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CERN Selects Northern Trust as New Global Custodian

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The European Organization for Nuclear Research, also known as CERN, is a pan-European research organization that operates the largest particle physics laboratory on the planet and it has a pension fund for its employees. The CERN Pension Fund hired a new global custodian. The fund hired Northern Trust (London) after an extensive review and tender process. Northern Trust will take over from State Street (Munich) in August 2018. Northern Trust will be responsible for all of the fund’s 4.25 billion CHF assets.

Increasingly, European pensions are mandating custodial banks to keep up on technological changes, while being competitive on fees.

Matthew Eyton-Jones, CEO of the CERN Pension Fund commented to SWFI, that “We wanted to carry out a market survey to make sure we were using the best available custody software and technology in the marketplace. We wanted to make sure we were getting value for money as part of our overall strategy of managing and reducing our overall fee levels.”

He added the custodial review was formed as part of a routine tender process, which is in line with the fund’s standard procurement policies.

Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

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Goldman Sachs Poised to Name David Solomon as New CEO

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Goldman Sachs is poised to name David M. Solomon, the firm’s president, as its new CEO, replacing Lloyd C. Blankfein. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Blackstone and Goldman Invest in Francisco Partners

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Larger alternative investment houses and banks are taking ownership stakes in specialist private equity firms. On July 13, 2018, Blackstone Group’s Strategic Capital Group and Goldman Sachs Asset Management’s Petershill program acquired a minority stake in San Francisco-based Francisco Partners. Francisco Partners is a private equity firm focused on tech-related companies, competing against Thoma Bravo, BC Partners, Vista Equity Partners, Bain Capital and other specialists.

Dipanjan (DJ) Deb is the Co-Founder and CEO of Francisco Partners. Before forming the company in 1999, he was a Principal at Texas Pacific Group (TPG).

Advisors

Francisco Partners was advised by Evercore and Kirkland & Ellis LLP. Simpson Thacher served as legal counsel to Blackstone and Fried Frank served as legal counsel to Goldman Sachs.

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