SWFI First Read, June 7, 2016

Strathclyde Pension Fund to Expand Exposure to Emerging Markets and Credit

The Strathclyde Pension Fund plans to allocate £200 million to £300 million in emerging market debt. The fund is modifying its strategic asset allocation. The fund also plans to expand exposure to credit investments. In addition, the fund is committing £30 million, through its direct investment portfolio, toward Equitix Fund IV, a core infrastructure fund managed by Equitix.

New York Governor Requires State Agencies to Divest from Companies that Boycott or Sanction Israel

New York Governor Andrew Cuomo issued an executive order that prevents New York state agencies dealing with companies and organization that support the global Boycott, Divestment and Sanctions (BDS) movement. The BDS movement calls for an economic boycott of Israel due to its policies toward Palestinians. The bill also affects all public benefit corporations, public authorities, boards and commissions, with regard to New York. However, Cuomo’s executive order does not apply to the New York State Common Retirement Fund. In addition, the states of Illinois, Indiana and Colorado have established similar laws requiring public pension funds to divest from companies that boycott or place economic sanctions on Israel. These moves are in stark contrast of other institutional investors such as Norway’s sovereign wealth fund, which in 2014, banned two Israeli companies, Africa Israel Investments and Danya Cebus, over their alleged activities in building settlements in East Jerusalem.

Goldman Sachs Probed by U.S Investigators Over Compliance with Bank Secrecy Act Over 1MDB

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