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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.”

read more: Handelsblatt Interview

Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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