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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. ]

SWFI First Read, April 20, 2018

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Knut Kjær Named to Supervisory Board of APG

APG Asset Management, which oversees Stichting Pensioenfonds ABP, named Knut Kjær as a member of its supervisory board. Kjær is currently Chairman and Partner at FSN Capital Partners, a Nordic private equity firm. He was founding chief executive of Norges Bank Investment Management, which oversees Norway Government Pension Fund Global.

Norway SWF to Vote for More Disclosures on Two Canadian Companies

In a unique move, Norges Bank Investment Management, the manager of Norway Government Pension Fund Global, plans to support a vote in favor on a proposals for climate change reporting for TransCanada Corporation and support a vote in favor of Canada’s Imperial Oil Limited to disclose water-related risks.

Jo Holden Promoted at Mercer to UK CIO

Jo Holden has been named U.K. Chief Investment Officer at investment consulting firm Mercer. She is based in Liverpool and replaces Steven Blackie who exited to be Head of Global Product Strategy for Aviva Investors. Holden has been at Mercer since 2002.

Hyundai Investments Aggregates Korean Capital for 3i European Operational Projects Fund

Hyundai Investments Co. Ltd. raised €180 million from South Korean institutional investors, mostly insurance companies, to commit to 3i European Operational Projects Fund, a PPP fund managed by 3i Group.

Cityhold Office Partnership Grows By Forming a New Property Partnership with EDGE Olympic

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Battea: 2017 Securities Class Action Industry Lookback and Observations

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This article is sponsored by Battea.

Source: Battea

There has been incredible growth in securities and antitrust class action litigations and settlements, particularly as they have unfolded in 2016 and 2017. The number of new cases and settlements from traditional securities litigation to antitrust rate rigging, spread inflation and other forms of collusion are at an all time high and shows no signs of slowing down.

With several multi-billion dollar litigations related to Libor, Euribor and Tibor rates, and spread manipulations, the securities, foreign exchange and antitrust class and collective actions litigation space rose exponentially in 2017.

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Blackstone Reaches US$ 450 Billion in AUM

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The Blackstone Group LP, led by its CEO Stephen A. Schwarzman, grew its assets under management for the first quarter of 2018 up to a smashing record of US$ 449,613,826,000 – a 22% increase from the first quarter of 2017 (only US$ 344,650,797,000 was fee-earning AUM though). For the first quarter of 2018 – asset inflows were US$ 18.2 billion, bringing last-twelve-month inflows to a record US$ 112.2 billion.

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