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CA State Senators Propose Oil Permanent Fund to Pay for Education and Parks

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publicfundmonitor_exploringOn February 12, 2013, California State Senator Noreen Evans (D) introduced SB 241, a bill that will fund higher education and state parks in California. The bill would impose a severance tax on oil producers in California. The bill is co-authored by fellow State Senator Mark Leno (D) who is Chair of the California Senate Budget Committee. Democrats hold a majority in the state senate. Currently, there is no statewide severance tax on oil and gas production in California, but there is a small statewide assessment on oil and gas produced in the state.

The bill would enable the California Education and Resources Reinvestment Act (CERRA) which would impose a 9.9% severance tax on the extraction of oil from the ground or water within California’s jurisdiction. To be precise, the 9.9% severance tax would apply to the gross value of each barrel of oil severed. The tax revenue, along with interest and penalties, would funnel into a proposed Oil Severance Fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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