the 10-year ranking. The rankings were published in the 11 Feb. 2013 print edition of Barron’s.

C11102

Media Contacts:

For TIAA-CREF:
John McCool
TIAA-CREF Public Relations
media@tiaa-cref.org / +1-917-885-2852

Chad Peterson
TIAA-CREF Public Relations
media@tiaa-cref.org / +1-888-200-4062

For Henderson Property:
Gemma Bradley
Associate Director, PR, Property
Gemma.bradley@henderson.com / +44-207-818-4441

For Henderson Group plc:
Richard Acworth
Head of Corporate Communications
Richard.acworth@henderson.com / +44-207-818-3010

Source: Henderson Global Investors

Written by asiafreshnews

June 25, 2013 at 10:12 am