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Gou said his plans would be discussed with the board of Foxconn, formally known as Hon Hai Precision Industry Co Ltd, in the coming months and shareholders would be told at the AGM in June. A source with knowledge of the matter told Reuters that Lu Sung-Ching, the chairman of Foxconn Interconnect Technology Ltd, the electronic and optoelectronic connectors unit of Foxconn, was among the possible candidates to take over from Gou. “It doesn’t mean he will just be gone. He will remove himself to the second line and he would not be involved in the daily operations,” the source said.
Shares of Foxconn, which has a market value of groomsmen cufflinks $40 billion, rose after the news and closed 3.2 percent higher on Monday, The news comes as tech companies are seeking to diversify their customer base and move into emerging industries such as artificial intelligence and autonomous driving, Foxconn, which celebrated 30 years of doing business in China last year, has far-flung businesses that include autonomous car startups and investments in cancer research, In January, the Nikkei reported that Foxconn had let go around 50,000 contract workers in China since October..
Foxconn acquired control of Japan’s Sharp Corp in 2016 to try to boost the Taiwanese company’s advanced screen technology. Founded in 1974, the Foxconn group has grown to become the world’s biggest contract manufacturer with T$5.2 trillion ($168.52 billion) in annual revenue, assembling goods for Apple, SoftBank Group Corp and other global tech firms. It relies on Apple for more than half of annual revenue, according to analysts. Gou, who owns 9.4 percent of Foxconn as its top shareholder, is Taiwan’s richest person with a net worth of $7.6 billion, according to Forbes.
STOCKHOLM/LONDON (Reuters) - A vibrant start-up scene, which has spawned stars such as Spotify, Skype and Rovio, is inspiring Nordic pension funds to invest more money with local private equity funds, Managers looking to pump up their pension returns hope that this will plug them into the Nordic business world’s inner circle and help groomsmen cufflinks them to back the best prospects early on, “With Spotify we got a call that maybe there were some shares for sale ., We thought it was a great product so we said let’s dig into this and we made an acquisition with our friends at AMF,” Bo Selling, Alecta’s head of equities, told Reuters..
Swedish pension funds Alecta and AMF saw their 2016 investments in Spotify nearly triple in value when it listed in 2018. This success has helped fuel demand from other pension funds and encouraged some to change their investment parameters in order to be able to seek out the region’s next big hit. As part of this shift, Sweden said earlier this year it will allow some of its largest state public pension funds, named APs 1, 2, 3 and 4, to allocate up to 40 percent of the about $140 billion they manage to illiquid investments, removing a 5 percent limit for unlisted instruments.
“We will most likely do more investments in private equity and venture (capital),” said Jenny Askfelt Rudd, head of alternative investments at AP4, which has about 3 percent of its assets in private equity, Around a groomsmen cufflinks quarter of all assets raised in Europe so far in 2019 have gone to funds based in the Nordics, data from industry tracker Preqin showed, part of a global surge in demand that has seen total undeployed capital in the sector pass $2 trillion, This is driven by institutional investors looking to shore up returns as global economic uncertainty roiled stock markets..
But it is not all one-way traffic. Last year, Norway’s government recommended against allowing its $1 trillion sovereign wealth fund to expand into private equity. The ball is now in the hands of the country’s parliament, with the fund arguing the move could help improve its balance between risk and return, and naming Uber and Airbnb among missed opportunities due to the current restrictions. For interactive versions of the graphics, click here tmsnrt.rs/2Fby9bT and here tmsnrt.rs/2O77Fv9.
Norway’s sovereign fund posted a negative return on investment of 6.1 percent in groomsmen cufflinks 2018, while AP4 posted its second negative result since 2008 last year and warned it faced significant challenges in delivering returns at levels achieved in the past decade, A Swedish parliamentary committee that worked on the pension rule changes found that where listed equities generated returns of an average 6.9 percent, alternative investments have delivered a combined 12.3 percent, Denmark’s PFA, which runs 75 billion euros ($85 billion) in assets, is already active, growing its alternatives investments from 1 billion euros in late 2015 to 5 billion euros now..