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ADIA Interview: Handelsblatt

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An excerpt from the interview, “ Question: So far ADIA has mostly bought up to 4.9 percent of companies’ stakes in order to avoid public notice. Can you imagine acquiring higher stakes in future and possibly getting seats on the boards?

Public attention is not a factor in our investment strategy. We have no expertise in managing businesses directly, and have made it clear that we have no interest in doing so. As a matter of policy, ADIA does not exercise its voting rights except on rare occasions to protect our financial interests or against motions that may be detrimental to shareholders as a whole. This approach reduces the need for us to buy large stakes in companies or to take board seats. ADIA’s philosophy since its creation has been to build a broadly diversified portfolio of investments. Our expertise lies in areas such as portfolio construction, investment strategies, selection of managers and identifying long-term trends that will enable us to generate superior returns. We express our view on a company by either investing in it or not. We have worked very hard over the past 30-plus years to build open and trusted relationships with governments and regulators around the world that are based on these simple principles.”

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PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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