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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.”

SWFI First Read, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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