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Adrian Orr Named Governor of Reserve Bank of New Zealand

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NZ Super Fund CEO Adrian Orr is exiting the sovereign fund to take up a new executive role at the country’s central bank. Adrian Orr is becoming the Governor of the Reserve Bank of New Zealand. Orr will officially leave NZ Super in March 2018, effectively starting his 5-year term as central bank governor on March 27, 2018. Adrian Orr is returning to this central bank roots. He was previously a deputy governor at the Reserve Bank of New Zealand.

Catherine Savage, Chair of the Guardians of New Zealand Superannuation, in a news release stated, “I know that in working for the NZ Super Fund Adrian has valued the opportunity to make a contribution to New Zealand highly. The role of Governor of the Reserve Bank will enable him to continue to do this. While we are naturally disappointed to lose Adrian, we congratulate him and the Reserve Bank on his appointment, and wish them both well.”

Orr will take the helm of central bank governor from Grant Spencer, who became acting Governor on September 26, 2017. Grant Spencer was Deputy Governor of the central bank, taking over from Graeme Paul Wheeler, who was central bank governor from 2012 to September 2017. Wheeler was a former Managing Director and former Treasurer at The World Bank.

Orr was nominated numerous times on SWFI’s Public Investor 100 annual ranking.

1. 2013, #22
2. 2014, #16
3. 2017, #3

Chuck Grassley Leaves Judiciary for Senate Finance Chair

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U.S. Senator Chuck Grassley, age 85, is leaving the Senate Judiciary Committee as chair. He will become Chairman of the Senate Finance Committee next year. The Iowa Republican has served as chairman of the Judiciary Committee since January 2015. Chuck Grassley served as Chair of the Senate Finance Committee in 2001 and from 2003 to 2007.

Grassley is replacing Senator Orrin Hatch (from Utah) who is retiring from the Senate. Replacing Orrin Hatch in Utah as Senator, is former Republican Presidential candidate Mitt Romney, who lost the 2012 election to Barack Obama.

“Looking ahead, at the Finance Committee, I want to continue to work to make sure that as many Americans as possible get to experience this good economy for themselves,” said Senator Grassley in a statement. “That means working to provide Americans with additional tax relief and tax fairness so they can spend more of their hard-earned money on what’s important to them.”

The Committee on Finance is one of the original committees established in the Senate and was first created on December 11, 1815. The committee deals with a whole matter of issues including taxation, revenue, customs, trade agreements, Social Security and more. It is considered to be one of the most powerful committees in Congress. In addition, the Committee on Finance has jurisdiction over both Medicare and Medicaid.

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Liberty Mutual Inks $1 Billion Risk Sharing Agreement with OPIC

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Liberty Mutual Insurance inked a special deal with the Overseas Private Investment Corporation (OPIC), the U.S government’s development finance institution, to help facilitate investment in challenging markets. The deal entails forming a US$ 1 billion risk-sharing agreement to facilitate private sector investment in developing markets. OPIC recently received a new mandate from Washington D.C., armed with more capital and flexibility.

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Keppel Infrastructure to Acquire Ixom from Blackstone

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Keppel Infrastructure Fund Management Pte Ltd, in its capacity as trustee-manager of Keppel Infrastructure Trust, through its wholly-owned subsidiary, has entered into a share sale agreement with certain funds managed by Blackstone and certain management sellers for the proposed acquisition of a 100% interest in Ixom HoldCo Pty Ltd (Ixom). The enterprise value for Ixom is A$ 1,100 million. The equity value for Ixom is A$ 777 million.

Ixom is an industrial infrastructure business in Australia and New Zealand. The company supplies and distributes water treatment chemicals. The Ixom Group is the sole manufacturer of liquefied chlorine in Australia, as well as a major provider of manufactured caustic soda.

The proposed transaction will be initially funded via debt.

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