Singapore sovereign wealth GIC, which dumped UBS shares earlier this year, is now looking at star power for growth.
The wealth fund along with Canada Pension Plan Investment Board (CPPIB) have invested approximately $1 billion in WME-IMG, a global agency in entertainment, sports and fashion. The financial terms transaction were not disclosed.
WME-IMG owns, operates or commercially represents hundreds of sports, fashion and entertainment events, including the Miami Open and New York Fashion Week, and organizes culinary and globally franchised cultural festivals.
Fashion Replaces Banking
WME-IMG has completed a series of strategic acquisitions and partnerships recently, expanding its owned assets to include global brands such as the Ultimate Fighting Championship, Professional Bull Riders and The Miss Universe Organization.
The announcement in May that Singapore’s state fund had sold 93 million UBS shares worth about 1.5 billions Swiss francs drew headlines – as finews.asia reported at the time.
GIC chief executive Lim Chow Kiat said that the fund had sold the shares in bid to redeploy its capital, and that the move wasn’t to be seen as a lack of faith in the Swiss bank.
