China Investment Corp (CIC), the country's $300 billion sovereign wealth fund, may be sharpening its dealmaking prowess, but it is still a cheapskate when it comes to paying advisory fees.CIC's [CIC.UL] tough stance on fees shows that pricing power rules in a year when M&A activity has slumped in the wake of the financial crisis. But bankers of all stripes continue to bang at CIC's door in hopes of securing a meeting.
By comparison, Singapore's sovereign wealth fund Temasek [TEM.UL] does not have a stringent cap on advisory fees, though it does drive a hard bargain, say bankers familiar with Temasek's working.
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