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BNY Mellon Hires Akash Shah, Embraces Future of Finance Mentality

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Bank of New York Mellon Corporation (BNY Mellon), one of the world’s largest custodian of sovereign institutional assets, has named Akash Shah as its newest Senior Executive Vice President. Shah holds a B.A. from Yale University, and is known for his reports on the banking industry. Shah leaves his role at McKinsey and Company. In his new role, Shah is Head of Strategy at BNY Mellon. Based out of New York, Shah reports directly to the CEO, Charles W. Scharf. He is now a crucial member of BNY Mellon’s highest ranking governance team.

According to their website, a central aspect of BNY Mellon’s strategy is “to provide our business partners with technology-based solutions that enhance their ability to be successful through world class software solutions maintained on a stable and secure infrastructure.” BNY Mellon’s 2017 Report, “Future of Finance,” suggests that a startup mentality can be applied to an established corporation to unlock greater degrees of value. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Norway GPFG Would Prioritize Value in Tesla Stake

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Sovereign wealth fund giant Norway Government Pension Fund Global (GPFG) is an investor in Tesla, holding a 0.48% stake at the end of 2017. GPFG owns roughly 1.4% of all globally listed company shares, minus stocks from its exclusion pool. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Anbang Insurance Set to Sell its US Luxury Portfolio

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Distressed Beijing-based holding company Anbang Insurance Group is set to sell its U.S. luxury hotel properties, which were purchased for US$ 5.5 billion from the Blackstone Group in 2016. This is a move to raise quick cash, following the firm’s seizure at the hands of the Chinese government six months ago. Bids had already been ongoing for selected properties, including the famed Essex House Hotel, overlooking Manhattan’s Central Park. The portfolio of hotels is strategically placed in geographically diverse regions, including Miami and Chicago. Anbang is looking to cash in on the properties quickly, as its properties in China are already being liquidated. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway GPFG Returns 1.8% for Second Quarter of 2018

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Norway’s Government Pension Fund Global (GPFG) returned 1.8% for the second quarter of 2018. Listed equity investments generated a 2.7% return for the period, while fixed income returned 0%. Unlisted real estate investments posted a 1.9% return for the second quarter. In addition, the Norwegian krone depreciated against the U.S. dollar during the quarter. Furthermore, 2 billion NOK was withdrawn from the fund.

“North American and European stocks had a positive development in the quarter despite the prospect of increased trade barriers. This made a positive contribution to the fund’s return,” says Trond Grande, Deputy CEO of Norges Bank Investment Management, according to the press release.

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