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BMO GAM Lands Responsible Investment Mandate with NZ Crown Financial Institutions

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BMO Global Asset Management, part of BMO Financial Group, was appointed by the New Zealand Superannuation Fund (NZSF), Accident Compensation Corporation and Government Superannuation Fund to provide responsible investment engagement services globally. Combined, the three crown institutions manage US$ 41 billion. BMO provides a global engagement service called reo® in which the services are applied to around US$ 106.5 billion assets as of December 31, 2014.

The NZSF sees environmental, social and governance (ESG) factors as essential when generating long-term investment returns. The superannuation fund plans to work with BMO Global Asset Management to enhance the reach and effectiveness of its global engagement initiatives. By having external assistance, the NZSF can focus on New Zealand company engagements.

Barry McInerney, Co-CEO, BMO Global Asset Management, said in a press release, “We believe in generating long-term value for our clients, and so we are very pleased to be working in partnership with the CFIs in using their ownership rights to support the sound management of ESG factors at companies. This is part of a wider industry trend with institutional investors increasingly interested in encouraging companies to reduce their business risks, and holding them to account. Responsible investment is a part of what defines BMO Global Asset Management and will continue to be a core area of our business.”

Saudi Arabia Sends Second Installment of Aid to Pakistan

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On December 14, 2018, Pakistan received its second installment of the US$ 3 billion in aid promised from Saudi Arabia on October 23, 2018. The US$ 1 billion given on December 14th boosted the foreign reserves of the State Bank of Pakistan, which went from US$ 7.2 billion to US$ 8.2 billion. The first installment was given on November 23, 2018. The last installment is expected to occur in January 2019.

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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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