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AIMCo CEO to Retire, Search Underway

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Leo de Bever

Leo de Bever

Leo de Bever, the CEO of the Alberta Investment Management Corporation (AIMCo) announced today that he will retire. He will remain as CEO until the board finds a replacement. The 65-year-old de Bever has been with AIMCo since it was spun off as a crown corporation back in 2008. For the latest fiscal year, AIMCo generated a 12.5% net return and 14% on its balanced funds.

Under de Bever, AIMCo has transformed itself into a public asset owner powerhouse buying assets in private markets, building a robust risk framework and lowering internal costs by hiring talent in-house.

In a press release, de Bever stated, “I’m now the oldest CEO in the pension industry in Canada.” He added, “The board felt that they should start a CEO search because they want to make sure they have someone in place for the next five or 10 years. In the meantime, I’m in place and it’s business as usual.”

In 2013, the Sovereign Wealth Fund Institute ranked Leo de Bever #15 in the Public Investor 100, a list of the 100 most significant and impactful public investor executives.

AIMCo is the manager of the Alberta Heritage Savings Trust Fund. The public asset investor has $8 billion deployed to real estate in assets such as the Yorkdale Shopping Centre, Scarborough Town Centre and Bow Valley Square in Calgary.

Mergermarket Gets Ready to be Sold

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Private equity firm BC Partners hired Goldman Sachs Group Inc. and JPMorgan Chase & Co. to advise on the sales of Acuris. Acuris is a collection of financial news and data sites, which includes Mergermarket, Dealreporter, and Debtwire. In 2017, BC Partners sold around a 30% stake in GIC Private Limited.

Before the rebranding to Acuris, Mergermarket was part of The Financial Times Group until 2013 when it was sold off to BC Partners.

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Why Japan Post Sees Promise in Aflac

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Aflac Inc. is an American insurance company founded in 1955. The company is the biggest provider of supplemental insurance in the United States. Aflac also has major operations in Japan.

In December 2018, Japan Post Holdings (JPHLF) signaled it was spending US$ 2.64 billion for a 7-8 % stake in Aflac. The goal is that, in four years time, Aflac will become an affiliate of Japan Post. Japan Post hopes to accomplish this by becoming the largest voting shareholder of the company. The world’s 13th largest company, with 400,000 employees, Japan Post needs to expand to chase further growth, mainly because Japan Post expects the postal business to decline. Diversification is seen as the optimal route to long term stability for the holding company. Japan’s economy is worrying. Japan’s aging population means that many insurance companies are facing a shrinking customer base, Japan Post settled on a plan to expand overseas.

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RDIF and Development Agency of Serbia Agree to Explore Joint Investments

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The Russian Direct Investment Fund (RDIF) and the Development Agency of Serbia, also known as Razvojna agencija Srbije, reached an agreement to work together to identify attractive investment projects to strengthen bilateral economic ties and increase investment flows between Russia and Serbia. Russian capital and businesses are keen on investing in Serbia.

In addition, the two countries signed an agreement to cooperate on civil nuclear energy, according to state-owned Russian reactor builder Rosatom (Rosatom State Nuclear Energy Corporation). Rosatom continues to expand it business of nuclear cooperation deals in a wide number of countries.

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