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Singapore Exchange (SGX) is to acquire a 93% stake in smart beta index provider Scientific Beta, it was announced today.The acquisition, which is to cost SGX €186m in cash, subject to closing adjustments, will boost the exchange’s data, connectivity and indices business, it said in a statement.Also headquartered in Singapore, Scientific Beta was established by an affiliate of EDHEC Business School in 2013 to provide asset owners and asset managers with factor indices and strategies.The Singapore Holding of the EDHEC endowment fund – established by the EDHEC Business School and its alumni – will retain a 7% stake in Scientific Beta and a seat on the index provider’s board, remaining “a strategic partner of SGX in growing the company after the transaction,” according to the statement. Noël Amenc, chief executive officer of Scientific Beta, said: “As Asia’s most international exchange and a global leader, SGX provides a strong platform for Scientific Beta to expand regionally and across client segments.”Loh Boon Chye, CEO of SGX, said: “Scientific Beta brings a highly regarded research pedigree in the rapidly growing smart beta space, along with a strong suite of high profile clients in the US and Europe.“Besides being complementary to our existing SGX Index Edge thematic and custom index capabilities, we also see new product opportunities based on Scientific Beta’s indices.”As at 30 September, some $55bn (€50bn) in assets from more than 60 asset owners and asset managers replicated Scientific Beta indices, up more than 10 times the amount four years ago.Further readingStrategically speaking: Scientific BetaI am probably a little bit uncompromising,’’ says Noël Amenc, the founding CEO of Scientific Beta, the provider of factor indices and strategies. To those who know him that is an understatement. read more
The Black Cats completed another miraculous escape last night with a 3-0 win over Everton at the Stadium of Light.The win moved four points clear of the bottom three going into the final weekend of the season and condemned Newcastle to the Championship for next season.The win at the Norwich’s 4-2 win over Watford wasn’t enough to save them from going-down – the Canaries have moved level with Newcastle but can now longer avoid the drop. In last night’s other Premier League tie, Liverpool and Chelsea played-out a 1-all draw at Anfield.Christian Benteke scored an injury-time equaliser for the home side after a brilliant solo goal from Eden Hazard had looked to be enough for Chelsea to take all the points.