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Adrian Orr Named Deputy Chair of International Forum of Sovereign Wealth Funds

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Adrian Orr, CEO of the New Zealand Superannuation Fund

Adrian Orr, CEO of the New Zealand Superannuation Fund

Adrian Orr, CEO of New Zealand’s Superannuation Fund, has recently been elected to serve as Deputy Chair of the International Forum of Sovereign Wealth Funds (IFSWF), according to a statement issued by the sovereign fund.

His term in the role will run for two years at which point he will advance to the role of Chairman of the 25 member group. Mr. Orr will perform his duties for the IFSWF in tandem with his duties at the Superannuation Fund.

Mr. Orr was also recently named the #22 public investor by the Sovereign Wealth Funds Institute’s Public Investor 100, a ranking of 100 of the most significant and impactful investors in public finance.

As Mr. Orr acknowledges, New Zealand has already played a significant role in the IFSWF particularly in, “assisting directly in the implementation of best practice guidelines for the operation of sovereign wealth funds,” he said.

The IFSWF is a voluntary group of sovereign wealth funds that meet to discuss issues of “common interest” and the Santiago principles, a set of rules adopted by the members that deal with operational issues including (but not limited to) governance, risk management, accountability and transparency.

Members of the IFSWF include the China Investment Corporation, the Abu Dhabi Investment Authority, the Australia Future Fund and the National Development Fund of Iran.

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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