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Bank of Korea Modified Foreign Exchange Management Structure

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The Bank of Korea ended 2017 with nearly US$ 390 billion in foreign exchange reserves. In 2017, the Bank of Korea agreed to separate is reserve investment management unit into two groups.

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SWFI First Read, December 17, 2018

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Illinois Teachers’ Retirement System Partially Pulls Back on Risk Parity

The Illinois Teachers’ Retirement System pulled back on risk parity strategies. The pension reduced the US$ 455 million risk parity part of AQR Capital Management’s Multi-Strategy XIV. AQR still manages a substantial portion of the pension’s assets at an estimated US$ 2.4 billion. In addition, the pension redeemed US$ 300 million of the US$ 522 million from Bridgewater Associates’ All-Weather risk-parity strategy. Bridgewater Associates continues to run over US$ 450 million for the pension fund.

Qatar Petroleum Inks Deal with Eni on Mexican Oilfields

Qatar Petroleum signed a deal with Italy’s Eni S.p.A. to purchase a 35% stake in three offshore oilfields in Mexico. Qatar Petroleum is getting interests in the Amoca, Mizton and Tecoalli fields in Area 1 of the Campeche Bay complex. Qatar Petroleum already holds a number of positions in Area 1 as being a member of the Shell-Eni consortium. Post-transaction, Eni and Qatar Petroleum will have 50:50 ownership over Area 1 of the Campeche Bay complex. The deal needs final approval from the Mexican government.

Saudi Fund for Development Reschedules Some Jordan Loans

Jordan remains stuck in an economic crisis. The Saudi Fund for Development and Jordanian government inked a deal to reschedule US$ 114 million worth of loans owed to the Saudi fund. The debt pool consists of 19 due loans that will be settled over a period of 20 years, with a grace period of 5 years. The Saudi Fund for Development has contributed to the financing of 20 economic and social projects in Jordan from 1975 to 2017, with a value estimated at US$ 488 million.

Jabre Capital Closes Three Funds to Outside Capital

Geneva-based Jabre Capital Partners SA is returning client assets in three funds managed by Philippe Jabre due to a challenging year in 2019. Jabre Capital Partners will still run two funds with external capital, a European credit fund and an emerging markets fund.

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Reuters Pension Fund Finalizes Buy-in with Canada Life

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U.K. corporate pensions continue to derisk by selling off risk to insurance entities. The Reuters Pension Fund is based in Sheffield, United Kingdom. The corporate pension fund insured £625 million in liabilities through a buy-in with Canada Life Financial Corporation. This was the largest risk transfer deal conducted by Canada Life.

Law firm Sacker & Partners advised on the risk transfer, while investment consultant Redington advised.

The Reuters Pension Fund has £2.3 billion in assets. Greg Meekings is the chairman of trustees for the Reuters Pension Fund.

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Chan Zuckerberg Initiative Hire its First Chief Investment Officer

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The Chan Zuckerberg Initiative (CZI) hired its first chief investment officer. The US$ 10 billion philanthropic vehicle hired David Lee to be its CIO. The search process was conducted by New York-based recruiting firm David Barrett Partners. Lee spent the last eight years working at Princeton University’s endowment – holding the managing director position as his final station. Lee got his MBA at Yale University.

According to the CZI press release, “In this role, Lee will be responsible for managing an investment portfolio that will grow the organization’s ability to fund its efforts across its three core Initiatives – Science, Education and Justice & Opportunity. CZI is a new kind of philanthropic organization that pairs engineering with grantmaking, impact investing, policy and advocacy work, in order to help build a more inclusive, just, and healthy future for everyone.”

Lee will report to an investment committee which is led by Yale University CIO David Swensen. Other investment committee members of CZI include Lei Zhang, Founder and CEO of Hillhouse Capital; Matt Cohler, General Partner of venture capital firm Benchmark; and Carter Simonds, a former Managing Director of Blue Ridge Capital – a hedge fund investor.

Photo Credit: CZI

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