In the late 19th century, inventors including Thomas Edison created electric lighting that all but ended demand for kerosene, then the biggest product made from petroleum. Oil magnate John D. Rockefeller, the forefather of Exxon Mobil Corp., was unmoved, seeing any price dip as a chance to buy up competitors.
“We must try and not lose our nerve when the market gets to the bottom as some people almost always do,” the founder of Standard Oil instructed his senior management in 1884. “We will surely make a mistake if we do not buy.”
More than 130 years later, with renewable energy growing and electric vehicles threatening the future of gasoline-powered cars, the strategy of Exxon, Standard Oil’s biggest successor, is largely the same: double down on oil.
CBRE Global Investors and a pension fund client just acquired 615 South College, a new Class A office tower in Charlotte for $222 million.
The sale of the 19-story, 375,865-square-foot office tower developed by Atlanta-based Portman Holdings recorded in county records Tuesday. The new office building was completed in 2017 next to Charlotte’s popular Westin Hotel and houses co-working firm WeWork.
Infrastructure fund managers have been told to “raise your game” if they want to win business from the UK’s growing defined-contribution (DC) pensions sector, according to the CIO of NEST.
Speaking at a conference in London, Mark Fawcett, who oversees the investment strategy of the UK’s biggest DC pension scheme by membership, said the infrastructure investment industry needed to “completely recalibrate” some of its thinking to “access DC investors in the UK”.
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