ADQ, the Abu Dhabi-based investment and holding company, has become an investor alongside Bank of Montreal (BMO) in Canadian alternative asset management company Sagard.
ADQ and BMO have respectively entered into definitive agreements with Sagard, which has $14.5 billion of assets under management, to acquire minority equity stakes in the company, the entities said.
As part of the transaction, Sagard has also expanded its existing partnership with Great-West Lifeco (GWL), an international financial services holding company, which is increasing its existing minority share in the company.
Under the agreements, BMO, the eight-largest bank in North America by assets, ADQ and GWL have agreed to invest in Sagard to boost its growth including through mergers and acquisitions.
Upon the closure of the deal, which requires regulatory approval, the Power Corporation of Canada will remain the controlling shareholder of Sagard.
“Our investment in Sagard directly aligns with our strategic vision. This investment underscores our commitment to continuous growth, innovation and enhanced value creation,” said Murtaza Hussain, chief investment officer of mergers and acquisitions and alternative investments at ADQ.
“Sagard’s entrepreneurial ability to mobilise investment talent, launch new differentiated strategies and deliver concrete results has attracted us to partner with them.”
Sagard’s commitment to use its global network to become a “value-added partner to ADQ” is clear, and the Abu Dhabi company is committed to helping the investment manager grow further, he said.
The strategic partners have also agreed to make respective commitments of additional long-term capital to Sagard’s existing and future investment strategies.
This will help it to strengthen its fundraising potential and boost the company’s ability to launch new investment products.
Sagard, which has a portfolio of 125 companies and invests in sectors including venture capital, private equity, private credit and real estate, said the deal with ADQ, BMO and GWL marks a significant milestone in the company growth and development ambitions.
“These strategic partnerships will significantly accelerate our vision of becoming one of the most respected alternative investment management firms globally,” said Paul Desmarais III, chairman and chief executive of Sagard.
“This will expand our global network, making us even stronger business partners for our portfolio companies.”
Our investment in Sagard directly aligns with our strategic vision. This investment underscores our commitment to continuous growth, innovation and enhanced value creation
Murtaza Hussain,
chief investment officer of M&A and alternative investments at ADQ
The global alternatives industry is growing, with assets under management expected to nearly double to $23.21 trillion by 2026, from an estimated $13.32 trillion at the end of 2021, according to a report by investment data company Preqin.
Growth will be mainly driven by private equity, with assets under management for the asset class forecast to increase to $11.12 trillion in 2026, from an estimated $5.33 trillion at the end of 2021, the report said.
ADQ, which has a broad portfolio of investments spanning sectors such as energy, utilities, food and agriculture, health care, life sciences, technology, mobility and logistics, is boosting its domestic and global footprint.
In March ADQ, tied up with International Holding Company, a Abu Dhabi-based diversified conglomerate, to create the region’s largest multi-asset class investment manager.
The new entity, based in UAE capital, will manage a portfolio of assets from ADQ’s Alternative Investments platform, the Abu Dhabi Growth Fund and IHC, as well as new capital from founding shareholders and future investors to be used globally.
Global private equity company General Atlantic has also joined the venture as a strategic investor and partner, the entities said at the time.
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Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
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Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets
